SoftBank’s Rajeev Misra, who manages the Japanese conglomerate’s second Vision Fund, will step back from his lead role at the group to launch his own external investment fund, according to an internal memo seen by The National.
Mr Misra, who played a key role in transforming SoftBank into the world’s biggest technology investor, will move from chief executive of SoftBank Global Advisers, which manages the second fund, to vice chairman, the memo said. It added that SoftBank's founder and chief executive Masayoshi Son will take a more direct leadership role.
He will, however, retain his role overseeing the first $100 billion Vision Fund, and remain a senior adviser.
“I have been exceptionally fortunate to have him [Mr Misra] by my side for the last eight years,” Mr Son said in the memo, adding that Mr Misra will remain “a trusted senior adviser and integral part of the SoftBank family”.
“Today, I would like to share that Rajeev has accepted a unique opportunity to build and run a new external multi-asset investment fund. Its investing remit will be much broader than SVF and will allow Rajeev to bring his unique skillset across technology and financial markets to bear. He will make further announcements about the fund in due course, and I wish him immense success in everything he does,” Mr Son said.
In May, SoftBank Group reported a record its biggest ever loss of $26.2bn at its Vision Fund investment arm, as rising interest rates and political instability affected high-growth tech stocks. The group’s top executives saw steep cuts in their paycheques owing to the historic loss.
The loss was in stark contrast to a year earlier when SoftBank delivered a record annual profit, putting Mr Son's strategy of concentrating heavily on riskier, high-growth stocks under more scrutiny.
SoftBank also faced an exodus of its senior executives including group chief operating officer Marcelo Claure.
“We face a tough and rapidly evolving economic environment and although investing has slowed and the hurdle rate for new investments is higher, our conviction in the AI revolution remains strong,” Mr Son said on Thursday.
“As long-term investors, we need to pace ourselves for long-term performance.”
