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SoftBank doubles its commitment to 2nd Vision Fund, adds $5 bn

World’s biggest startup backer Masayoshi Son has literally doubled down on its artificial intelligence focused second Vision Fund or Vision Fund II (SVF2) despite being unable to attract new and existing investors from the first Vision Fund to back it. SoftBank Group (SBG) committed $5 billion to SVF2 (launched in October 2019 targeting $108 billion size) in October this year up from $5 billion committed to the fund by the Group and its subsidiaries as of September 30, 2020.

“As a result, as of November 9, 2020, the commitment of SBG to SVF2 totaled $10.0 billion,” it said on Monday in its consolidated financial report for the six-month period ending September 30, 2020. “SVF2 has yet to have an external close,” it added. Nonetheless, SBG had contributed only $2.8 billion of its committed capital to SVF2 as of the second quarter-end.

News source ~ FE