SoftBank launches $5B technology growth fund for Latin America

SoftBank Group (SFTBF) announced the launch of the SoftBank Innovation Fund, “the largest-ever technology fund focused exclusively on the fast-growing Latin American market, and the creation of the SoftBank Latin America Local Hub, a new operating group that will partner with SoftBank portfolio companies helping them enter Latin America, navigate the local markets and broaden their geographic reach in the region.” Marcelo Claure will serve as CEO of SoftBank Latin America, responsible for overseeing the new fund, its investments and operations. Claure will also continue to serve in his current roles as COO of SoftBank Group Corp., Chief Executive Officer of SoftBank Group International and Executive Chairman of Sprint Corporation (S). SBG has committed an initial $2B to the SoftBank Innovation Fund and will serve as the General Partner. No decision has been made as to the location of the SoftBank Innovation Fund’s headquarters.