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We'll never see another $100 billion technology Vision Fund a?? from SoftBank or anyone else (UBER)

We'll never see another $100 billion technology Vision Fund a?? from SoftBank or anyone else (UBER)
Yoshio Tsunoda/AFLO/Reuters



SoftBank's Vision Fund may be the first — and last — $100 billion investment vehicle.




SoftBank CEO Masayoshi Son planned for it to be the first of a succession of gigantic funds, but it performance to date has been poor; it lost $10 billion in value in the March quarter of this year alone and is now worth less than what backers invested in it.




The fund's poor performance has highlighted the flaws inherent in trying to invest $100 billion in startup companies in little more than three years.




No other company — particularly no other venture firm — has tried to raise anything close to a $100 billion venture-focused fund, and after the Vision Fund's experience, none are likely to.




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Less than a year ago, SoftBank's $100 billion Vision Fund looked like it would be the first of many.
The Japanese conglomerate was already starting to raise a second Vision Fund and CEO Masayoshi Son was talking about creating successor funds every two to three years.
Now, though, with the first fund reporting massive losses, it looks doubtful that SoftBank will close the second fund, much less the third or fourth. At a press conference on Monday, Son acknowledged that, thanks to the poor performance of the first Vision Fund, SoftBank has been unable to line up investors for a follow-up and hinted that his whole vision may be on ice for now.
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