Japan's richest man to close largest private equity fund in KSA

Japan's richest man to close largest private equity fund in KSA
SoftBank Group CEO Masayoshi Son (Photo credit: Arabianeye-Reuters)

Riyadh – Mubasher: Masayoshi Son, head of Japan's SoftBank Group Corp and the richest man in the country, is planning to visit Saudi Arabia this weekend alongside US president Donald Trump.

Trump will be making his first overseas trip since taking office, various media reported.

It is expected that Son will announce the closing of first fundraising round for "what will be the world's biggest private equity fund", according to news agency Reuters.

The launch of the $100 billion Vision Fund is set to coincide with Trump's official visit to Saudi Arabia.

The fund is backed by Saudi Arabia's Public Investment Fund (PIF), the country's sovereign wealth fund, and Apple Inc.

Son describes the fund as "essential" for setting up a data "gold rush" for Japan's SoftBank, which he expects will take place as the "global economy becomes increasingly digitised."

In February, SoftBank CEO stated that the Vision Fund "has created a framework for SoftBank to grow over the next 100, 200 and 300 years."

"The next 10 years would be the time for me to put the plan into practice while grooming successors," he added, according to Reuters.

Source: Mubasher