World News: 09:45 GMT Tuesday 30th July 2019. [Yahoo Business News Feed via SPi World News]
SoftBank Group Corp plans to use proceeds from its first Vision Fund to bankroll the $38 billion it has committed to the second, a source said, in a show of unflinching confidence in its huge tech bets commanding sky-high valuations when sold. The Japanese investment firm, led by artificial intelligence advocate Masayoshi Son, on Friday said it had secured pledges for a second Vision Fund totaling about $108 billion. With over a third from SoftBank itself, however - using 'distributions from Vision Fund 1 and other SoftBank assets', said the source - that headline figure depends in part on proceeds from existing Vision Fund portfolio firms listing publicly at a brisk pace in a consistently buoyant market.
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