SoftBank’s Son to attend Saudi investment forum next week

Masayoshi Son speaks at the Milken Institute conference in Tokyo on March 25. Photographer: Kiyoshi Ota/Bloomberg

SoftBank Group Corp founder and CEO Masayoshi Son will attend an investment conference in Saudi Arabia next week, two people familiar with the matter said, as the Japanese company seeks to raise funds for a second technology fund.

Attending the Saudi Future Investment Initiative (FII) on Oct. 29-31 could offer Son a chance meet delegates from the sovereign wealth funds of Saudi Arabia and Abu Dhabi, major investors in Softbank’s first $100 billion technology fund.

Riyadh’s Public Investment Fund (PIF) contributed $40 billion to the Softbank Vision fund and Abu Dhabi’s Mubadala committed $15 billion.

Mubadala has said it was considering investing in Softbank Vision 2 and sources have said PIF held talks on the issue, but neither have announced any decision.

SoftBank was not immediately available to comment on the visit by Son, who also travelled to the kingdom last year.

SoftBank Group agreed on Tuesday to spend more than $10 billion to take over WeWork, doubling down on an ill-fated investment in the office-space sharing startup that has racked up losses.

PIF and Mubadala have not commented on Softbank’s bailout of WeWork. Sources close to the two funds said they were not too concerned about the WeWork investment, saying the two funds were focused on all 80 or so firms the Softbank vehicle invests in.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.