It's official: SoftBank's raised $93bn for its massive new investment fund

It's official: The world's biggest ever investment fund has closed.

SoftBank's Vision Fund, backed by Saudi Arabia's sovereign wealth fund and a host of famous names, has raised $93bn to date with plans to target £100bn in a final close of the fund in six months time.

Apple, Qualcomm, Foxconn and Abu Dhabi-owned investment fund Mubadala are among the big names to plough cash into the tech-focussed investment vehicle which is based in London, with Sharp having promised $1bn on Friday.

The fund was first revealed last year and will house some of the Japanese firm's holdings in UK tech star ARM, which it acquired last year for £24bn, as well as Guardant Health, Intelsat, NVIDIA, OneWeb and SoFi.

SoftBank boss Masayoshi Son has revealed ambitions of becoming the "Warren Buffett of the tech industry"

“Technology has the potential to address the biggest challenges and risks facing humanity today," he said today, announcing the fund's first close.

"The businesses working to solve these problems will require patient long-term capital and visionary strategic investment partners with the resources to nurture their success. SoftBank has long made bold investments in transformative technologies and supported disruptive entrepreneurs. The SoftBank Vision Fund is consistent with this strategy and will help build and grow businesses creating the foundational platforms of the next stage of the Information Revolution.”

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