People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai
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SoftBank Group Corp. said it would form a new fund to invest as much as $100 billion in the global technology industry in the next five years, partnering with Saudi Arabia's public investment fund to find companies that will become influential in the future. The Saudi government will consider putting money into what is tentatively named SoftBank Vision Fund and become the lead investment partner, SoftBank said in a statement Friday. SoftBank has made tens of billions in returns from investments in firms including Alibaba Group Holding Ltd., Yahoo and Supercell Oy, and the Vision fund will likely pursue a similar strategy of backing technology firms at all stages. SoftBank shares rose as much as 2 percent in early Tokyo trading.SoftBank declined to comment further, noting the fund had not yet closed.
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