Japan’s SoftBank Group Corp is considering launching a third Vision Fund by using its own cash. The fund’s size has not been finalized and is likely to launch early next year if the Tokyo-based tech conglomerate decides to proceed.
SoftBank is also considering boosting the size of its second Vision Fund. SoftBank has been hit hard in tech valuations, posting a record $23 billion loss in the three months ending in June.
The Vision Fund 2, funded by SoftBank and intended to be more cautious, is now worth 19% less than the $49 billion it invested, after accelerating its spending just as valuations peaked on companies including fintech Klarna Holdings AB.
Chief Executive Officer Masayoshi Son told investors that he was quite embarrassed and remorseful after having gotten caught up in the frenzy, and he has substantially cut back spending on startups. Son has further said that he is committed to the startup and tech sector long term and eventually plans to increase spending again.
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