The fund was set up in 2017 and has been the world’s largest technology investment fund. Its branches include ride-hailing pioneer Uber, processor designer ARM and shared workspace company WeWork.
The company has openly stated it intends to establish another investment fund. The senior banking source said SoftBank was talking to banks about helping it increase money, confirming an earlier report in the Wall Street Journal.
SoftBank has spoken to half a dozen banks throughout the last month about a possible record of the Vision Fund but has yet to begin a formal process, the source said, adding he was not expecting such a process in the near term.
“They requested banks queries on how they could possibly do it. It is still very much in exploration manner,” the source said, adding SoftBank was possibly given the idea by fellow tech investor Naspers, which intends to record a number of its assets.
“The big distinction is that the biggest advantage in the Naspers portfolio is Tencent, that is listed, whereas the portfolio of the Vision Fund is private,” the source stated.
China’s Tencent Holdings is a social media and gaming company listed in Hong Kong.
A spokesman for SoftBank declined to comment when contacted by Reuters.
SoftBank is also in discussions with Oman for an investment from the fund, which has raised almost all its funding so far from Saudi Arabia and Abu Dhabi, according to the WSJ report.
SoftBank is trying to raise new funds for”informal deals” chief executive officer Masayoshi Sonnegotiated in China for Vision Fund, one of the folks told WSJ.
The finance is also planning to double its staff over the next 18 months to keep up with the pace of deal making by SoftBank, the organization’s top deputies allegedly said at a seminar in Los Angeles this week.