SoftBank Backs Steven Mnuchin’s $2.5 Billion Private Equity Fund

Treasury Secretary Steven Mnuchin testifies before the House Select Subcommittee on the Coronavirus Crisis on Capitol Hill in Washington on Sept. 1, 2020. Nicholas Kamm/Pool/Getty Images

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 percent of the total amount raised so far.