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They turned to take a $40-billion in the second Vision Fund: WSJ

(Ap) – a Tech conglomerate SoftBank Group Corp (9984.(T) to invest $40 billion in the next second, the Vision Fund, the Wall Street Journal reported on Wednesday.

FILE PHOTO: The logo of SoftBank Group, Corp, is displayed at the SoftBank World in 2017 conference to be held in Tokyo, Japan, on July 20, 2017. (REUTERS photo/Issei Kato/File Photo

They turned to the board of directors will be on Thursday, for the approval of the stake, the wall street journal reported, citing people familiar with the matter.

As for the first, $100 billion for the Vision Fund was launched with $60 billion in support from the sovereign wealth fund of the kingdom of Saudi Arabia, and Abu Dhabi’s SoftBank, has pledged to launch a second, even without such support, markets the fund to investors.

The second fund, and has secured an investment from Goldman Sachs Group Inc’s (GS.(N) Standard Chartered Plc (STAN.(L), the wall street journal said.

Goldman is hoping that its involvement will help get the safe to work in, the growth in the number of SoftBank’s portfolio companies on the path to the public markets, according to the report. Kazakhstan’s sovereign wealth fund, will invest in the wall street journal said.

SoftBank, Goldman Sachs and Standard Chartered declined to comment.

Tokyo-based SoftBank may be the point of the 45% internal rate of return by the investors of the first fund’s common shares, although the gains are mostly on paper.

Since the initial funding for the launch of the biggest outside shareholder, Saudi Arabia’s Public investment fund (PIF), and is pulled further in to the internal projects of the government, is a larger-than-expected deficit could limit the external opportunities.

While the PIF is subject to the current investors are in talks with SoftBank, and any decision to invest in the second fund will be made only after the review of a formal proposal, a source familiar with the talks said.

With the first Vision, the Fund will have burned though a lot of the money in the two years since its launch, with the investment of more than 80 late-stage tech startups, with the fund, the manager has been an increase in the number of employees as it looks to manage the transition towards the launch of the second fund.

Report by Sam Nussey, in Tokyo; Additional reporting by Akanksha Rana in the leela palace bangalore, Sumeet Chatterjee in Hong Kong and Saeed Azhar in Dubai; Editing by Anil D’silva and Richard Pullin

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