Softbank Vision Fund CEO Rajeev Misra floated his own firm last year - One Investment Management
New firm’s debut deal in India is a $50 mn loan to Shapoorji Pallonji
Debt to a 150+ year conglomerate in construction, real estate is as anti-Vision Fund thesis as you can get 🤔
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“One IM has no investment constraints — it can strike non-tech, tech, debt, equity deals... We have six years of investment period, but very importantly, three years to reinvest, which means we can make short-term investments and reinvest again"
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@madhavchanchani
Definitely Weird. The SP group has liquidity problems as shown in various news articles.
and the debt has been also extended at a very high rate.
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@aditya_kondawar
Well Misra understands debt plays well
His team at Deutsche Bank bet against the US subprime market back in 2007-08
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@madhavchanchani
And it’s a pro profitable thesis as it gets. SP is the general contractor to major GCC residential projects to compliment its India business and investments.
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@madhavchanchani
Real estate and credit are mispriced globally, I think there are some incredible opportunities out there
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@madhavchanchani
The yield is excellent (18%ish) with a collateral as tata sons shares. I can’t think of a better deal in India.
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@madhavchanchani
18.75% seems cool ... especially for someone who's Vision fund had a tough time ....Not surprising considering the Liquidity issues present in SP group..... Couple of govt contracts here n there should do the coupon payments 😁😆
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