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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 - Sports

Swimmer Chase Kalisz first American to win Tokyo Olympics gold medal

Chase Kalisz of Team United States celebrates after winning the Men's 400m Individual Medley Final on day two of the Tokyo 2020 Olympic Games at Tokyo Aquatics Centre in Tokyo, Japan. Photo: Al Bello/Getty Images

Swimmer Chase Kalisz has become the first Team United States Olympian to win gold at the Tokyo Games.

The big picture: The Rio 2016 silver medalist's winning time in the men's 400 meters Individual Medley Final was 4 minutes 9.42 seconds. His teammate Jay Litherland took silver, .86 seconds behind him. Moments later, Kieran Smith grabbed a third medal for the U.S. when he won bronze in the 400-meter freestyle.

Go deeper: Full Axios coverage

Editor's note: This article has been updated with new details throughout.

DOJ won't investigate nursing home deaths in N.Y. and 2 other states

People who've lost loved ones due to COVID-19 while they were in New York nursing homes attend a March protest and vigil in New York City. As of this month, Photo: Spencer Platt/Getty Images

The Department of Justice has decided not to launch a civil rights investigation into whether policies in New York, Pennsylvania and Michigan contributed to pandemic deaths in nursing homes, according to a letter sent to Republicans.

Why it matters: The Trump DOJ requested data from the three states plus New Jersey last August "amid still-unanswered questions about whether some states, especially New York, inadvertently worsened the pandemic death toll by requiring nursing homes to accept residents previously hospitalized for COVID-19," per AP.

Former Blizzard CEO says he "failed” women at the studio

Image: Neville Elder / Getty Images

Mike Morhaime, who co-founded and worked at video game studio Blizzard for 28 years, has apologized publicly for toxic work conditions at his former studio, which is now the subject of a discrimination and harassment lawsuit by the state of California.

Why it matters: Morhaime is no longer at Blizzard, but was its leader for most of its existence and therefore was in charge when much of what is alleged in California’s suit would have occurred.