Vision Fund Layoffs
Just read in the Financial Times that SoftBank has laid of 30% of its Vision Fund, impacting 150 out of 500 people.
Has anyone heard anything regarding this? Did you hear any rumours on other funds laying off people?
Just read in the Financial Times that SoftBank has laid of 30% of its Vision Fund, impacting 150 out of 500 people.
Has anyone heard anything regarding this? Did you hear any rumours on other funds laying off people?
Career Resources
Not surprised.. familiar with them at a company’s board level.
My understanding is Softbank is basically just investing off their balance sheet right now after they failed to attract external interest for Vision Fund II... so they're uniquely vulnerable to market conditions.
In general, I wouldn't expect most funds to go through layoffs given that management fees are basically a 10-year annuity. Exceptions would be fundless sponsor / deal-by-deal types, or others where financing for deals doesn't come from a committed capital source (e.g. family offices, corporate venture arms, certain other single-LP funds)
Mgmt fees might be paid out over 10 years, but if the next fundraise is smaller then the current, then revenue is decreasing, which will result in headcount decreases.
Good thing fundraising is in 3-4 year cycles. This is one of the best business models to weather a storm and still see great cash comp
Heard more than a month back from a friend who works there (he was looking out). Could go as bad as 50%. Softbank now has different products e.g., Softbank Ventures with external LP commitment, so potentially a few could lateral.
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