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May 31, 2024
9 Free Financial Modeling Lessons
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+Bonus: Get 27 financial modeling templates in swipe file
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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