SoftBank Group Corp. has quietly completed an initial money-raising push for its second technology fund, at a fraction of its targeted $108 billion.
The company has raised roughly $2 billion for the second Vision Fund so it can start backing startups, according to two people familiar with the matter. This stage of the fundraising process is known as a first close, and SoftBank will continue gathering commitments. A Vision Fund spokesman declined to comment.
SoftBank said in July that its second Vision Fund would be even larger than the first, which broke records in 2017 by raising almost $100 billion. This time around, SoftBank has said it is taking more control, committing $38 billion of its own capital and replacing Saudi Arabia, which was the largest investor in the first fund.