Nasdaq wail

13 October 2020 By Liam Proud Follow @liamwardproud

A planned blank-cheque vehicle seems a no-brainer given the rich rewards on offer. Yet investment boss Rajeev Misra probably wouldn’t be chasing public capital if he still had Gulf billions to play with. It’s actually a sign of SoftBank’s waning influence after flops like WeWork.

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SoftBank Group’s Vision Fund wants to raise external funds for a blank-cheque acquisition company, the investment vehicle’s head Rajeev Misra said at a conference on Oct. 12.

SoftBank, the parent company run by founder Masayoshi Son, may also put its own capital into the business, a person familiar with the matter told Breakingviews. The size of the special purpose acquisition company is not yet determined.

Axios reported that Goldman Sachs and Citigroup would manage the initial public offering process, and that the intention was not to acquire an existing SoftBank portfolio company.

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