After raising a whopping $1 billion from Japan-based electronics company Sharp Corp earlier this week, Japan’s telecom and internet giant SoftBank's Vision Tech Fund officially became the world's biggest private equity fund on Saturday as the company announced that it has successfully closed $93 billion.

The remaining $7 billion of the ambitious $100 billion Vision fund that aims to tap advanced technologies through investments is expected to be raised by another six months.

SoftBank announced its ‘Vision’ Tech Fund in October last year. The billions raised will be invested in the tech industry, across sectors ranging from cloud technology to artificial intelligence and robotics.

Judging by the way that SoftBank had been publicising and promoting the fund, it was presumed that the company intends to invest the fund money in startups and emerging technologies. However, in the recent press release, the company cleared its plans and said that in addition to the startups, it is also going to invest in established, multi-billion dollar companies that require substantial growth funding.

Late last year, SoftBank’s chairman and CEO, Masayoshi Son announced that that the company would be investing 50 per cent of the $100 billion fund into US technology companies. In fact, Son even met the newly elected US president Donald Trump and personally told him about the company’s plans of creating 50,000 new jobs in the US as a result of the SoftBank’s investment activities in the country.

When the Fund was announced last year, the Japanese giant had said that the $100 billion fund would be based in London and made up of $45 billion from Saudi Arabia, $25 billion from SoftBank, and $35 billion from other global investors.

Some of the high profile backers backing the Vision Tech Fund include names like Apple, Foxconn, Sharp, Qualcomm and UAE's Mubadala Investment Company.

According to SoftBank's Son, the SoftBank Vision Fund mission is to help build and grow businesses creating the foundational platforms of the next stage of the Information Revolution.

[Top Image: Reuters]

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