Top SoftBank exec Rajeev Misra steps back from role at Vision Fund

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Rajeev Misra will step down from his position as CEO of SoftBank International Advisors, which manages the Imaginative and prescient Fund 2. It comes as strain mounts on SoftBank’s funding technique amid a string of dangerous bets and a crash in expertise shares this yr.

Patrick T. Fallon | Bloomberg | Getty Pictures

Rajeev Misra, who runs SoftBank’s huge tech investing unit, will step again from one in every of his roles, the Japanese conglomerate confirmed to CNBC on Thursday.

Misra will construct an exterior multi-asset funding fund.

He’ll stay the CEO of SoftBank Funding Advisors, the entity liable for the $100 billion Imaginative and prescient Fund, which has taken high-profile bets on firms together with Uber and Chinese language ride-hailing big DiDi. Imaginative and prescient Fund was based in 2017.

Misra may also stay govt vp of SoftBank Group, the dad or mum firm.

Nonetheless, the chief will step down from his position as CEO of SoftBank International Advisors, which manages the second Imaginative and prescient Fund, referred to as Imaginative and prescient Fund 2. As an alternative, he’ll develop into vice chairman and tackle a lowered position. Imaginative and prescient Fund 2 was based in 2019.

However SoftBank’s funding technique has come below heavy criticism and strain amid a string of dangerous bets and a crash in expertise shares this yr.

One of the high-profile points got here with coworking-space firm WeWork, which failed to go public in 2019 after considerations had been raised about its enterprise mannequin and company governance. WeWork finally went public final yr via a special purpose acquisition company.

Imaginative and prescient Fund posted a record loss of 3.5 trillion yen ($25.7 billion) for its monetary yr ended March 31 as expertise shares continued to get hammered.

The Japanese big’s outspoken founder, Masayoshi Son, will take a extra direct management position with Imaginative and prescient Fund 2, supported by the prevailing govt group.

The Financial Times reported on Thursday that Misra’s new fund will likely be about $6 billion and backed by Abu Dhabi’s state funding funds Mubadala and ADQ, in addition to Royal Group.



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