SoftBank Group Corp announced on Friday a second Vision Fund aimed at i...
“The objective of the fund is to facilitate the continued acceleration of the AI revolution through investment in market-leading, tech-enabled growth companies,” SoftBank said in its statement.
“The fund itself is of course attractive, but what matters is the overall balance of the portfolio,” the banker said, declining to be identified further.The first Vision Fund launched two years ago with $60 billion in backing from the sovereign wealth funds of Saudi Arabia and Abu Dhabi. It has already burned through much of its capital with investments in over 80 late-stage tech startups.
SoftBank did not provide details on how it would fund its $38 billion contribution to the new fund. With the conglomerate not needing to put up all the money at once, proceeds from the first Vision Fund can potentially be recycled, said analyst Dan Baker at Morningstar. Also absent were Abu Dhabi and Saudi Arabia, whose Crown Prince Mohammed bin Salman in October told Bloomberg his country was ready to commit a further $45 billion.
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