On Thursday, the 7th of March 2019, Japanese SoftBank Group had issued a statement saying that they were going to launch a $5 billion fund as investments for Latin American technology companies, jacking up its tech ambition beyond the Saudi backed huge vision fund.
According to the statement, SoftBank’s Chief Operating Officer, Marcelo Claure would be heading the operation of its new fund, while the Japanese tech conglomerate had already committed an initial $2 billion, serving as the general partner of the fund.
The Japanese investment group had already rocked the tech sector with its Saudi-backed Vision Fund worth of $100 billion, making splashing investments in WeWork Cos, a shared office provider and in the ride-hailing giant, Uber.
The latest round of ramp-up of SoftBank in Latin America would extend beyond managing Softbank owned companies like Chip designer arm and would be vying to expand under the management of Bolivian-born billionaire Claure.
Claure, the chief operating head of Softbank’s Latin American investment fund, who has also been an executive chairman of SoftBank’s US telecom unit, Sprint Corp., said following the announcement of expansion, “There is so much innovation and disruption taking place in the region and I believe the business opportunities have never been stronger”.