Softbank-Saudi tech fund becomes world's biggest with $93 billion of capital

By Reuters
May 21,2017
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U.S. President-elect Donald Trump and Softbank CEO Masayoshi Son acknowledge guests after meeting at Trump Tower in Manhattan, New York City, U.S., December 6, 2016. REUTERS/Brendan McDermid

RIYADH (Reuters) - The world's largest private equity fund, backed by Japan's Softbank Group and Saudi Arabia's main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics.

"The next stage of the Information Revolution is under way, and building the businesses that will make this possible will require unprecedented large-scale, long-term investment," the Softbank Vision Fund said in a statement.

In addition to Softbank <9984.T> and Saudi Arabia's Public Investment Fund, the new fund's investors include Abu Dhabi's Mubadala Investment, which has committed $15 billion, and Apple Inc <AAPL.O>.

(Reporting by Andrew Torchia; Editing by Dale Hudson)