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SoftBank Vision Fund Taps Ex-Goldman Exec for Finance
11 Jul
Summary
- Mark Agne, formerly of Goldman Sachs, now leads finance and technology.
- SoftBank's Vision Fund is shifting focus toward AI underpinning technologies.
- The fund plans to significantly increase investment in OpenAI.
SoftBank Vision Fund has appointed Mark Agne to oversee its finance and technology operations. Agne, who joined SoftBank in 2019 after a 17-year tenure at Goldman Sachs, previously led the Japan securities division and co-headed Asia-Pacific equity trading. His expanded role follows the departure of former CFO Navneet Govil and includes oversight of internal audit and enterprise risk, in addition to capital strategies.
This leadership change occurs as SoftBank Group, under founder Masayoshi Son, sharpens its strategic focus on technologies critical for AI services. SoftBank recently appointed Rene Haas, CEO of Arm Holdings Plc, to lead its international operations, signaling a strengthened push into semiconductors. The Vision Fund's portfolio shows a significant concentration in OpenAI, with plans to raise total investment in the ChatGPT maker to $65 billion by October.
The initial Vision Fund, launched in 2017, has backed numerous startups. Now, SoftBank is actively managing its portfolio, having reduced stakes in companies like Coupang and Compass, and exiting others such as Guardant Health. The fund, approaching its term end in 2029, has navigated both substantial profits and losses due to market volatility, implementing cost reductions and staff adjustments to manage downturns.
