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Tags: softbank | vision fund

SoftBank May Launch 3rd Vision Fund

SoftBank May Launch 3rd Vision Fund
(AP)

Wednesday, 14 September 2022 10:33 AM EDT

Japan's SoftBank Group Corp is considering launching a third Vision Fund, likely using its own capital, a source familiar with the matter said on Wednesday.

The fund's size has not been finalized and will likely launch early next year if the Japanese tech conglomerate decides to proceed, the source said, adding that SoftBank is also considering boosting the size of its second Vision Fund.

The source, who requested anonymity as these discussions are confidential, cautioned that SoftBank's plans are subject to change and it could eventually decide not to launch a new fund.

SoftBank declined to comment.

SoftBank Chief Executive Masayoshi Son last month said he would restructure the Vision Fund investment arm after it reported a $50 billion loss in the six months through June, as the value of its portfolio slid.

SoftBank's first two Vision Funds have been hammered by a global tech rout and the underperformance of major investments such as office-sharing firm WeWork Inc and ride-hailing giant Didi Global Inc.

The tech conglomerate has radically scaled back investment activity and sold shares in e-commerce giant Alibaba, with executives targeting an initial public offering of chip designer Arm to raise further cash.

The Wall Street Journal first reported the plans for a potential third fund earlier on Wednesday.

© 2022 Thomson/Reuters. All rights reserved.


StreetTalk
Japan's SoftBank Group Corp is considering launching a third Vision Fund, likely using its own capital, a source familiar with the matter said on Wednesday.
softbank, vision fund
211
2022-33-14
Wednesday, 14 September 2022 10:33 AM
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