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Rajeev Misra, the trader who helped transform Japan’s SoftBank into the biggest and most controversial tech investor, is launching a new $6 billion fund backed by three investment groups in Abu Dhabi.
Misra, a former Deutsche Bank and UBS executive, told the Financial Times on Thursday that he would remain in a senior role at SoftBank but was excited about his new venture.
Misra said the new fund will be backed by Abu Dhabi National Investment Fund Mubadala and ADQ, as well as the Royal Group, a group chaired by United Arab Emirates National Security Adviser Sheikh Tahnoon bin Zayed al Nahyan.
Sheikh Tahnoon is the brother of UAE President Sheikh Mohammed bin Zayed and Chairman of ADQ, one of Abu Dhabi’s newest and most active investment vehicles.
In recent years, Misra has spent more time with Sheikh Tahnoon, one of the most powerful figures in the UAE who also oversees a sprawling business empire, the people said.
SoftBank founder Masayoshi Son told employees in a memo on Thursday that Misra would exit the group “to establish and operate a new external multi-asset investment fund” with a remit that would be larger than SoftBank’s two visions. Funds are broader.
Misra Still plans to stay on as CEO of SoftBank Investment Advisors, the unit that oversees most of the Japanese group’s private investments. However, he will give up his role in managing SoftBank’s second Vision Fund.
Reshuffle highlights internal turmoil Softbank As the company’s reputation has been ravaged by a series of bad investments and a culture marked by internal turmoil and high turnover of senior leaders.
“We recently celebrated the fifth anniversary of the SoftBank Vision Fund . . . we pioneered a new approach to investing, partnering with more than 450 companies and helping more than 40 companies go public globally,” Son said in the memo.
“None of this would have been possible without Rajeev’s partnership, imagination and talent, and I’ve been very fortunate to have him by my side for the past eight years,” he added.
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