Trump’s ex-Treasury secretary secures investment from Japanese conglomerate for new vehicle

Japan’s SoftBank has followed Saudi Arabia’s Public Investment Fund and Abu Dhabi’s Mubadala in backing a new $2.5bn private equity fund set up by former US Treasury secretary Steven Mnuchin just eight months after he left office.  Mnuchin launched Liberty Strategic Capital earlier this year after serving four years in the Trump administration. The fund is intended to focus on financial services and technology. In a statement to the Financial Times, SoftBank confirmed it had invested in Mnuchin’s private equity firm through its second Vision Fund.

One person close to the situation said the group’s decision to invest was influenced by Saudi Arabia’s PIF, the state fund administered by Crown Prince Mohammed bin Salman, which encouraged SoftBank to back Mnuchin.

It was unclear exactly how much SoftBank contributed to the fund. Bloomberg, which first reported the Mnuchin fundraising this week, said most of the backing came from Middle Eastern investors including the PIF.

Read more/Source: FT