SoftBank Group Corp Chief Executive Masayoshi Son held his first 'pre-IPO s...
NEW YORK - SoftBank Group Corp Chief Executive Masayoshi Son held his first “pre-IPO summit” for the Japanese conglomerate’s portfolio companies on Tuesday, introducing them to Wall Street investors who could be backing their stock market debuts.
The event, which was closed to the media and described by a source in attendance, illustrates how SoftBank is keen to prepare the ground for the initial public offerings of many of its holdings, after some of its portfolio companies performed poorly last year following their listings. Son, under pressure from hedge fund Elliott Management to rein in his mercurial investment style, is spending the week meeting Wall Street contacts in New York. He is having to defend his track record after several of its expensive bets on startups, including office space-sharing firm WeWork, soured.
As a result, Son has said SoftBank may spend up to two years investing its own money in a bridge fund, to build a portfolio that will give investors enough confidence to participate in a second Vision Fund.
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