On Breakingviews - SoftBank’s new $108 billion vision is broader and fuzzier: targeting anything 'tech-enabled' gives Masayoshi Son a very long spending leash, says johnsfoley
Japan's SoftBank Group Corp Chief Executive Masayoshi Son attends a news conference in Tokyo, Japan, November 5, 2018. REUTERS/Kim Kyung-Hoon - RC17F0D92E80
Missing this time round are public endorsements from the allies Son signed up last time, namely the Saudi Arabian Public Investment Fund and its Abu Dhabi peer Mubadala. Together they put $60 billion into the first fund, which was launched in May 2017 and grew to nearly $100 billion. SoftBank, which is putting up $38 billion this time, is still talking to investors, so Gulf money could come later.
The absence, so far, of Middle Eastern money is mixed news. An approval stamp from the House of Saud gives other investors confidence; on the other hand some targets would rather do without the reputational risk. AI, for example, entails the attention of watchdogs like the Committee on Foreign Investment in the United States, so the fewer autocratic political backers, the better.
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SoftBank’s new $108 bln vision is broader, fuzzierVision Fund 2 so far lacks endorsement from prior investors Saudi Arabia and Abu Dhabi. It has plenty of heft, though, and less Saudi money might relieve wary investees. Focus is an issue: targeting anything “tech-enabled” gives Masayoshi Son a very long spending leash.
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