TOKYO -- SoftBank Group CEO Masayoshi Son on Thursday unveiled plans to establish a second $100 billion investment fund "in the near future," confirming his determination to double down on his international spending spree.
"I want to officially announce the preparation of fund two," Son declared during an earnings conference in Tokyo. Although details are yet to be worked out, he said the new fund "will be around the same size as fund one."
The first, the nearly $100 billion SoftBank Vision Fund, has transformed tech investing over the past two years, with huge bets on private companies like Uber Technologies and WeWork. Another fund of the same scale would likely cement Son's position as one of the most powerful figures on the global tech scene.
"Most of the existing investors are showing high interest in fund two because fund one is doing well," Son said, after announcing that the Vision Fund had generated an internal rate of return of 29%. "There are also many voices from [new] investors who want to participate."
The Vision Fund had poured $60.1 billion into 69 companies as of March, according to SoftBank's financial statement released on Thursday. To keep the money flowing, Son said he is considering an "interim start ... which means SoftBank Group will start with 100% [of the capital]" before inviting other investors.
He declined to comment on reports that SoftBank is considering an initial public offering of the Vision Fund.
https://asia.nikkei.com/Business/Companies/SoftBank-s-Son-says-second-100bn-tech-fund-will-launch-soon
2019-05-09 10:19:00Z
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