Rajeev Misra, SoftBank Vision Fund's co-CEO, formally steps down

Rajeev Misra Photographer: Sumita Sharma/Bloomberg

Rajeev Misra is formally stepping down as co-chief executive officer of SoftBank Group Corp.’s Vision Fund, bringing to a close a tumultuous tenure at the helm of what had been the largest-ever venture capital fund.

Misra was instrumental in helping SoftBank founder Masayoshi Son set up the Vision Fund in 2017, helping him raise nearly $100 billion from Saudi Arabia, the United Arab Emirates, Apple Inc. and other backers. The unprecedented bet on the startup sector originally gave Son and Misra immense power to support their favored founders, but the strategy went awry as they drove up valuations and squandered billions on companies like WeWork, Zume Pizza and the dog-walking app Wag.

Misra stepped back from his central role at the company two years ago, as he began to spend more time on his own investment fund, OneIM. Alex Clavel will become the Vision Fund’s sole CEO, as Misra cedes his remaining title and management responsibilities.

“His key role is over,” said Yoshimitsu Goto, chief financial officer, adding that he plans to keep speaking with Misra informally.