Former US treasury secretary Steven Mnuchin has picked up backing from Japanese conglomerate SoftBank for his $2.5bn Liberty Strategic Capital fundraise.
Mnuchin, who was an investment banker and film producer before joining the Trump administration as treasury secretary in 2017.
The firm has reportedly hit $2.5bn for the fund according to a Bloomberg report from earlier this week, with much of the money said to come from sovereign wealth funds in the Middle East, including Saudi Arabia’s Public Investment Fund.
That investment from PIF helped convince SoftBank to commit according to a new FT report, which cited an unnamed person it said was close to the situation.
The new fund will focus on financial services and technology.
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