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(AP Photo/Eugene Hoshiko, File

Three months ago, Japan's SoftBank Group announced that it was planning to raise $100 billion for an investment fund focused on the global tech sector. The disclosure was required by regulators in Saudi Arabia, which was committing $45 billion via one of its sovereign wealth fund.

SoftBank CEO Masayoshi Son then visited Trump Tower in December, promising that half the money would be invested in the U.S. and that it would create 50,000 new jobs (two things Trump took credit for, even though the fund was formed before his November victory).

SoftBank subsequently received fund commitments from U.S. groups like Apple, so earlier this month it quietly registered Vision Fund with the Securities & Exchange Commission. Axios has reviewed the documents, and here's what we learned:

  • Fund type: SoftBank Vision Fund checked off the box referring to itself as a "private equity fund," rather than a venture capital or hedge fund.
  • Strategy: It plans to focus on investments that require at least $100 million in equity capital, although the deals will include "leveraged buyouts, equity, debt and other investments in market-leading [technology] companies." This can include investments in both public and private companies, and may include deals in emerging markets.
  • Old deals: The fund can invest in existing SoftBank Group portfolio companies.
  • Conflicts: SoftBank Vision will handle conflicts with SoftBank Group on a case-by-case basis, although there is no guarantee that the resolution will be to the benefit of Vision investors.
  • Multiples: SoftBank expects that there will be future Vision funds.
  • Hmmmm: SoftBank Vision may use "operating partners" to provide services to portfolio companies, with compensation coming from either the portfolio companies or via Vision Fund investors. This breaks with a recent private equity trend toward offsetting such fees.
  • Money: As previously-reported, Vision Fund managers will be compensated both via management fees and carried interest, just like a traditional private equity fund.

Vision Fund originally was expected to hold a first close, at least on the Saudi money, by month's end, but a source familiar with the situation says that it has now been pushed back into mid-February.

Go deeper

Updated 1 hour ago - World

Pentagon: 8,500 troops on high alert for possible deployment to eastern Europe

Photo: Anna Moneymaker/Getty Images

Defense Secretary Lloyd Austin has placed 8,500 U.S. troops on "heightened preparedness to deploy" to eastern Europe in case NATO activates its rapid-response force over tensions with Russia, the Pentagon announced Monday.

Why it matters: No decisions have been made to deploy U.S. forces, but the heightened alert level will allow the military to rapidly shore up NATO's eastern flank in the event that Russia invades Ukraine. The Pentagon warned that Russia has shown "no signs of de-escalating," and continues to amass troops on Ukraine's borders.

Alabama's new congressional map rejected by federal judges

The Alabama State Capitol in Montgomery. Photo: Taylor Hill/Getty Images

Federal judges on Monday night blocked Alabama's newly drawn congressional map and ordered the Republican-led State Legislature to create a new one that includes two districts, rather than the planned one.

Why it matters: "Black voters have less opportunity than other Alabamians to elect candidates of their choice to Congress," the panel of three judges wrote in their ruling.

Australian Open organizers reverse "Where is Peng Shuai?" t-shirt ban

Chinese tennis player Peng Shuai during the 2020 Australian Open in Melbourne. Photo: Bai Xue/Xinhua via Getty Images

Australian Open organizers on Tuesday reversed a ban on t-shirts supporting Chinese tennis player Peng Shuai following widespread criticism.

Why it matters: Tennis Australia's announcement came less than 24 hours after the governing body defended the decision to ask fans last Friday to remove "Where is Peng Shuai?" t-shirts, citing ticket policy prohibiting political clothing, per the BBC.