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Illustration: Aïda Amer/Axios

Each day at WeWork HQ, there are two different groups of staffers: Company employees, and a team of on-site fixers from SoftBank Group. It's the same thing at vehicle leasing company Fair, in which SoftBank Vision Fund is the largest outside investor.

The big question: Who are these people, and where did they come from?

The WeWork team was basically hand-picked by Marcelo Claure, the former Sprint boss and callous Instagrammer who became WeWork's executive chairman as part of SoftBank Group's recent bailout.

The Fair team is part of Vision Fund's group of operating executives who were originally hired to enable growth, not to execute a turnaround.

  • The operating group, led by Gerry Lopez, also has been working closely with parking network Reef Technology (f.k.a. ParkJockey), but not with a regular on-site team. SoftBank also brought McKinsey & Co. into Reef.
  • Lopez is the former CEO of both Extended Stay America and AMC Entertainment, before which he was a top executive with Starbucks.

Rajeev Misra, CEO of SoftBank Vision Fund, tells Axios that the operating group was launched around two years ago to help portfolio companies expand into new geographic markets, prepare for IPOs, and to better leverage each other's services. It now has around 40 members, all of whom are full-time.

  • Misra argues that this is different than the "operating groups" often employed by private equity firms. Not only because they're full-time, rather than retired CEOs looking for occasional assignments, but because Vision Fund is a "growth investor" that doesn't have majority control of its portfolio companies.
  • What Misra side-steps is how while SoftBank might not have technical control of its portfolio companies, it often has de facto control — having until recently pushed companies to chase top-line growth without regard to bottom-line concerns, thus holding the Damocles sword of future funding unless management accedes to its demands.
  • "We are minority shareholders, so what we can do is try to help. But we don't have controlling rights so, in some cases, we've walked away."

The bottom line: Misra said he doesn't expect the operating team to parachute into any other portfolio companies in the near future, but doesn't rule it out.

Go deeper:

Go deeper

Laurel Hubbard to become 1st openly trans athlete to compete at Olympics

New Zealand's Laurel Hubbard at the Gold Coast 2018 Commonwealth Games in Australia, when she became the first openly transgender athlete to represent NZ. Photo: Scott Barbour/Getty Images

The New Zealand Olympic Committee has announced that Laurel Hubbard has been selected for the women's weightlifting team for the Tokyo Games — making her the first openly transgender athlete to compete at the event.

The big picture: Hubbard, 43, is part of a five-member Kiwi weightlifting team and will compete in the women's super heavyweight category. Meanwhile, BMX rider Chelsea Wolfe will become the first openly trans athlete to travel to the Olympics with Team USA, when she arrives in Tokyo as a reserve rider.

American Airlines cuts hundreds of flights amid demand surge

Photo: Joe Raedle/Getty Images

American Airlines announced Sunday that it's cutting some 950 flights from its schedule, including 296 this weekend, to reduce potential pressure on its operations, the Wall Street Journal first reported.

Driving the news: The U.S. vaccine rollout has led to a massive increase in travel bookings. The airline noted in an emailed statement that it's facing an "incredibly quick ramp up of customer demand."

Updated 4 hours ago - Politics & Policy

Florida Pride parade fatal crash a "tragic accident," police say

Participants walk away as police investigate the scene where a pickup truck drove into a crowd of people at a Pride parade in Wilton Manors, Florida, on Saturday. Photo: Jason Koerner/Getty Images

Police said Sunday they believe a driver unintentionally hit spectators at a weekend Pride parade in Wilton Manors, Florida, resulting in the death of one man and leaving another person hospitalized.

The latest: Addressing speculation that the crash may have been a hate crime against the LGBTQ community, Wilton Manors police chief Gary Blocker said in a statement: "Today we know yesterday's incident was a tragic accident, and not a criminal act directed at anyone, or any group of individuals."