Saudi Arabia and Japanese holding company SoftBank plan to create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors and a potential kingpin in the industry.
SoftBank said in a statement that over the next decade its vision fund will be the biggest investor in the technology sector.
Earlier this year, the company invested $3.5 billion in U.S. ride-hailing firm Uber.
In July, SoftBank bought UK chip design firm Arm Holdings in Japan’s largest ever outbound deal. At an annual rate of $20 billion, the new London-based fund could at current levels account for roughly a fifth of global venture capital investment.