Saudi Arabia is investing another $45 billion in SoftBank’s second Vision Fund.
Crown Prince Mohammed bin Salman Al Saud, the chairman of the country’s Public Investment Fund, told Bloomberg that the fund wanted to be a key investor in the next $100 billion fund that Softbank CEO Masayoshi Son plans to raise. The $45 billion brings the PIF’s total investment in the two funds to $90 billion.
Prince Mohammed told Bloomberg that the PIF’s first investment had paid off.
“We have a huge benefit from the first one,” he said. “We would not put, as PIF, another $45 billion if we didn’t see huge income in the first year with the first $45 billion.”
He added that the PIF’s assets were just under $400 billion.”Our target in 2020 is around $600 billion,” he said. “I believe we will surpass that target in 2020.”