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SoftBank pushes back $108bn Vision Fund sequel

Son plans smaller 'bridge fund,' says he is in no hurry to sell Alibaba stake

SoftBank Group Chairman and CEO Masayoshi Son holds a news conference in Tokyo on Feb. 12. (Photo by Yuki Kohara)  

TOKYO -- SoftBank Group CEO Masayoshi Son on Wednesday said he is scaling back plans for another giant technology fund, at least for now, in his first public admission that a string of bad investments has hampered his fundraising efforts.

In July, SoftBank said it would create a sequel to its roughly $100 billion Vision Fund. It said it had signed memorandums of understanding with investors to raise at least $108 billion to deploy in the world's technology companies. Son declared in August that the new fund would start investing within three months.

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