SoftBank’s Vision Funds Are Clouded by Weak IPO Market

Raising capital with public listings “drives a virtuous cycle of growth and progress,” according to SoftBank’s investor deck for its two technology-focused Vision Funds. Except when the market craters.

Vision Fund 1 was launched in 2017 as a 12-to-14-year investment vehicle, but 59% of its invested capital was in investments that it has exited or firms that have already listed as of Dec. 31, according to its investment materials — not even five years into its lifespan. Nearly a third of its public listings as of last year came in the fourth quarter of 2021.

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