Rajeev Misra, CEO of SoftBank Investment Advisers that oversees the firm’s Vision Funds, is stepping back in order to launch a new fund.
Misra, who is one of SoftBank founder Masayoshi Son’s top executives, will continue to have a senior role at the conglomerate’s first Vision Fund but will exit other positions.
So far, Misra has received over $6 billion in backing for a fund that will focus on various strategies. Additionally, SoftBank managing partners Yanni Pipilis and Munish Varma are reportedly in talks to join the new venture.
In the meantime, Son will take over Misra’s positions, such as overseeing Vision Fund 2.
Although the project is still in limbo, this move marks another blow to SoftBank’s tenure as the firm continues to struggle with notable exits and disappointing returns.
As tech stocks plummet and SoftBank’s investments have missed the mark, it appears that executives of the firm are getting out of dodge before a recession hits the global economy.
Just earlier this year, Marcelo Claure stepped down as chief operating officer of SoftBank after butting heads with Son over compensation. His position has since been filled.