Rajeev Misra formally leaves SoftBank's Vision Fund, Alex Clavel to be sole CEO

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Rajeev Misra has formally resigned as the co-chief executive officer of SoftBank Group Corp’s Vision Fund, concluding a significant chapter in venture capital history.

Known for his pivotal role in setting up and securing the Vision Fund's $100 billion in capital back in 2017, Misra helped Masayoshi Son, SoftBank's founder, realise his vision of a tech-driven future. His departure cedes all leadership responsibilities to Alex Clavel, who will now serve as the sole CEO of SoftBank Investment Advisers and SoftBank Global Advisers.

“His key role is over,” said SoftBank's Chief Financial Officer Yoshimitsu Goto, noting that Misra would continue to stay in informal contact with the team.

Misra, with his illustrious background in finance, made a name for himself as head of credit at Deutsche Bank, where he orchestrated successful bets against the US subprime mortgage crisis — a move that profited the bank as other institutions struggled. He brought that experience to the Vision Fund, turning it into a formidable force in tech-venture investments. Under his stewardship, the fund backed high-profile firms such as Uber, ByteDance (the parent company of TikTok), Paytm, and Oyo.

New venture focus 

Misra had stepped back from a central role in managing Vision Fund 2 two years ago, while still overseeing the original fund's portfolio. More recently, his focus has shifted to his independent venture, One Investment Management (OneIM), a fund he has been building with substantial interest from the Middle East, specifically Gulf investors.

In an exclusive interview to Moneycontrol last year, Misra revealed the unique approach of his new venture. “One Investment Management is a 12-year fund with a six-year investment period,” he explained. “What is unique is that in the first three years, we can recycle capital.” In July last year, the new fund had announced to have raised $7 billion in the first close and made an early investment in Shapoorji Pallonji through high-yielding debt, marking its initial foray into the Indian market.

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“The focus is to build the platform and hire great people,” Misra said, adding it was about the quality of returns over sheer scale.

Despite concentrating primarily on the US and Europe, Misra shared his optimism for investment opportunities in India, particularly in consumer-facing companies poised for growth.

“Our primary focus is on the US market due to its deeper and more liquid nature, followed by the European market,” he said, adding that Abu Dhabi's investors—both sovereign and non-sovereign—are expressing keen interest in India.

Misra expects India’s per capita GDP doubling in the coming years, fuelled by overall economic expansion. He, however, cautioned that valuations in the property and stock markets remained elevated. “Considering risk-adjusted returns, we are particularly interested in consumer-facing companies that align with our investment criteria and are operating at the right scale and stage,” he told Moneycontrol.