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SoftBank creates committee to oversee Vision Fund 2 – memo – Reuters

ByINVESTOR

Oct 21, 2022

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TOKYO, Oct 21 (Reuters) – SoftBank Group Corp (9984.T) has created an executive committee to oversee its second Vision Fund, Latin America funds and any future funds, its founder and Chief Executive Masayoshi Son said in a memo to employees reviewed by Reuters.

Alex Clavel will oversee investing teams in the United States and Latin America, Greg Moon will manage teams in Europe and Asia and Navneet Govil, Vision Fund’s chief financial officer, will oversee other functional teams, Son wrote.

“There is so much upside,” Son wrote in the memo. SoftBank confirmed the memo’s details but declined to comment further.

The appointment of a new committee comes as Vision Fund architect Rajeev Misra has ceded his frontline role at the second fund to launch an external fund.

The investing arm reported $50 billion in losses in the six months to end-June as the value of its portfolio slumped. Son has said the second fund invested at frothy prices and is slashing headcount at the Vision Fund unit.

The creation of the executive committee was first reported by Bloomberg.

Reporting by Sam Nussey; editing by Richard Pullin

Our Standards: The Thomson Reuters Trust Principles.

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