Japanese internet and telecommunications giant, SoftBank has announced that it will be forming 'Vision Fund', a private fund for making investments in the technology sector globally. India-born Rajeev Misra, 54, a veteran banker and head of strategic finance at SoftBank will be heading the new entity.
SoftBank hopes to raise as much as $100 billion in the investment fund that it has set up in partnership with the Public Investment Fund of the Kingdom of Saudi Arabia (PIF). In addition, Softbank is in active dialogue with a few large global investors to participate in this fund.
Softbank expects to fork out at least USD 25 billion, while PIF as the lead investment partner is expected to bring in up to USD45 billion over the next five years.
