Softbank Courts Investors for New Tech Fund
Softbank has been doing a lot of deals lately, and doesn’t want that streak to stop. So its asking investors to phony up more dough.
Originally reported by Bloomberg, the Japan based conglomerate wants to add $15 billion in additional funds to its already large $100 billion deal war chest.
The Vision Fund, a fund backed by Softbank and Saudi investors, has spent $70 billion already investing in tech companies. The company has been launching startups specializing in construction, pet care, ride-hailing and more with the existing fund. That zest for new deals is driving the need to launch a second fund.
And even that second fund may not be it. Bloomberg reports Softbank CEO Masayoshi Son wants to launch a new $100 billion fund every two to three years.
But getting that money isn’t as easy as it would seem. No deal has yet been signed for the second fund and there’s no promise a deal will be struck with financiers. It is weighing raising more capital, asking state-funded investors in Saudi Arabia and Abu Dhabi to not ask for debt repayments or ask lenders for more loans, said un-named Bloomberg sources.