SoftBank Group Corp. plans to invest an additional $5 billion in Latin American companies, according to people familiar with the matter.

The Japanese firm’s board is close to approving the new capital allocation, which would double its commitment to the region to $10 billion, one of the people said, asking to remain anonymous because the details are private. SoftBank will also expand the scope of its investments in the region to span from seed and Series-A startup rounds to taking stakes in public companies, according to the person.

The additional infusion may be used to create a SoftBank Latin America Fund 2 or to extend the existing one, launched in 2019, according to the people. SoftBank’s Chief Operating Officer Marcelo Claure will continue to lead the effort.