Advanced Theory & Practice of Bonds

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1-2 December 2021

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SoftBank’s Second Vision Fund has invested ~$13bn in more than 50 companies in Q2, up from $2bn in less than 20 companies in the previous quarter. FT reported that the fund had invested ~$20bn in more than 90 companies and could invest in another ~30 companies. The group has pivoted its strategy for the second fund and is focusing on healthcare and software business start-ups with a minimum investment mandate of $100mn in any company. In comparison SoftBank’s First $100bn Vision Fund had invested $87.5bn in less than 100 companies with focus on urban mobility and heavy industries. A few of the investments of the second vision fund include Mmhmm – a video communications company, Vianai Systems – an AI company and Perch – a tech firm that buys/operates third-party brands that sell their products on Amazon.com. Some of the prominent investments of the first vision fund included Chinese ride hailer Didi Chuxing, US office space provider WeWork, US food delivery company DoorDash and South Korean e-commerce group Coupang. Deep Nishar, senior managing partner at the Vision Fund in the US, said the second Vision Fund started ‘partnering in earlier stages of a business’s lifespan’ in an effort to find attractive investments and added that “In the current market environment, valuations are more attractive in the earlier stages of a business’s life cycle compared to the very late stage,”. The second vision fund had targeted to raise $108bn however lack of interest from investors including Abu Dhabi and Saudi Arabia led to SoftBank contributing $30bn of its own capital to the fund.

SoftBank’s 5.5% 2023s and 6.875% perps were stable at 103.65 and 104.81 respectively.
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