Softbank sets up technology fund with $100 billion potential

TOKYO: Japanese telecommunications and internet company Softbank Group Corp is setting up a $25 billion private fund for technology investments that has the potential of growing to $100 billion.

The Tokyo-based company, the first carrier in this country to offer the Apple iPhone, said Friday the "Softbank Vision Fund" is for global investments into the technology sector to accelerate Softbank's growth.

Softbank said it signed an agreement with a fund run by the government of Saudi Arabia and other investors, so the amount of money committed could grow.

An aggressive overseas investor, Softbank owns the US wireless company Sprint Corp and Britain's ARM Holdings. It is known as an innovator in the "internet of things," and in technology used in smartphones.