Telecommunications and internet group SoftBank’s Vision Funds booked a ¥236bn ($2.14bn) annual profit in the first quarter of 2021, according to earnings results published today.
The news came after SoftBank increased the size of its Vision Fund 2 to $40bn in July this year, securing consumer electronics manufacturer Apple and software producer Microsoft as limited partners, having first boosted its size from $10bn to $30bn two months before.
South Korea-based e-commerce platform Coupang, a Vision Fund portfolio company, floated on the New York Stock Exchange (NYSE) in March in a $4.55bn initial public offering at a $63bn market capitalisation and helped book over $20bn in paper profits for the fund.
In addition, China-headquartered ride hailing service Didi Global and on-demand trucking platform developer Full Truck Alliance both went public on the NYSE in June, raising $4.44bn and $1.57bn in their respective IPOs.
Navneet Govil, chief financial officer for Vision Fund, told the Financial Times its investment approach to China has been unaffected by the regulatory measures imposed on Didi and its other portfolio companies based in the country.
The initial $100bn Vision Fund has exited nearly 70% of its portfolio, which helped the corporate deliver $27bn to its LPs. The second iteration meanwhile provided a total of $14.2bn across 47 deals between April and June this year.
