SoftBank’s bid to raise a second mega fund has met a chilly reception from some of the world’s biggest money managers, signaling that a crucial initiative for the firm faces significant hurdles.

The Japanese technology giant has made preliminary approaches to some of the world’s largest investors as it seeks to raise $100bn for another fund dedicated to tech startups. But several of these investors plan to make limited or no contributions, people familiar with the matter said. They include Canada Pension Plan Investment Board and Saudi Arabia’s Public Investment Fund, whose $45bn check made it the largest backer of SoftBank’s first tech fund, known as the Vision Fund.