Softbank gears up for launch of second Vision Fund as full-year profits soar
Japanese investment giant Softbank will launch its eagerly-awaited second Vision Fund soon, the firm’s founder and chief executive has revealed.
Read more: Softbank mulls float for $100bn Vision Fund
Masayoshi Son said the new fund will be a similar size to its original $100bn (£77bn) Vision Fund, which has invested in major tech firms including Uber and Wework.
Son said many investors around the world have expressed interest in participating in the fund, but that Softbank will likely be the only initial investor.
Softbank is poised to cash in on the upcoming floats of the Vision Fund’s biggest bets, with shares in Uber expected to start trading on Friday. The firm said its stake in the ride-hailing app grew ¥418bn (£2.9bn) in value over the year.
The announcement came as Softbank posted pre-tax profit of ¥1.7 trillion, up more than 80 per cent on the previous year.
Read more: Softbank to invest €900m in payment firm Wirecard
The firm is also said to be mulling a bumper float of its original fund as it looks to raise more cash.
Softbank has burnt through almost all of the $100bn fund in just two years, and is reportedly in talks with Oman over a further multi-million-pound investment.
However, the Japanese firm could face regulator barriers over the mooted Vision Fund float, and the launch of a new fund is considered a more reliable way to drive a fresh cash injection.