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Ted Fike and Justin Wilson have quietly stepped down as partners with SoftBank Vision Fund, in order to focus on SPACs with private equity firm Gores Group.
Why it matters: Gores Group is one of the most experienced blank-check investors, having bought Hostess Brands in 2016, and these hires suggest its new SPACs will kick the tires on high-growth tech unicorns.
The big picture: Both Fike and Wilson will be senior managing directors with Gores Group.
- Fike, who joined SoftBank after stints at Google and Airbnb, was either a board director or observer with Vision Fund portfolio companies like DoorDash, Memphis Meats, and Plenty.
- Wilson, also a former Googler, was either a director of observer with such companies as Alto Pharmacy, Clutter, and Opendoor (which recently agreed to be aquired by a SPAC).
- Each also was involved with a notable Vision Fund failure: Wag for Fike and Brandless for Wilson.
Go deeper: SPACs are bizarro private equity