TOKYO, Aug 07 (Reuters): SoftBank Group Corp's second Vision Fund could start investing as soon as next month, founder and Chief Executive Masayoshi Son said, as the technology conglomerate reported a leap in profits at its first $100 billion fund.
SoftBank said last week it had secured $108 billion in pledges for its Vision Fund 2 (VF2) from participants including Microsoft Corp and Apple Inc, without breaking out their individual contributions.
The anchor investors from the first fund, Saudi Arabia and Abu Dhabi, are showing "high interest" in taking stakes and negotiations are ongoing, Son said on Wednesday after SoftBank turned in first-quarter operating earnings that blew past consensus estimates.
That result was aided by a stellar performance at the first Vision Fund, whose operating profit jumped 66 per cent on year to 397.6 billion yen ($3.74 billion) for the three months ended June.
SoftBank is relying on proceeds from the first Vision Fund (VF1) along with other assets to bankroll its $38 billion contribution to the second fund.
"Vision Fund 2 could start investing pretty soon, next month or the month after," Son said.
With the first fund having spent much of its capital on fast growing, late-stage startups like Uber and WeWork parent The We Company, SoftBank is now turning its attention to the second fund to maintain its oversized industry presence.
"Many Japanese companies are sailing using an old map. Using our new map we are looking for a new continent," Son said.
The first fund's $66.3 billion investment in 81 firms is now worth $82.2 billion, as the value of its bets in firms like hotel chain OYO, workplace messaging app Slack and delivery service Doordash has grown.
