SoftBank spends $2.5 billion to get second Vision Fund off the ground: sources - Reuters

SoftBank spends $2.5 billion to get second Vision Fund off the ground: sources - Reuters:

SoftBank Group Corp (9984.T) 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.

The Japanese technology conglomerate is also considering investing another $2.5 billion of its own money, one of the people said.

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.

SoftBank was targeting a $108 billion fundraise for the second Vision Fund, and had committed $38 billion of its own money toward that goal. However, Son said last week its launch had been delayed due to investor “concerns” about the performance of the first $100 billion Vision Fund.