SoftBank’s Vision Fund looks set to bring on more capital from the Middle East as it bids to reach its $100 billion fundraise target.
The fund has already deployed around one-third of the $93 billion it raised in its first close, according to statements released earlier this month, and now it is on the hunt for more LPs.
The Middle East has proven to be fertile soil for the Vision Fund, with UAE-based Mubadala Investment Company and Saudi Arabia’s PID public fund signing on as two of its most prominent backers. Now, according to Reuters, there has been dialogue with Bahrain’s sovereign wealth fund Mumtalakat over joining the party.
“We’re talking to them, we haven’t made any commitment yet. I think it’s very interesting, and a lot of people have already put a lot of tickets,” Mumtalakat CEO Mahmood AlKooheji told the news firm in an interview.
Mumtalakat’s portfolio of investments is valued at more than $10 billion, and it includes Bahrain-based operator Batelco.
In addition to closing the inaugural Vision Fund, SoftBank also is reported to be considering a follow-up. The fact it has already deployed one-third of the capital in under a year — a feat that seemed very unlikely last year — shows the seriousness behind the project.
Apple, Foxconn and Qualcomm are among other publicly disclosed LPs in the Vision Fund. To date, its investments have included deals with ARM, Nvidia, Uber, Improbable and Flipkart, among others.