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SoftBank says, the Vision of the Fund is 2 and was able to start investing quickly, and bags, and big wins in the first

TOKYO (Reuters) – SoftBank Group Corp (9984.T) of the Vision Fund would be able to start investing as soon as next month, the company’s founder and Chief Executive Masayoshi Son has said, as the technology company reported a leap in profits in the first for the $100 billion fund.

FILE PHOTO: The logo of SoftBank Group, Corp, is displayed at SoftBank World in 2017 conference to be held in Tokyo, Japan, on July 20, 2017. (REUTERS photo/Issei Kato/File Photo

SoftBank said last week that it had secured a $108 billion worth of commitments made to the Vision Fund 2 (VF2) of the participants, such as Microsoft Corp’s (MSFT.O) and Apple Inc (AAPL.D), without the need to break out of their individual contributions.

It is the anchor investor in the first fund, kingdom of Saudi Arabia and Abu Dhabi have been showing “major interest” in the taking of the interest, and the negotiations have been ongoing, Parents said on Wednesday, after they turned and turned in first-quarter operating earnings that blew past consensus estimates.

The result was helped by a stellar performance in the first Vision, the Fund, in which operating profit jumped 66% on a year-to-397.6 billion yen ($3.74 billion) for the three-month period ended in June.

They turned to rely on the output of the first Vision Fund (VF1), along with other assets to bankroll a $38 billion contribution to the second fund.

“The vision of the Fund is 2 and was able to start to invest soon, or next month, or the month after that,” the Son said.

The first fund that was a large part of their capital in a rapidly growing, late stage start-ups like Uber (UBER.And WeWork, We, the parents, The Company, SoftBank, is now the focus of the second fund is to be maintained, extra-large industry presence.

“A lot of companies have been sailing with the help of an old map. With the help of our new map we are in search of a new continent,” the Son said.

It is the first fund of $66.3 billion as investments in 81 companies, it is now worth $82.2 billion, with the value of its stakes in companies such as hotel chain, OYO, work-messaging app Slack (for it to WORK.(N) delivery service Doordash has grown since then.

However, many of the fund’s gains, paper gains, with the unrealised profit in the first quarter of 604 billion yen.

This was, however, offset by a 195 billion yen in unrealized losses from a decline in the value of its stake in companies such as the ride from firm Uber, which is trading below its IPO price.

They turned in the results to be more volatile, as the Son, the focus will shift from the predicted revenues from the telecoms to the benefit of the stakes in start-ups, with the sliding of the ratings.

The group achieved a quarterly operating profit of 688.8 billion yen, outstripping a to 336 billion-euro estimate of five analysts compiled by Refinitiv.

The issue, however, was a decrease of 3.7% from a year ago, when results were propped up by a stake to buy in to the chip designer, Arm-in-China.

SoftBank shares rise by 42% this year, closed down 0.2% from the profits.

Report by Sam Nussey; Additional reporting by Yuri Harada; Edit with the ipad, Himani

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