SoftBank Group has picked former Goldman Sachs trader Mark Agne to oversee finance and technology at the Vision Fund, people familiar with the matter said.
The move follows a series of staffing changes at SoftBank as its focus shifts alongside founder Masayoshi Son’s quest for technologies underpinning AI services. In April, SoftBank appointed Arm Holdings Plc chief executive officer Rene Haas to lead its international operations as Son steps up the group’s push into semiconductors.
Agne is taking on an expanded role following the recent departure of Navneet Govil, who served as the Vision Fund unit’s chief financial officer, the people said, asking not to be named as the discussions remain private. He will also oversee internal audit and enterprise risk and continue to lead capital strategies, one of the people said. Agne has taken over Govil’s responsibilities, and the company has informed employees and key stakeholders, they said.
Agne joined SoftBank in 2019 after 17 years at Goldman Sachs, where he led the Japan securities division and was co-head of Asia-Pacific equity trading.
SoftBank declined to comment.
The initial Vision Fund, which launched in 2017 with just under $100 billion, has backed hundreds of startups spanning a wide range of industries. Now, one company — OpenAI — comprises a large proportion of the Vision Fund 2’s portfolio, and SoftBank plans to raise total investment in the ChatGPT maker to $65 billion by October.
The first Vision Fund is approaching the end of its term in 2029, although that may be extended by a few years. Its high-profile holdings include Coupang Inc., Didi Global Inc., Grab Holdings Ltd. and unlisted ByteDance Ltd.
SoftBank has gradually reduced its stakes in companies including Coupang and Compass Inc., while exiting investments in others like Guardant Health Inc. and DoorDash Inc. In recent months, SoftBank also sold a small part of its ByteDance stake to gauge the price investors were willing to pay, the people said.
Over the years, the Vision Fund unit has posted big profits and crippling losses due to its exposure to wide swings in tech company valuations. To better handle the squeeze during downturns, the organisation has cut costs and reduced its staff.
