(Bloomberg) — SoftBank Group Corp. plans to expand the Japan investment team for its Vision Fund, adding staff and stepping up deal-making after putting little of its money into its home country in the past.
Founder Masayoshi Son raised about $100 billion for his first Vision Fund and has allocated $51 billion for a second, but he has made most of his investments overseas, particularly in the U.S. and China. Only two of his investments have been in domestic startups.
That is beginning to change however. The Vision Fund team in Japan, overseen by Kentaro Matsui, is actively hiring to expand beyond its current size of four members. It’s looking to fill positions for analysts, associates and vice presidents, although there is no fixed target for the number of hires in the future, according to a spokesperson for SoftBank Investment Advisers.
The regional breakdown of SoftBank’s portfolio is 42% in the Americas, 28% in Europe, and 15% in China. However, the Chinese government has increasingly tightened regulations on technology companies and SoftBank will likely need to diversify its investments in the future.
“Japan is the world’s third largest economy and presents a compelling opportunity for high-growth tech companies,” Matsui said, in written response to questions. “We believe Japan is emerging as a center of technology innovation, particularly in sectors such as biotech and frontier tech, which are poised to drive growth in the modern economy. We are tracking its growth closely and will continue to look for opportunities to grow our team and presence in the region.”
SoftBank’s made one investment in Japan by taking a stake in the pharmaceuticals startup Aculys Pharma LLC. It also invested in SODA Inc., a startup that operates an online marketplace for sneakers and streetwear.
In an interview with Bloomberg, Aculys CEO Kazunari Tsunaba said the investment by the Vision Fund was important and valuable for the startup. He said the firm is considering an alliance with a U.S. sleep-focused company that Vision Fund has invested in, without specifying the target name.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
