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The Wall Street Journal stated that SoftBank Group of Japan reportedly smash a roadblock as it pursues to raise money for its latest fund. SoftBank faced a lukewarm reception from a few of the largest investors of the world in a bid to raise 100 billion dollars for its most recent funds. Among those investors, few decided to make limited or zero contributions.
Sovereign wealth fund of Saudi Arabia, the Public Investment Fund, and the Canada Pension Plan Investment Board mentioned as investors in the report. Formerly in May, the CEO of Softbank Masayoshi Son expressed that the 2nd fund will match its 1st as well as landmark Vision Fund I at 100 billion dollars.
Moreover, Son also said that various investors from the previous fund were expressing their extraordinary interest in its latest fund together with the new worldwide investors. However, the latest report of the Journal reveals by saying that several large funds were apparently apathetic for giving money to a new party when they previously have their own sources for straight investment in late-stage start-ups.
The WSJ said that even those funds having less expertise said to concern regarding the lack of funds governance and transparency. A spokesman of the SoftBank stated to the Journal that fears about big investors being lukewarm to the 2nd Vision Fund were inaccurate and misleading. Whereas, SoftBank did not respond immediately to the request for comment on the current situation.
The shares of the company tanked during the last Monday trade, plunging 6.22 percent on the day. Fund 1 of Softbank Vision known for making large bets in organizations like ride-hailing giants Uber, Didi Chuxing and Grab. Also, it made investments in platform Slack of messaging along with The We Company, previously identified as WeWork that offers shared spaces for start-ups. Saudi Arabian government’s investments dominated that fund.
The Journal said that the Son reportedly needs a broader investor pool. The WSJ reported in May that SoftBank saw a public debut for Vision Fund 1 which also invests in technology companies like Foxconn, Apple, and Qualcomm.
