Bloomberg reports that Shu Nyatta and Paulo Passoni, managing partners of SoftBank Group Corp. Latin America Fund, have considered starting their own venture business focused on late startups in the region.
They expressed their excitement to become an entrepreneur recognizing SoftBank’s role in their careers.
The report said SoftBank aims to promote Alex Szapiro, the third managing partner of the LatAm fund, which currently has an operational role, to a higher position.
Softbank also promotes Juan Frank, a fund investor in Mexico City.
SoftBank also considered investing up to $ 2 billion in the fund.
Departure follows the exit of Softbank COO Marcelo Claure after clashing with founder Masayoshi Son over compensation and responsibility.
Claure created and oversaw the LatAm Fund, among other duties, and advocated a spin-off for it.
With Claure’s advocacy, the fund had considerable autonomy, including the freedom of partners to make their own decisions and reward schemes.
The first LatAm fund initially planned to invest $ 2 billion, but has grown to $ 5 billion.
The report noted that the nine-month results, which ended on December 31, 2021, showed a return on investment of 9% due to significant losses from vision funds and others. Investment in Latin America increased by 136.7 billion yen ($ 1.1 billion) and investment in vision funds decreased by 767.7 billion yen.
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