SoftBank’s flagship Vision Fund is shifting focus from venture capital to strategic investments in semiconductors and AI.
Since late 2021, SoftBank's US-listed portfolio shrank by almost $29 billion.
SoftBank’s equity capital market team plays a key role in selling down Vision Fund stakes with minimal market disruption.
Founder Masayoshi Son now eyes AI and semiconductors, inspired by Arm's success. Plans include a potential $100 billion chip venture.
SoftBank’s strategy shift reflects a reset in venture capital markets, moving away from high-risk early-stage investments.
Vision Fund sales have been accelerating, with divestitures outweighing investments for seven consecutive quarters.
Vision Fund consistently sells more than it invests, lifting SoftBank's cash pile. The second Vision Fund retains $6 billion for investments.
Vision Fund's withdrawal from big investments contributes to a drought in global venture capital.