Launch of SoftBank Vision Fund 2
July 26, 2019
SoftBank Group Corp.
SoftBank Group Corp. (“SBG”) announced today the planned establishment of “SoftBank Vision Fund 2” (the “Fund”),*1 a new private investment fund. The objective of the Fund is to facilitate the continued acceleration of the AI revolution through investment in market-leading, tech-enabled growth companies.
The total expected contribution of capital to the Fund has reached approximately USD 108 billion (JPY 11.7 trillion*2) based on a series of Memoranda of Understandings (MOUs).*3
SBG intends to invest USD 38 billion (JPY 4.1 trillion*2) in the Fund. The following institutions have executed MOUs and are expected to participate in the Fund: Apple, Foxconn Technology Group,*4 Microsoft Corporation, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, MUFG Bank, Ltd., The Dai-ichi Life Insurance Company, Limited, Sumitomo Mitsui Trust Bank, Limited, SMBC Nikko Securities Inc., Daiwa Securities Group Inc., National Investment Corporation of National Bank of Kazakhstan, Standard Chartered Bank, and major participants from Taiwan. Based on these MOUs, the anticipated amount of capital to be contributed to the Fund has reached approximately USD 108 billion.
Discussions are ongoing with additional participants in the Fund. The total anticipated capital contribution to the Fund is expected to increase.
1. Outline of the Fund (plan)
|(1) Name||SoftBank Vision Fund 2|
|(2) Manager||SB Investment Advisers (UK) Limited (SBG's wholly owned subsidiary) and its subsidiary|
|(3) Expected Limited
|SBG, Apple, Foxconn Technology Group,*4 Microsoft Corporation, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, MUFG Bank, Ltd., The Dai-ichi Life Insurance Company, Limited, Sumitomo Mitsui Trust Bank, Limited, SMBC Nikko Securities Inc., Daiwa Securities Group Inc., National Investment Corporation of National Bank of Kazakhstan, Standard Chartered Bank, major participants from Taiwan, and the management of the Fund, etc.|
2. Impact on SBG's consolidated financial statements
The Fund is expected to be in the scope of SBG's consolidation in accordance with accounting requirements. As a result, the operational results, and assets and liabilities of the Fund will be included in SBG's consolidated financial statements. SBG will disclose the financial impact of the Fund as required.
- *1Includes any parallel fund or alternative investment vehicle
- *2Calculated at exchange rate of JPY 108.22 per USD (as of July 25, 2019)
- *3The finalization of the Fund and of related capital commitments remains subject to the completion of definitive documents and other customary conditions.
- *4Foxconn Technology Group and/or its affiliates
This document has been prepared and issued by SBG for the sole purpose of announcing to the public certain matters relating to the activities of SBG, and not for the purpose of soliciting any investment from any person in any jurisdiction.
This document has not been prepared by or issued on behalf of the Fund or the General Partner, does not constitute any offer or solicitation to purchase or subscribe for the interests in the Fund and does not and is not intended to contain the information that may be desirable, necessary or required to properly evaluate a potential investment in the Fund. This document is not intended to be relied upon as the basis for any investment decision. The contents of this document are not to be construed as legal, business or tax advice.
Without limiting the foregoing, this document does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The interests in the Fund referred to above (when and if established) have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration thereunder or an applicable exemption from registration requirements.
In the United Kingdom, the promotion of interests in an unregulated collective investment scheme by an unauthorized person is prohibited by s. 21 of Financial Services and Markets Act 2000. Information relating to the Fund will be provided to investors in the United Kingdom only to the extent that it can be provided lawfully in accordance with the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. It will therefore be communicated only to (a) persons who receive it outside the United Kingdom, (b) investment professionals, and (c) high net worth undertakings.
The information in this document is true and accurate at the time of publication, and subject to change. This document may contain certain forward-looking statements that are based on assumptions and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Assumptions should not be construed to be indicative of the actual events which will occur. Expected terms contained herein are for informational purposes only, are expected terms only and are not intended to be complete and are qualified in their entirety by reference to the Fund's Private Placement Memorandum and Partnership Agreement, which should be reviewed in their entirety prior to making an investment in the Fund. An investment in the Fund may only be made on the basis of the information contained in the Private Placement Memorandum and Partnership Agreement, as and when available.
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