SoftBank Group Corp's second Vision Fund could start investing as ...
The anchor investors from the first fund, Saudi Arabia and Abu Dhabi, are showing “high interest” in taking stakes and negotiations are ongoing, Son said on Wednesday after SoftBank turned in first-quarter operating earnings that blew past consensus estimates.
SoftBank is relying on proceeds from the first Vision Fund along with other assets to bankroll its $38 billion contribution to the second fund.With the first fund having spent much of its capital on fast growing, late-stage startups like Uber and WeWork parent The We Company, SoftBank is now turning its attention to the second fund to maintain its oversized industry presence.
The first fund’s $66.3 billion investment in 81 firms is now worth $82.2 billion, as the value of its bets in firms like hotel chain OYO, workplace messaging app Slack and delivery service Doordash has grown. That was, however, offset by 195 billion yen in unrealized losses from a drop in value of its stake in firms like ride-hailing firm Uber, which is trading below its IPO price.
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