SoftBank Group Corp's Vision Fund is preparing to launch a blank cheque acquisition company and will outline plans in the next two weeks, a source familiar with the matter said, following similar reported comments by the fund's head Rajeev Misra.
SoftBank is looking to attract outside investment and may put its own capital in the vehicle whose size is undetermined, the person said, declining to be identified as the information is not public.Misra revealed plans for the vehicle at a conference on Monday hosted by billionaire Michael Milken's think-tank the Milken Institute, media reported. SoftBank declined to comment but Misra's remarks were reported by U.S. media.
Such vehicles are being used to take a record number of companies public, bypassing the traditional IPO. The group has been biding its time since efforts to raise capital for a successor to its US$100 billion Vision Fund ran aground following poor performance at the fund.
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