SoftBank Group said on Wednesday that Rajeev Misra is stepping down from his roles as a corporate officer and executive vice-president. The development comes after a meltdown in technology stocks leading to record losses for the Japanese investment group.
However, Misra will continue to be the head of SoftBank Investment Advisers, which helps oversee the SoftBank vision fund’s (SVF1) existing investments, the statement added.
Earlier this month, in another management rejig, SoftBank Vision Fund’s managing partner Sumer Juneja and India head was given the additional responsibility of overseeing Europe, the Middle East, and Africa (EMEA).
SoftBank founder Masayoshi Son had said he will take over the management of new investments under the second vision fund.
Misra has been stepping back from his key roles at the Japanese investment firm for the last month or so. He is launching his own fund and has already secured more than $6 billion.
Before the change in roles, Misra was the CEO of both SVF1 and SVF2. The SVF1 has roughly $100 billion worth of capital, of which about 80% comes from external sources, while the SVF2 is entirely SoftBank and founder Masayoshi Son’s money.
Misra was instrumental in setting up the initial vision fund with almost $100 billion in 2017, transforming SoftBank into the world’s largest technology investor. The firm saw successes in its investments in companies like Alibaba Group. It pumped in money into several startups in India, China and the US for similar success, but its investments turned soured in WeWork and China’s Didi Global. After five years of deploying more than $140 billion, the company reported a record 3.2 trillion yen ($23 billion) loss for the company in the June quarter.