Masayoshi Son, chief executive of telecoms and internet group SoftBank, has said the company’s $100bn fund launched with Saudi Arabia’s government is set to be oversubscribed, Bloomberg reported on Friday.
Son made the announcement at an event in New Delhi, visiting the city after stopping over in Saudi Arabia. He did not reveal additional details about investors, however.
The vehicle, dubbed SoftBank Vision Fund, was launched in October 2016, when SoftBank said it would commit a total of $25bn to the fund and Saudi Arabia, through state-owned Public Investment Fund, would provide $45bn.
Last month, the government of Abu Dhabi’s investment vehicle Mubadala Development Company was reported to have entered talks to supply several billion dollars to the fund.
Concurrently, Son reaffirmed SoftBank’s commitment to invest $10bn in India over the next ten years, saying the company hopes even to surpass that goal, having already invested $2bn.
However, the company booked a $555m loss in its portfolio businesses in India a month ago, caused by e-commerce marketplace Snapdeal and ride-sharing app developer Ola.