SAN FRANCISCO (BLOOMBERG) – Tech conglomerate SoftBank poured money into more than US$500 million (S$696 million) in Credit Suisse investment funds that in turn invested in debt of the startups backed by the Japanese company’s Vision Fund, the Financial Times reported, citing three people familiar with the matter as well as marketing documents.
SoftBank invested in Credit Suisse’s US$7.5 billion range of supply-chain finance funds, FT said.
The funds ramped up investments in Vision Fund’s startups over the past year, FT said, citing marketing documents.
Four of the 10 largest bets of Credit Suisse’s main supply-chain finance fund were Vision Fund companies at the end of March, including Oyo and Fair, making up 15 per cent of its US$5.2 billion assets, FT said, also citing marketing documents.
SoftBank and Credit Suisse declined to comment to the FT.