SoftBank's Open Opportunity Fund Acquired by Chairman and Managing Partner, Paul Judge, and Marcelo Claure

SoftBank has sold its Open Opportunity Fund to its chairman and managing partner, Paul Judge, and Marcelo Claure, who will now fully own the firm’s $100 million Open Opportunity Fund 1 and the $150 million Fund 2, as well as the entire portfolio. Fund 2 is expected to increase its target to $200 million. Claure, a founding member of the SB Opportunity Fund, will return to the Open Opportunity Fund as Vice Chairman and General Partner, while Judge was appointed as the fund’s chairman earlier this year. 

The acquisition marks a significant milestone and aims to promote diverse representation within the venture capital ecosystem. Claure expressed his excitement about the acquisition, highlighting the move towards a more diverse representation within the industry. 

Fund 1 has already deployed $100 million in 75 Black-and-Latino companies, resulting in seven exits and 46 follow-on rounds. Softbank will continue to be an LP in Fund 2, which is focused on driving diversity in the tech ecosystem and supporting underrepresented entrepreneurs. Fund 2 is set to invest in 50 pre-seed- to growth-stage companies in various sectors. Additionally, Fund 1 companies may receive funding from Fund 2 on a case-by-case basis, further demonstrating the fund's commitment to fostering diversity and supporting underrepresented entrepreneurs.