Japan's SoftBank aims to secure $100 billion for its Vision Fund II

SoftBank Group Corp., a telecommunications to internet company, is aiming to secure $100 billion for its second technology investment fund.

As part of the financing deal, SoftBank and its bankers, which include Centricus and Cantor Fitzgerald, have held preliminary talks with sovereign wealth funds from Singapore, Saudi Arabia, Abu Dhabi, Kazakhstan and Oman.

SoftBank intends to contribute $40 billion to $50 billion in the new fund whereas Singapore’s GIC Pte., Kazakhstan’s sovereign fund and financial firms in Taiwan may each invest $2 billion or more in the new fund.

SoftBank, which is working with Goldman Sachs Group Inc. on the deal, will start formally soliciting investors in July, with an aim of closing the new fund, SoftBank Vision Fund II, by March 2020.