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Banks

Mubadala weighing investment in second SoftBank tech fund: executive

FILE PHOTO: The logo of SoftBank Group Corp is displayed at the SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo

LONDON (Reuters) - Abu Dhabi state fund Mubadala Investment Co has not yet decided whether to invest in SoftBank’s second large-scale tech investment fund, one of its top executives said on Tuesday.

“We are evaluating it, we will continue evaluate it,” said Ibrahim Ajami, head of ventures, at a Bloomberg conference. “I can’t answer yes or no whether we will invest in Vision Fund 2.”

SoftBank is struggling to attract investment to a second mammoth fund, with Vision Fund portfolio company WeWork pulling its initial public offering and valuations at other key investments falling, Reuters reported last week.

Mubadala invested $15 billion in SoftBank’s $100 billion Vision Fund 1, and was expected to invest in SoftBank’s Vision Fund 2 in the fourth quarter of 2019, two sources familiar with the matter told Reuters last month.

Reporting by Tom Wilson; editing by Tom Arnold

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