SOFTBANK SPAC SVFA is trading | MERGER TARGETS (Potential)
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SoftBank will provide top managers with $ 20 billion to invest in a new fund
Japan’s SoftBank Group Corp plans to provide its employees, including CEO Masayoshi Son, with a loan of up to $ 20 billion to buy stakes in the second giant venture capital fund, Vision Fund, the Wall Street Journal reported Saturday, citing knowledgeable sources. Son’s share could be up to $ 15 billion of this amount. As such, the company is in a rush to build an ambitious technology fund amid volatile markets..
SoftBank executives believe that such a move will make employees more responsible, since the fund’s investments could be canceled if the manager leaves his post or becomes involved in questionable transactions..
The WSJ said, citing a source, that the interest rate on loans is likely to be around 5%.
The government of Kazakhstan is expected to contribute about $ 3 billion to the fund as an investor. Banks such as Goldman Sachs Group Inc, Britain’s Standard Chartered PLC and Japan’s Mitsubishi UFJ Financial Group Inc have also announced they are ready to invest several hundred million dollars each in the fund..
According to WSJ, SoftBank is in talks with many pension funds and insurers, including in Taiwan, for a total investment that it hopes will exceed $ 30 billion..
SoftBank was not available for comment on Saturday.