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The
fund will be headed by SoftBank's Chief Operating Officer
Marcelo Claure, it said in a statement, with the Japanese tech
conglomerate committing an initial $2 billion and serving as the
fund's general partner.
The launch marks a ramping up of SoftBank's tech investing
ambitions beyond its Saudi-backed $100 billion Vision Fund,
which has shaken up the tech industry with splashy investments
in late-stage startups like ride-hailing firm Uber Technologies
Inc and shared office space provider WeWork Cos.
The fund also gives Bolivian-born billionaire Claure greater
responsibility in the group beyond his roles managing SoftBank's
existing investments and overseeing the takeover of SoftBank's
U.S. telecoms unit Sprint Corp by Deutsche Telekom's T-Mobile.
"Latin America presents significant opportunities for SoftBank
Group and the Vision Fund will have the ability to co-invest
alongside the SoftBank Innovation Fund," said the Vision Fund's
head Rajeev Missra, using the official name for the new fund.
The fund will invest across the region focused on much the same
sectors as SoftBank's existing investments including e-commerce,
fintech and healthcare.
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