- SoftBank Group Corp SFTBY SFTBF Latin America Fund managing partners Shu Nyatta and Paulo Passoni looked to depart to start their own venture business focused on late-stage startups in the region, Bloomberg reports.
- They expressed their excitement about becoming entrepreneurs acknowledging SoftBank's role in their careers.
- The report noted SoftBank looks to promote the LatAm fund's third managing partner, Alex Szapiro, who currently holds an operational role, to a more senior position.
- SoftBank will also promote Juan Franck, a fund investor in Mexico City.
- SoftBank also weighed investing up to $2 billion in the fund.
- The departures follow SoftBank COO Marcelo Claure's exit following clashes with founder Masayoshi Son over compensation and responsibilities.
- Claure created and oversaw the LatAm fund, among other duties, and advocated for its spinoff.
- Due to Claure's advocacy, the fund had considerable autonomy, including the partners' latitude to make their own decisions and compensation structure.
- The first LatAm fund was initially slated to invest $2 billion and grew to $5 billion.
- The report noted results for the nine months ended December 31, 2021, showed an investment gain of 9%, as the Vision Fund and others chalked up substantial losses. Investments in Latin America gained 136.7 billion yen ($1.1 billion), as Vision Fund investments lost 767.7 billion yen.
- Price Action: SFTBY shares closed lower by 0.09% at $22.43 on Thursday.
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