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After being part of the Japanese conglomerate for eight long years, noted VC veteran Rajeev Misra has decided to step back from his main role as the CEO of SoftBank Investment Advisers.

He will be working on the launch of his own venture fund backed by Middle Eastern funds and is said to have secured over $6 billion in backing for the same so far. He will, however, continue to be a part of SoftBank. He will step back from overseeing the Vision Fund II and will transition from the role of CEO of SoftBank Investment Advisers to the Vice-Chairman and oversee the original Vision Fund investments.

The same was made known by a company memo sent by SoftBank founder Masayoshi Son. It read, “I’m pleased to share that Rajeev will continue as the CEO of SoftBank Investment Advisers leading our activities for SVF1, and as a trusted senior adviser and integral part of the SoftBank family.”

When it comes to overseeing the Vision Fund II, Son will be picking up the pace and taking up a more direct leadership role, the memo added, which will give the company some time to find a suitable candidate for the same.

Misra, who previously worked at Deutsche Bank AG and UBS Group AG, has led SoftBank’s Vision Fund for the past five years. It was with Misra at the helm that made the Vision Fund a game-changer and one of the key technology investors in the world. Some of the highlights of the Vision Fund under Misra’s leadership are bringing in several LPs (Limited Partners) such as Apple and in 2017 when it raised $100 billion, which turned out to be the largest pool of private capital.

Like numerous other companies this year, SoftBank is struggling to stay healthy in this economic downturn. Its stocks also have taken a beating in recent times and it has come under pressure as the valuations of its funds deplete. To add to its woes, its top leadership has seen a major revamp as senior executives have walked down a similar path in recent times.

These names include SoftBank COO Marcelo Claure, Katsunori Sago, senior investment exec Akshay Naheta (who will reportedly join Misra in his new venture), and Silicon Valley veteran Deep Nishar, a Silicon Valley veteran.