The amount from Saudi Arabia was not disclosed, although earlier reports have said it could be $45 billion.
Softbank has said it will contribute $28 billion, some of which consists of a quarter share in ARM, blught by Softbank for $31.4 billion, which is valued at $8.2 billion.
It is said that Mubadala of Abu Dhabi has agreed to invest $15 billion and that Apple, Oracle, Qualcomm and Hon Hai have each said they’ll contribute $1 billion.
It is unclear whether any of this money has been handed over or, like the Saudi investment, is promised over the next five years.
The Vision Fund was announced in October 2016. The start date of fund was set for January 2017. By then the aim was to have raised $100 billion of committed capital.
Softbank is now saying that pledges to the fund have reached $93 billion and that it aims to reach $100 billion over the next six months.
Having been promised $93 billion so quickly, to expect to take another six months to raise another $7 billion seems pessimistic.
$50 billion of the fund has been earmarked for US investment to create 50,000 jobs, Softbank chairman Masayoshi Son told US President Donald Trump.
According to Japan’s Mainichi newspaper, Softbank “plans to make investments through the technology fund for a project requiring more than 10 billion yen ($90 million) to curb its interest-bearing debts.”
Softbank is carrying debt of $130 billion.
The Vision Fund is being run from London by Rajeev Misra formerly of the Fortress investment group which Softbank bought for $3.3 billion in February this year. Before the sale to Softbank, Fortress’ shares had fallen 74% since its IPO. Earlier, Misra ran Deutsche Bank’s credit derivatives business.
The Vision Fund’s stated areas of investment interest are the usual things – driverless cars, AI, Deep Learning, IoT etc – where some argue that there is already too much money chasing investment opportunities which has led to absurd over-valuations.