Qualcomm to chip in for SoftBank Vision Fund

The fund, co-launched by Saudi Arabia’s sovereign wealth fund and SoftBank, has attracted Qualcomm as a limited partner.

US-based semiconductor technology producer Qualcomm has committed capital to the SoftBank Vision Fund, a $100m vehicle backed by Saudi Arabia’s sovereign wealth fund, the Wall Street Journal reported yesterday.

The London-based fund, created by Saudi Arabia’s Public Investment Fund (PIF) and Japan-based conglomerate SoftBank in October 2016, will focus on technologies such as robotics and artificial intelligence, and will invest internationally.

PIF has committed $45bn over the next five years to the fund, while SoftBank is set to provide $25bn over that same period. The size of Qualcomm’s commitment has not been revealed.

Only a week after it was first announced, the SoftBank Vision Fund gained the interest of Qatar’s sovereign wealth fund, Qatar Investment Authority, which is said to be in talks to provide several billion dollars.

In November, Mubadala Development Company, an investment arm of Abu Dhabi’s government, also reportedly voiced its interest in injecting capital. Last month, technology company Apple reportedly signed up to invest $1bn.

The fund is set to be oversubscribed according to SoftBank chief executive Masayoshi Son and is expected to be formally launched in the coming weeks.

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