$93 billion investment fund based in Jersey
THE world's largest ever investment fund – worth $93 billion and backed by tech firm Apple – will be based in Jersey, the finance firm managing it has confirmed.
Japanese telecoms giants SoftBank selected Jersey for the 'structuring' of its new 'Vision Fund', which law firm Carey Olsen helped set up, and finance firm Aztec is due to manage it on a day-to-day basis.
The first round of funding closed on Saturday, at which stage $93 billion was raised, and it is hoped to eventually gather more than $100 billion of investment.
The fund, which was announced in October last year, is the brainchild of Japan's richest man, Masayoshi Son, who is worth $20.4 billion and wants it to become 'the biggest investor in the technology industry over the next decade'. So far, the Vision Fund has attracted investment from the likes of Saudi Arabia and the United Arab Emirates, as well as technology giants Apple, Foxconn and Sharp.
A joint statement released by Carey Olsen and Aztec said that the level of capital already committed meant Vision was the 'largest ever investment fund'.
Full story in Thursday's JEP.
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