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SoftBank to Commit $40 Billion to Second Vision Fund: Report

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Tech conglomerate SoftBank Group Corp will invest $40 billion in its forthcoming second Vision Fund, the Wall Street Journal reported on Wednesday.

SoftBank’s board will meet on Thursday to approve the commitment, the WSJ reported, citing people familiar with the matter.

While the first, $100 billion Vision Fund launched with $60 billion in backing from the sovereign wealth funds of Saudi Arabia and Abu Dhabi, SoftBank has pledged to launch its second even without such support as it markets the fund to potential investors.

The second fund has secured investment from Goldman Sachs Group and Standard Chartered, WSJ said.

Goldman hopes the commitment will help secure work on the growing number of SoftBank portfolio companies heading to the public markets, the report said. Kazakhstan’s sovereign wealth fund will also invest, the WSJ said.

SoftBank, Goldman Sachs and Standard Chartered declined to comment.

Tokyo-based SoftBank can tout the 45 percent internal rate of return made by investors in the first fund’s common shares – albeit gains that are mostly on paper.

Since the first fund’s launch its biggest outside investor, Saudi Arabia’s Public Investment Fund (PIF), has been pulled further into domestic projects as the government runs a larger-than-expected deficit, potentially limiting its overseas ambitions.

While PIF is among existing investors in talks with SoftBank, any decision to invest in the second fund will be made only after assessing a formal proposal, a source familiar with the talks said.

With the first Vision Fund having burned though much of its cash in the two years since it launched with investments in more than 80 late stage tech startups, the fund’s manager is ramping up its staff numbers as it looks to manage the transition to the launch of the second fund.

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Google Pixel 6 and Pixel 6 Pro: Everything we know so far

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Google Pixel 6 is hot in the rumor mill with multiple leaks presenting a deeper peek into the upcoming Google smartphone. It is also speculated that the Pixel 6 will be accompanied by the bigger Pixel 6 Pro phone. It is highly likely, the Pixel Fold and even an XL model may debut alongside the Pixel 6 series smartphones. The … Continue reading

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Watch woodpecker destroy hidden camera one obnoxious peck at a time

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You’ve probably seen or heard a woodpecker in action at some point; they’re the small birds that can spend hours driving everyone in the vicinity to madness with incessant taps against trees or wood buildings. What you probably haven’t seen is what it looks like to be the object subjected to the woodpecker’s wrath — until now, that is. A … Continue reading

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MacBook Pro M1X and Mac mini may release Intel from service in 2021

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The release date for a new M1X version of the MacBook Pro from Apple, along with a new Mac mini appear to be headed for a special event. It’s been rumored that the most powerful and updated Mac mini with M1X chip inside will be revealed at an event in the forth quarter of this year, 2021. It’s also tipped … Continue reading

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