Factbox: Snakes and ladders: SoftBank Vision Fund's climbing, sliding valuations

Ping An Healthcare and Technology Co

10/10/2019 05:53

By Anirban Sen and Sam Nussey
    Oct 10 (Reuters) - The $100 billion Vision Fund of Japan's
SoftBank Group Corp  9984.T  has in just over two years burnt
through much of its capital investing in money-losing,
late-stage tech startups in areas as varied as autonomous
driving, healthcare and finance.
    The IPO flop of office-sharing firm WeWork, one of its
biggest bets, and plunging valuations of other major investments
such as ride-hailing pioneer Uber have cast a cloud over the
efforts of SoftBank founder and Chief Executive Masayoshi Son to
raise a second giant fund.  urn:newsml:reuters.com:*:nL2N26P05F
    Following are highlights of the investments and performance
of Vision Fund, whose first major close was in 2017. 
    
    MAJOR INVESTMENTS
    * $11.8 billion in Chinese ride-hailing firm Didi Chuxing
    * $10.7 billion in U.S.-based office sharing startup The We
Company (WeWork)
    * $7.7 billion in U.S. ride-hailing firm Uber Technologies
Inc  UBER.N 
    * $3 billion in Southeast Asian ride-hailing firm Grab
    * $3 billion in South Korean e-commerce firm Coupang
    
    Note: investment figures from company filings, Reuters
reports
    
    SIZE OF VISION FUND
    * The fund has invested $71.4 billion in 83 firms, recording
$20.2 billion in investment gains and distributing $6.4 billion
to its investors as at the end of June.
    * SoftBank contributed $20.5 billion to the fund. The firm
has $25.3 billion in unrealised investment gains, $3.2 billion
in undistributed manager performance fees and $1.6 billion in
realised proceeds.
    
    PAPER MONEY, BIG BLACK BOX
    * The Vision Fund's $20.2 billion of investment gains are
mostly on paper and its valuations are under growing downward
pressure as shares in four of the fund's five listed portfolio
firms have fallen sharply in the three months through September.
    Those newly listed firms are Uber, Slack Technologies Inc
 WORK.N , Guardant Health Inc  GH.O , ZhongAn Online P&C
Insurance Co Ltd  6060.HK  and Ping An Healthcare and Technology
Co Ltd (Ping An Good Doctor)  1833.HK .
    * The two major realised gains are from sale of its
investments in Indian e-commerce firm Flipkart and U.S.
chipmaker Nvidia Corp  NVDA.O .  
     
     INVESTMENT BY SECTOR
    * Transportation & logistics: 
    Notable investments: Uber, Didi, Grab, General Motors Co's
 GM.N  self-driving unit Cruise, food delivery firm Doordash and
German used-car dealing platform Auto1. 
    Total investments: $28.3 billion. SoftBank reported their
worth at $33 billion at June-end. 
    
    * Frontier tech:
    Notable investments: Chip designer Arm, autonomous robotics
firm Brain, self-driving car camera firm Light and virtual
simulation firm Improbable.
    Total investments: $10.5 billion. Now worth $11.2 billion.
    
    * Consumer tech:
    Notable investments: Coupang, Indonesian e-commerce firm
Tokopedia, Indian hotel chain Oyo and online grocer Grofers,
U.S. indoor farming firm Plenty and dog walking app Wag.
    Total investments: $10.1 billion. Now worth $14.8 billion.
    
    * Real estate:
    Notable investments: WeWork, online real estate marketplaces
Compass and Opendoor and construction firm Katerra.
    Total investments: $8 billion. Now worth $9.9 billion.
    
    * Fintech:
    Notable investments: Indian QR code payment app Paytm,
online lenders Kabbage and Oaknorth and online insurance firms
ZhongAn in China and PolicyBazaar in India.
    Total investments: $3.7 billion. Now worth $4.2 billion.
    
    * Health tech:
    Notable investments: China's Ping An Good Doctor, U.S.
cancer testing firm Guardant and Swiss drugmaker Roivant
Sciences.  
    Total investments: $2.8 billion. Now worth $4.7 billion.
    
    * Enterprise:
    Notable investments: Workplace messaging app Slack, data
storage firm Cohesity and mapping company Mapbox. 
    Total investments: $2.7 billion. Now worth $4.1 billion.
    
Sources: SoftBank and portfolio company documents and filings.

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
INSIGHT-SoftBank's plans for second mega-fund hit by WeWork
debacle     urn:newsml:reuters.com:*:nL2N26P05F
Vision Fund     https://tmsnrt.rs/2ounmUB
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 (Reporting by Anirban Sen and C Nivedita in Bengaluru and Sam
Nussey in Tokyo; Additional reporting by Heekyong Yang; Editing
by Miyoung Kim and Christopher Cushing)
 ((sam.nussey@tr.com; https://twitter.com/SamNusseyRTRS;
+81345632760;))