Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

SoftBank backs Steven Mnuchin's $2.5 billion private equity fund

09/22/2021 | 02:44am EDT
FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin speaks during a House Financial Services Committee hearing in Washington

(Reuters) -SoftBank Group will invest in a $2.5 billion private equity fund set up by former U.S. Treasury secretary Steven Mnuchin, the Japanese conglomerate said on Wednesday without disclosing the size of the investment.

The fund, Liberty Strategic Capital, will be backed by SoftBank's $40 billion second Vision Fund and Abu Dhabi-based sovereign wealth fund Mubadala, which said it will contribute roughly 2% of the total amount raised so far.

Liberty Strategic Capital was launched this year and is based in Israel, according to startup data platform PitchBook https://pitchbook.com/profiles/investor/469990-18#overview.

The Financial Times https://www.ft.com/content/24da1d88-8e63-4868-849f-3e3ecff1c39a had earlier reported that Saudi Arabia's Public Investment Fund (PIF) will also take part in the investment.

PIF did not immediately respond to Reuters' request for a comment, while Reuters could not immediately reach out to Liberty Strategic Capital.

Bloomberg News, which first reported about the Mnuchin fundraising this week, said https://www.bloomberg.com/news/articles/2021-09-20/trump-treasury-secretary-steven-mnuchin-raises-2-5-billion-fund?sref=SCAzRb9t most of the backing came from Middle Eastern investors including the PIF.

(Reporting by Aakriti Bhalla in Bengaluru, Davide Barbuscia in Dubai and Sam Nussey in Tokyo; Editing by Sherry Jacob-Phillips)

© Reuters 2021
Latest news "Economy & Forex"
09:45aShell expects Ida-hit offshore facility to restart in November
09:44aRESERVE BANK OF INDIA : Sovereign Gold Bond Scheme 2021-22 Series VII - Issue Price
09:24aChina's troubled property behemoth averts default for now
09:23aCanadian retail sales likely fell 1.9% in September, up 2.1% in August
09:03aBMW starts producing new electric model, commits to emissions-free transport at main plant
09:03aAustralia watchdog closes probe into former Rio Tinto exec Davies-letter
08:55aBEYOND MEAT : shares bleed on bleak revenue forecast as retail demand dips
08:54aXi says China will work to ensure stable supply of coal, power
08:49aNasdaq set for lower open after Intel's margin warning
08:45aIndia central bank sees need for continued policy support -minutes
Latest news "Economy & Forex"