At the Milken Institute 2020 global conference on Monday, Misra said he was preparing a special purpose vehicle (SPAC). The trendy investment vehicle offers the Vision Fund a new way of investing in private companies and offers public investors access to SoftBank’s portfolio managers. Misra said he would outline additional plans over the next two weeks.
The SPAC is operated by investment advisors from SoftBank Vision Fund and, according to a person familiar with the matter, includes money from outside investors and Vision Fund 2. A SoftBank spokesman declined to comment.
Misra helped raise SoftBank’s first $ 100 billion Vision Fund, invested in more than 80 companies. SoftBank founder Masayoshi Son previously said he plans to raise a second amount of $ 108 billion for a second Vision Fund.
However, Misra struggled to raise money for the second fund after multiple investments in Vision Fund 1, including WeWork and Oyo Hotels, failed to generate any return for investors. The pandemic shutdown has also accelerated a shift in SoftBank’s strategy away from frantic investing in startups and toward divesting assets to support cash like selling Arm to Nvidia and $ 21 billion in T-Mobile stock .
The first Vision Fund posted a loss of $ 18 billion last year. The company posted $ 2.8 billion in investment income last quarter after publicly traded stocks Slack and Uber rebounded from pandemic-related lows.
Investing in a SPAC gives Misra access to public funds once the Vision Fund has selected and acquired a suitable target. The Vision Fund has so far only received funds from limited partners and companies.
According to Refinitiv, more money was raised through SPAC this year than ever before as investors welcomed the accelerated IPO process.
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