Softbank-Saudi tech fund becomes world's biggest with $93 billion of capital

Private equity fund backed by Softbank Group and Saudi Arabia`s main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics.

Man looks at the logo of SoftBank Group Corp at the company's headquarters in Tokyo. Image Source: Reuters

The world`s largest private equity fund, backed by Japan`s Softbank Group and Saudi Arabia`s main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics.

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"The next stage of the Information Revolution is under way, and building the businesses that will make this possible will require unprecedented large-scale, long-term investment," the Softbank Vision Fund said in a statement.

In addition to Softbank and Saudi Arabia`s Public Investment Fund, the new fund`s investors include Abu Dhabi`s Mubadala Investment, which has committed $15 billion, and Apple Inc.