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SoftBank fund to use tech stakes for US$4b loan: FT
[TOKYO] SoftBank Group Corp's Vision Fund plans to borrow about US$4 billion against its equity stakes in Uber Technologies Inc and other startups, according to a report in the Financial Times.
The fund is discussing the loan with banks including Goldman Sachs Group Inc and would use as collateral its holdings in Guardant Health Inc and Slack Technologies Inc, as well as the ride-hailing giant, the paper said.
SoftBank founder Masayoshi Son has been on a constant hunt for capital as he seeks opportunities for investment in technology startups. He set up the US$100 billion Vision Fund as the largest such investment vehicle on record, taking stakes in companies from ride-hailing and office-space sharing to indoor agriculture and satellites.
The Vision Fund is the largest shareholder in Uber, which went public this month. Slack plans to go public this year.