SoftBank Group Corp has pumped $2.5 billion of its own cash into new in...
) has pumped $2.5 billion of its own cash into new investments since October, people familiar with the matter said, hoping to restore its money-making credentials as it courts investors for a successor to its Vision Fund.
SoftBank Chief Executive Masayoshi Son said last week the company may spend up to two years investing its own money in a bridge fund, to build a portfolio that will give investors enough confidence to participate in a second Vision Fund. To that end, he said SoftBank has already invested “billions” of U.S. dollars, but he did not provide an exact figure.
The fund’s investment spree drove a rally in the valuations of a number of technology start-ups, such as office space-sharing company WeWork and ride-hailing firm Uber Technologies Inc . This rally fizzled out once these companies’ losses mounted along with their breakneck growth. Abu Dhabi’s Mubadala and Saudi Arabia’s Public Investment Fund account for the bulk of the first Vision Fund at $60 billion. They have yet to commit to the second fund.
Bridge funds are commonly deployed by private equity and venture capital fund managers struggling with their investment track record, in order to attract investors reluctant to commit to blind pools of capital.
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