SoftBank Group’s startup investment unit has reported another quarterly loss, hurt by sluggish valuations throughout the technology landscape.

A collapse in valuations last year has pummeled the global tech investor, which holds stakes in hundreds of startups. Writedowns in closely held companies outweighed a modest recovery in SoftBank’s listed investments, such as Didi Global and Grab Holdings. But as much as valuations have already fallen, investors remain concerned that there may be further cuts yet ahead.

The Vision Fund segment lost ¥660 billion ($5 billion) in the three months through December for its fourth straight quarter in the red, according to a release Tuesday. SoftBank Group as a whole logged a net loss of ¥783.4 billion, missing the analyst estimate for a profit of ¥205.9 billion.