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SoftBank Capital
SoftBank Capital was the US venture arm of Masayoshi Son's SoftBank Corp., backing BuzzFeed and Criteo with balance-sheet capital.
SoftBank Capital
SoftBank Capital launched in 1999 as the American venture investment vehicle of SoftBank Corp., the Japanese internet and telecom conglomerate built by Masayoshi Son. Managed by Ron Fisher and Eric Hippeau — the former CEO of Huffington Post and ex-President of Ziff-Davis — the firm had a mandate to place early bets on US consumer internet and digital media companies. Its capital came directly from SoftBank's corporate balance sheet rather than from external limited partners, a setup that removed standard fund-life pressures. Investment activity spanned early-stage venture through growth equity, with a heavy concentration in New York's media-tech ecosystem. The firm led Series A rounds or held board seats at BuzzFeed, The Huffington Post (acquired by AOL), Buddy Media (acquired by Salesforce), and Criteo (which later went public on NASDAQ). Geographic focus remained squarely on North America, though the relationship with SoftBank in Tokyo provided portfolio companies a structured path to Asian expansion. The vehicle participated in direct deals and co-investments alongside other venture firms rather than operating as a fund-of-funds. The team was lean, built around Fisher and Hippeau, with no disclosed offices beyond its Newton, Massachusetts headquarters. The firm was not structured for continuous fundraising cycles — SoftBank itself was the sole capital source. In July 2015, SoftBank announced it would wind down the group's new venture investments as part of a broader restructuring, and its ongoing portfolio management folded into the parent (per public record, 2015). Professionals associated with the team subsequently moved into other SoftBank vehicles or founded independent firms. SoftBank Capital's structural differentiator was its corporate venture origin: it was a captive VC within a telecom operator that itself was transforming into the world's most aggressive tech investor. The firm operated with a permanent-capital mindset because it was not a fund — it was a division. That architecture allowed it to hold positions like Criteo through IPO without the liquidity mandates that constrained its independent competitors. Its closing in 2015 marked a shift in how SoftBank organized its US venture exposure, with subsequent activity concentrating in the larger SoftBank Vision Fund platform.
General information
Firm type
Private Equity
Year founded
1999
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Newton
Corporate office
Newton, MA, United States
Principals
Ron Fisher
Managing Partner
Eric Hippeau
Managing Partner
Sector focus
Frequently asked questions
What was SoftBank Capital's relationship to SoftBank Group and the Vision Fund?
SoftBank Capital was a direct subsidiary of SoftBank Corp. (now SoftBank Group) and served as its US venture arm from 1999 until 2015. It predated the SoftBank Vision Fund by nearly two decades and operated with a much smaller mandate — early-stage US internet and digital media deals rather than the multi-billion-dollar global growth checks the Vision Fund became known for. The parent company wound down SoftBank Capital's new investment activity in 2015, roughly a year before the Vision Fund launched, and absorbed the remaining portfolio management functions.
Who made investment decisions at SoftBank Capital?
Managing partners Ron Fisher and Eric Hippeau led the investment team. Fisher joined SoftBank in 1995 and served as a director on the boards of numerous SoftBank portfolio companies, while Hippeau brought operating experience as the former CEO of The Huffington Post and president of Ziff-Davis. Decisions ultimately required alignment with the parent company in Tokyo, given that SoftBank Capital deployed capital directly from SoftBank’s corporate balance sheet.
Did SoftBank Capital operate as a traditional venture fund with limited partners?
No. The firm deployed capital directly from SoftBank Corp.'s balance sheet rather than raising blind-pool funds from external limited partners. This structure freed it from standard venture-fund dynamics like fixed investment periods and mandatory liquidations. Capital calls and allocation decisions were internal to the parent company, making SoftBank Capital function more as a corporate venture division than an independent GP.
What happened to SoftBank Capital's portfolio after 2015?
When SoftBank halted new investments through the unit in July 2015, management of existing portfolio positions — including public holdings like Criteo and remaining private stakes — was absorbed into SoftBank Group Corp. Personnel associated with the team dispersed; some moved into other SoftBank entities, and others like Eric Hippeau became independent investors or joined other venture firms. The SoftBank Capital brand is no longer an active investment vehicle.
Which sectors did SoftBank Capital focus on?
The firm concentrated on US consumer internet, digital media, and enterprise software, with a pronounced emphasis on New York-based media-tech companies. Its disclosed portfolio included ad-tech (Criteo, Buddy Media), digital publishing (The Huffington Post, BuzzFeed), and mobile platforms. It did not make significant investments in semiconductors, hardware, or deep-tech infrastructure — areas that SoftBank pursued through other subsidiaries and, later, the Vision Fund.
Does the firm still make new investments?
No. SoftBank Capital ceased making new investments in July 2015 as part of a corporate restructuring by parent SoftBank Group Corp. The entity no longer operates as a standalone private equity arm, and its investment team has fully transitioned out. All subsequent US venture activity from SoftBank has been conducted through other vehicles, most notably the SoftBank Vision Fund beginning in 2017.
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