September 27, 2018 / 6:05 AM / 24 days ago

SoftBank to raise $100 billion fund every 2-3 years, spend $50 billion annually: Bloomberg

TOKYO (Reuters) - SoftBank Group Corp (9984.T) plans to create a new $100 billion fund every two to three years and spend $50 billion annually, its Chief Executive Masayoshi Son told Bloomberg Businessweek in an interview published on Thursday.

The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato

Son has attracted more than $93 billion to his Vision Fund technology investment vehicle, and has flagged his intention to raise further financing.

The comments reflect Son’s dealmaking ambitions that have shaken up the world of venture capital investing as he looks to accelerate his vision of a future driven by artificial intelligence.

SoftBank did not immediately comment.

The Vision Fund’s largest investments to date are in companies including ride-hailing firm Uber Technologies Inc [UBER.UL] and shared-office space firm WeWork.

Son’s comments on the pace of the raising of new funds echo similar comments he made to the Nikkei business daily last year.

Within 10 years, more than 1,000 companies will likely have received investments, he told Nikkei.

Reporting by Sam Nussey; Editing by Muralikumar Anantharaman

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