German carmaker Daimler AG is among a group of new investors that have committed to backing SoftBank Group Corp.'s SoftBank Vision Fund, people briefed on the negotiations told London's Financial Times.
Other new investors reportedly include Japanese banks MUFG, Mizuho and Sumitomo Mitsui Banking Corp., as well as Oracle Corp. co-founder Larry Ellison and the sovereign wealth fund of Bahrain. The consortium will fill the $7 billion needed to reach the fund's $100 billion goal.
All new investors will receive 62% in preferred units, paying out an annual coupon of 7% over the fund's 12-year life cycle, and the rest with equity.
SoftBank Group is deciding on the timeline of its next fund, expected to be named Vision Fund II, the report said.
Launched in October 2016, the SoftBank Vision Fund makes minority and majority investments in private and public companies in sectors including the internet of things, artificial intelligence and robotics.
Other investors in it include Public Investment Fund of Saudi Arabia, Mubadala Development Co. PJSC, Apple Inc., Foxconn Technology Co. Ltd. and Qualcomm Inc.
The fund held its first close in May 2017 with $93 billion of committed capital.