Tech giant Apple has invested $1 billion in Japanese conglomerate SoftBank Group’s $100 billion Vision Fund, a spokesperson from SoftBank confirmed with Private Equity International.
Along with Apple, Taiwanese chipmaker Foxconn, Oracle founder Larry Ellison’s family office, and San Diego-based tech company Qualcomm have said they intend to invest in the Vision Fund. However, it is unclear how much the tech companies will invest in the fund.
The SoftBank Vision Fund, announced in October last year, plans to invest in tech companies globally. SoftBank said it would contribute $25 billion of its own cash to the fund over the next five years, while the Public Investment Fund (PIF) of the Kingdom of Saudi Arabia has agreed to invest up to $45 billion over the same period.
In December, SoftBank reportedly launched an office in London that will serve as the headquarters of its Vision Fund and also started hiring 10 investment officers to manage the fund. Jonathan Bullock, chief operations officer of SoftBank International, and Alok Sama, SoftBank’s chief financial officer are senior advisers to the fund.
In the same month, SoftBank’s founder and chief executive Masayoshi Son met with US president-elect Donald Trump and pledged to invest $50 billion in the US to create 50,000 jobs. However, it is not clear if the investments will come from the Vision Fund.