SoftBank Vision Fund 2 nearing first close of USD 30 Bn

SoftBank Vision Fund (SVF) is likely to announce a first close of around USD 30 billion for its second edition by the first quarter of next year, a considerably smaller amount compared to its maiden corpus of USD 100 billion, a top official at the world’s largest technology investment fund said.

On the back of what has been a tumultuous year for the Japanese group — notably the debacle over office sharing startup WeWork’s failed IPO in September — SoftBank will recalibrate its strategy to focus on mid-stage growth companies which have a positive top line and spend longer periods of time in due diligence before backing these firms, said Rajeev Misra, CEO of SoftBank Vision Fund.

In a chat with ET, his first in the aftermath of the WeWork fiasco, Misra said valuations of tech startups are already being readjusted and the need for excessive capital may lessen, paving the way for a resized SVF.

Source: Economic Times