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To: Glenn D. Rudolph who wrote (64246)	6/23/1999 7:59:00 PM
From: GST	Respond to of 164684

Here comes the future: Wednesday June 23, 7:06 pm Eastern Time Softbank to set up $1.7 bln Internet funds -Nikkei NEW YORK, June 23 (Reuters) - Japan's Softbank Corp. plans to set up three venture capital funds totaling over 200 billion yen ($1.7 billion) next month to invest mainly in Internet-related start-ups with growth potential, Nihon Keizai Shimbun (Nikkei) reported on Wednesday. Nikkei's Thursday edition, citing company sources, said the funds, to be established in the U.S. and Japan, will collectively be worth around 20 percent of the annual venture capital market in the U.S. and the largest investment funds ever to focus on a particular industry. According to the Japanese newspaper monitored in New York, California-based subsidiary Softbank Technology Ventures will form a $600 million fund to invest over the next three years in as many as 70 companies that have yet to go public. The parent company Softbank will put in 15 billion yen ($125 million), and the remaining capital will be solicited from institutional and other investors. Massachusetts-based Softbank Holdings Inc. will create a $1.2 billion fund to invest in about 20 established firms that will go public in three to six months, in which Softbank will invest 60 billion yen, Nikkei said. A third fund of around 10 billion yen ($83 million) will be set up in Japan to invest in 20 to 30 privately owned firms and Softbank will invest 1 billion yen ($8.3 million), signaling its full-scale entry into financing Japanese start-ups, Nikkei reported. The fund is also to help support promising firms that could eventually be traded on the new computerized exchange that Softbank plans to start with the U.S. National Association of Securities Dealers.