SoftBank is seeking funds to create a second technology fund.
According to two sources familiar with the matter at hand, the founder and CEO of Japan’s conglomerate SoftBank Group Corp is slated to attend an investment conference in Saudi Arabia next week.
The development comes as the Japanese company is seeking to raise more funds for a second technology fund.
Attending the Saudi Future Investment Initiative (FII) on Oct. 29-31 could offer Son a chance meet delegates from the sovereign wealth funds of Saudi Arabia and Abu Dhabi, major investors in Softbank’s first $100 billion technology fund.
Incidentaly, Riyadh’s Public Investment Fund (PIF) contributed $40 billion to the Softbank Vision fund and Abu Dhabi’s Mubadala committed $15 billion.
While Mubadala has stated it was considering investing in Softbank Vision 2, sources have disclosed that PIF has held talks on the issue, however neither have announced any decision.
SoftBank was not immediately available to comment on Son’s visit.