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Fund mulling $4B WeWork investment is Saudi-backed: report
From the New York website: A Japanese fund reportedly in talks to invest up to $4 billion in WeWork is heavily backed by sovereign wealth from Saudi Arabia and other Middle Eastern countries, according to a new report.
The Saudi government invested $45 billion in SoftBank’s $100 billion Vision Fund, and government-tied entities from Abu Dhabi and Qatar are also in talks to invest, according to the New York Times.
SoftBank is in talks to invest $2 billion in the national co-working company WeWork, along with potential further investment rounds that could bring the total commitment to almost $4 billion. The money would reportedly most likely come from SoftBank’s Vision Fund, which specializes in tech investments.
The Times reported that Abu Dhabi’s Mubadala Development, which owns a stake in the Park Lane Hotel, is mulling a $15 billion investment in the fund. [NYT] — Konrad Putzier