'Son Jeong-ui's Right Hand' SoftBank Vice President Who Managed Vision Fund Establishes Independent Fund
[Asia Economy Reporter Jeong Hyunjin] Rajiv Misra, SoftBank Chairman Son Jeong-ui's "right-hand man" and the head of SoftBank's major investment fund Vision Fund, has decided to step down from his position to establish an independent fund, according to reports from Nihon Keizai Shimbun and The Wall Street Journal (WSJ) on the 8th.
According to the reports, Chairman Son sent an email to Vision Fund employees the previous afternoon stating, "I want to share the news that Rajiv has received an opportunity to establish and operate a new investment fund." He added that while Misra will step away from Vision Fund 2 (SVF2) operations, he will retain his roles as SoftBank Vice Chairman and CEO of Vision Fund 1 (SVF1).
Misra joined SoftBank in 2014 and has been a key figure in SoftBank's rapid growth centered around the Vision Fund. He created a massive fund of $100 billion (approximately 130 trillion won), actively supporting the IT industry with capital, and leveraged relationships with Middle Eastern investors built during his time at Deutsche Bank for investments. Nihon Keizai reported that he was even mentioned as a potential successor to Chairman Son.
Nihon Keizai stated, "The departure of a key figure who created the Vision Fund alongside Chairman Son will have an immeasurable impact." The outlet also reported that despite Misra's recent move, the trust and relationship between him and Chairman Son remain strong and positive. Chairman Son forecasted that Misra's independent fund would have a much broader investment scope than the Vision Fund, allowing him to utilize his unique expertise in IT and finance.
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Chairman Son told employees, "We are facing a rapidly changing and challenging economic environment," emphasizing, "Investment is slowing, and the threshold for new investments is rising, but our belief in the AI revolution remains firm." The Vision Fund recorded a loss of $27.4 billion during the 2021 fiscal year, which ended in March last year due to the stock market crash triggered by recession fears, marking its largest loss since 2017.
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