SoftBank managing partner Colin Fan steps back from Vision Fund

SoftBank Vision Fund managing partner Colin Fan is leaving his role at the behemoth investment fund, marking the second departure of a managing partner this month, according to people with knowledge of the matter.

The executive, who was previously head of global markets and co-head of corporate banking and securities at Deutsche Bank AG, has focused on financial technology bets at the fund. He will become an adviser to SBIA, SoftBank Group Corp.’s investment arm, according to the people.

A representative for the Vision Fund declined to comment. Fan couldn’t be immediately reached for comment.

Jeff Housenbold, the managing partner involved in its bets on startups including DoorDash Inc. and dog-walking startup Wag, is also leaving. Munish Varma, a managing partner based in London, is moving to San Francisco, taking on part of Fan’s responsibilities, the people said.

Fan oversees the Vision Fund’s holdings in companies Alibaba Local Services, Fair, Flexport, Greensill, Guazi and Zume, according to the fund’s website. At least one of those companies, Greensill, in which the Vision Fund injected $800 million in May 2019 and another $655 million in October of that year, has faced recent struggles.

Founded by billionaire Lex Greensill, the finance firm is considering raising capital as its banking arm faces regulatory scrutiny and some of its clients face withdrawals. The company specializes in extending short-term loans to companies secured against invoices, many of those loans are then packaged into funds.

By Gillian Tan and Giles Turner