Private company
SB INVESTMENT ADVISERS (US) INC.
Corporation registered in the United States, part of ソフトバンクグループ株式会社. Summary from the record
Last updated Oct 21, 2026.
Overview
Corporate structure
SB INVESTMENT ADVISERS (US) INC. is part of a group headed by SoftBank Group. 464 entities, 45 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
- SoftBank Group 東京都 港区, Japan
- Arm Holdings 100% · Cambridge, United Kingdom
- Treasure Data Subsidiary
- ARM LIMITED Subsidiary · Cambridge, United Kingdom
- 2 more
- SoftBank Mobile 40.7% · 東京都 港区, Japan
- SB Global Advisers Ltd London, United Kingdom
- SB GLOBAL ADVISERS CAPITAL MARKETS LIMITED Subsidiary · 100% · London, United Kingdom
- SB INVESTMENT ADVISERS (UK) LTD London, United Kingdom
- SVF INVESTMENT ADVISERS (INDIA) PRIVATE LIMITED Subsidiary · Mumbai, India
- SOFTBANK VISION FUND L.P. Fund · London, United Kingdom
- SB INVESTMENT ADVISERS (US) INC. San Carlos, California, United States
- 3 more
- SOFTBANK VISION FUND (AIV M1) L.P. Wilmington, Delaware, United States
- SOFTBANK VISION FUND (AIV M2) L.P. Wilmington, Delaware, United States
- SVF Endurance (Cayman) Ltd George Town, Cayman Islands
- SVF Pauling (Cayman) Ltd George Town, Cayman Islands
- SVF Swift (Cayman) Ltd George Town, Cayman Islands
- Boston Dynamics Subsidiary · 100% · Waltham
- Fortress Investment Group Subsidiary · 100% · New York, New York, United States
- Sogo & Seibu Subsidiary · 100% · Toshima
- 1 more
- Iconia Hospitality Subsidiary · Roppongi Hills, Japan
- Revolution Studios Subsidiary · New York, New York, United States
- Drawbridge Long Dated Value Fund II L P Fund · New York, New York, United States
- Sogo & Seibu Subsidiary · 100% · Toshima
- SB New Coronavirus Testing Center Subsidiary · 100% · Minato, Japan
- A Holdings Corporation Subsidiary · Minato, Japan
- LY Corporation Subsidiary · Tokyo
- 16 more
- LY Corporation Subsidiary · Tokyo
- CloudMinds Subsidiary
- Cybertrust Subsidiary · Tokyo
- Denen Subsidiary · Shinagawa, Japan
- doValue Subsidiary · Milan
- 1 more
- GameBank Corp. Subsidiary
- GungHo Online Entertainment Subsidiary · 東京都, Japan
- Acquire Subsidiary · Tokyo
- Game Arts Subsidiary · Chiyoda
- Gravity Corporation Subsidiary · Seoul
- Broccoli Subsidiary · Japan
- HAPSMobile Subsidiary · Tokyo
- IDC Frontier Subsidiary · Tokyo, Japan
- ITmedia Subsidiary · Tokyo
- LINE Financial Subsidiary · Bundang, South Korea
- LINE Pay Taiwan Subsidiary
- mybest Subsidiary · Tokyo
- Odds Park Subsidiary
- PayPay Card Corporation Subsidiary
- and 106 more
- Arm Holdings 100% · Cambridge, United Kingdom
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0). Each entity in the chart links to its source.
Investment adviser
SB INVESTMENT ADVISERS (US) INC. is registered with the SEC as an investment adviser. This is what it reports on Form ADV, the registration every adviser files and keeps current.
- Assets it manages$53.5B3 1 account, all with discretion
- Employees194 67 in investment advice or research
- ClientsPooled investment vehicles (other than investment companies and: 1 ($53.5B)
- How it is paidA percentage of assets under its management; Performance-based fees
- What it doesPortfolio management for pooled investment vehicles (other than investment companies)
- Holds client assetsYes: cash and securities
- RegistrationSEC 801-108927, CRD 286323 IAPD record
Who owns it
Owners of 5% or more as the firm lists them (Schedule A), and the owners of those owners up the chain (Schedule B).
- SOFTBANK GROUP CORP.owns 75% or more, since 12/2016
In its own words: the client brochure
Form ADV Part 2A, the plain-English document an adviser must give its clients, quoted as filed 6/24/2026.4 It covers the firm’s services, fees, investment strategies and their risks, and its conflicts of interest.
Item 4: Advisory business Services
SB Investment Advisers (US) Inc., a Delaware corporation and a registered investment adviser, and its affiliated investment advisers provide investment advisory services to investment funds privately offered to qualified investors in the United States and elsewhere. SB Investment Advisers (US) Inc. was formed in December 2016. SB Investment Advisers (UK) Limited, a limited liability company incorporated under the laws of England and Wales, (“SBIA UK”, and its subsidiaries in the investment advisory business together with SB Investment Advisers (US) Inc., “SoftBank Investment Advisers”), are affiliated investment advisers of SB Investment Advisers (US) Inc. SBIA UK is authorized and regulated by the UK Financial Conduct Authority. SoftBank Investment Advisers’ current private investment fund client is SoftBank Vision Fund L.P., a Jersey limited partnership (the “Vision Fund”, and collectively with any successive investment funds to which SoftBank Investment Advisers provides advisory services and the interests of which are offered to third-party investors outside of the SoftBank Group, the “Funds”). SVF GP (Jersey) Limited, a Jersey limited company serves as general partner to Vision Fund (collectively with the general partners of any successive Funds, the “General Partners”). The advisory services of SoftBank Investment Advisers are described in this Brochure. In addition to the Funds, SoftBank Investment Advisers provides certain services to its affiliates in connection with proprietary private investment funds that such affiliates manage and whose sole investors consist of SoftBank Group Corp. and its affiliates and the interests of which are not offered to investors outside of the SoftBank Group (collectively, the “Proprietary Funds”). The Proprietary Funds include SoftBank Vision Fund II-2 L.P. (“Vision Fund II”), with respect to which SoftBank Investment Advisers provides advice to its affiliate SB Global Advisers Limited (“SBGA”) in relation to the investment, holding and realization of the assets of Vision Fund II. SBGA is the appointed manager of, and holds ultimate investment discretion with respect to, Vision Fund II. Services provided by SoftBank Investment Advisers to SBGA relating to Vision Fund II are reflected in an intercompany agreement entered into between each of the SoftBank Investment Advisers and SBGA. The Funds are private funds that invest through privately negotiated transactions in operating entities, generally referred to herein as “portfolio companies,” and, in some cases, through direct or indirect investments in public securities. SoftBank Investment Advisers’ investment advisory services to the Funds consist of identifying and evaluating investment opportunities, negotiating the terms of investments, managing and monitoring investments and achieving dispositions for such investments. The senior principals or other personnel of SoftBank Investment Advisers or its affiliates generally serve on portfolio companies’ respective boards of directors and, in certain cases, otherwise act to influence control over management of portfolio companies in which the Funds have invested. SoftBank Investment Advisers’ advisory services for the Funds are detailed in the applicable private placement memoranda or other offering documents, including any subscription agreements (each, a “Memorandum”), limited partnership or other operating agreements or governing documents (each, a “Partnership Agreement”) and are further described below under
“Methods of Analysis, Investment Strategies and Risk of Loss.” Investors in the Funds (generally referred to herein as “investors” or “limited partners”) participate in the overall investment program for the applicable Fund, but, in certain circumstances are excused from a particular investment due to legal, regulatory or other agreed-upon circumstances pursuant to the relevant Partnership Agreement; such arrangements generally do not and will not create an adviser-client relationship between SoftBank Investment Advisers and any investor. Certain Funds or their general partners have entered into side letters or other similar agreements (“Side Letters”, together with any Partnership Agreement and relationship agreement, “Governing Documents”) with certain investors that have the effect of establishing rights (including economic or other terms) under, or altering or supplementing the terms of, the relevant Partnership Agreement with respect to such investors. SoftBank Investment Advisers makes arrangements for limited services (including personnel) from subsidiaries of SoftBank Group Corp. (all such subsidiaries, the “SoftBank Group”) to fulfill its obligations to the Funds. References in this Brochure to SoftBank Investment Advisers mean the relevant entity or entities arranging such services and/or its or their affiliates and their respective personnel on behalf of the Funds. Additionally, as permitted by the relevant Partnership Agreement, SoftBank Investment Advisers is permitted to provide (or agree to provide) investment or co- investment opportunities (including the opportunity to participate in co-invest vehicles) to certain current or prospective investors or other persons, including other sponsors, market participants, finders, consultants and other service providers, portfolio company management or personnel, SoftBank Investment Advisers personnel and/or certain other persons associated with SoftBank Investment Advisers and/or its affiliates. Such co- investments typically involve investment and disposal of interests in the applicable portfolio company at the same time and on the same terms as the Fund making the investment. However, for strategic and other reasons, a co-investor or co-invest vehicle (including a co-investing Fund) purchases a portion of an investment from one or more Funds after such Funds have consummated their investment in the portfolio company (also known as a post-closing sell-down or transfer) which generally will have been funded through Fund investor capital contributions and/or use of a Fund credit facility. SB Investment Advisers (US) Inc. is a wholly-owned subsidiary of, and is controlled by, SoftBank Group Corp. As of March 31, 2026, SoftBank Investment Advisers managed approximately $53,472,500,786 of regulatory assets under management on a discretionary basis. As of the date of this Brochure, SoftBank Investment Advisers does not manage any assets on a non-discretionary basis.
Item 5: Fees and compensation Fees
In general, SoftBank Investment Advisers receives a management fee and a performance fee from the Funds pursuant to each Fund’s Partnership Agreement in connection with advisory services provided. The precise amount, the manner and calculation and the manner and timing of payment of any such management fee or performance fee for each such Fund are established by SoftBank Investment Advisers, as modified by negotiations with investors in the applicable Fund, and are set forth in such Fund’s Memorandum and/or Partnership Agreement received by each investor prior to investment in such Fund. In addition to the fees it receives from the Funds, SoftBank Investment Advisers receives
compensation for the advisory services it provides to its affiliate SB Global Advisers Limited (“SBGA”) in relation to Vision Fund II, as described under “Advisory Business.” This compensation does not reduce or offset the management or performance fees borne by the Funds, and differs from the compensation SoftBank Investment Advisers receives in respect of the Funds. See “Performance-Based Fees and Side-by-Side Management” for the conflicts of interest arising from these differing compensation arrangements. To the extent SoftBank Investment Advisers receives additional compensation in connection with management and other services performed for portfolio companies of the Funds, such additional compensation is expected to offset in whole or in part the management fees otherwise payable to SoftBank Investment Advisers. Investors in a Fund also bear certain expenses, as set forth in the applicable Memorandum and the Governing Documents of such Fund. SoftBank Investment Advisers retains flexibility to structure its compensation from investors and expects in certain circumstances to agree to invoice directly for management fees or other compensation rather than deducting such amounts from the investor’s capital account(s). SoftBank Investment Advisers reserves the right to receive compensation of the type referred to in the preceding paragraph on behalf of or with respect to co-investors in an investment, as well as other fees relating to the structuring and administration of co-investment arrangements. The receipt of such fees and compensation will not reduce any management fee payable by any Fund(s) that have also invested in such investment, and as a result a Fund will, in most cases, only benefit with respect to its allocable portion on a fully diluted basis of any such fees and compensation and not the portion of any fees and compensation that relate to (i) such co-investors or potential co-investors (which could include co-investment vehicles managed by SoftBank Investment Advisers, service providers, third parties, current or former portfolio company management or personnel, sellers that have rolled their interest or reinvested proceeds in the portfolio company and/or others); or (ii) the value of profits, participation or equity interests in or relating to the relevant portfolio company, including interests owned by current or former portfolio company management, which have the potential to be significant. Additionally, as further described below under “SoftBank Group Consultants” and in the applicable Memorandum and/or Partnership Agreement of each Fund, it is SoftBank Investment Advisers’ practice to engage consultants on a limited basis who are current SoftBank Group personnel or who are affiliates of SoftBank Group (“SoftBank Group Consultants”) to provide consulting services to a Fund or its portfolio companies, including, without limitation, strategic and operational services. To the extent that any such SoftBank Group Consultants are compensated for such services by the relevant Funds or portfolio companies and not SoftBank Investment Advisers, any such compensation will generally offset any applicable management fee, subject to applicable exceptions, as described in the applicable Governing Documents. SoftBank Group Consultants are permitted to also receive compensation in the form of profits or equity interests in a portfolio company or other incentivebased compensation with respect to a portfolio company, in which case such equity interests or incentive-based compensation have the potential to dilute the equity interests in a Fund in such portfolio company, and any such compensation paid will not offset or reduce the management fee. Please see “Conflicts of Interest” — “SoftBank Group Consultants” below for additional information. Subject to the applicable Partnership Agreement, the Funds’ portfolio companies reserve the right to form joint ventures with certain entities or individuals affiliated with SoftBank Group
(such affiliates, “JV Partners”), where JV Partners will consult such Funds’ portfolio companies and potential portfolio companies on developing ventures. The structure and economics of such joint ventures will be determined on a case-by-case basis. Such JV Partners’ compensation generally would not result in additional offsets to any management fee. Each of the foregoing conditions is expected to reduce the amount offset against management fees, resulting in a potential material benefit to SoftBank Investment Advisers over the life of the relevant Fund, and the existence of such potential benefit creates an incentive for SoftBank Investment Advisers to seek to increase such amounts. Other Information The Funds generally invest on a long-term basis. Accordingly, investment advisory fees and other fees are expected to be paid, except as otherwise described in the relevant Governing Documents and/or Memorandum, over the term of the relevant Fund, and investors generally are not permitted to withdraw or redeem interests in the Funds. Principals or other current or former personnel of SoftBank Investment Advisers are expected to receive a portion of any management fee, performance fee or other compensation received by SoftBank Investment Advisers or its affiliates or interests in a compensation plan that is based on performance of the Funds. In addition to any management fee and performance fee payable to SoftBank Investment Advisers, each Fund bears certain expenses. As set forth more fully in the applicable Memorandum and/or Partnership Agreement of each Fund, a Fund bears all fees, costs, expenses, liabilities and obligations relating to the Fund’s (and its subsidiaries’ and intermediate entities’) activities, investments and business to the extent not reimbursed by a portfolio company or applied to reduce management fees. The Funds also bear expenses indirectly to the extent a portfolio company (or intermediate entity) pays expenses, including expenses of SoftBank Investment Advisers and/or its affiliates; the relative percentage of these expenses that are borne by various stakeholders (including the relevant Fund, any co-investors, portfolio company management and other persons) is expected to depend upon the level at which such expenses are charged or incurred. Generally included in the expenses permitted to be borne by a Fund are the fees, costs, expenses, liabilities and obligations of legal counsel, consultants and/or other service providers to procure, develop, establish, review, revise, customize, upgrade and/or negotiate relationships relating to the foregoing items, which generally are expected to be significant. Service provider expenses are required to be reimbursed whether or not there is overlap in expertise, function or services performed by SoftBank Investment Advisers personnel. Excluded from Fund expenses are ordinary administrative and overhead expenses of SoftBank Investment Advisers and/or its affiliates incurred in connection with managing, originating and monitoring investments as set forth in the applicable Partnership Agreement. In certain cases, these or similar expenses (and/or transaction fees, monitoring fees or other compensation) generally are permitted to be charged to portfolio companies, capitalized into the cost basis of a transaction or, to the extent necessary or desirable for operational, administrative, tax or other reasons, charged at the level of an intermediate holding company between the relevant Fund and the portfolio company. As is typical for private equity funds, the Funds likely bear additional and greater expenses, directly or indirectly, than many other pooled investment products, such as U.S. mutual funds, and there can
be no assurance that the benefits to investors will be commensurate with such expenses. To the extent brokerage fees are incurred, they will be incurred in accordance with the general practices set forth in “Brokerage Practices.” The relevant General Partner also generally is permitted to establish alternative investment vehicles in order to permit one or more investors to participate in one or more particular investment opportunities in a manner desirable for tax, regulatory or other reasons. Alternative investment vehicle sponsors generally have limited discretion to invest the assets of these vehicles independent of limitations or other procedures set forth in the organizational documents of such vehicles and the related Fund. Each Fund generally bears the costs of implementing, reporting (as applicable), monitoring and complying with investment guidelines and directives relating to the Fund’s strategy, including in any applicable Side Letters relating thereto, and (where applicable) environmental, social, governance (“ESG”) and other standards to which the General Partner has committed in making investments on behalf of the Fund. Additionally, subject to the Governing Documents, each Fund typically will bear certain unreimbursed expenses of portfolio companies and intermediate holding vehicles through which the Fund invests. Each Fund also generally bears the costs of organizing and offering any intermediate entities, as well as the amount and dilutive effect of any founders’ equity or similar interests issued thereby that are not held directly or indirectly by the Fund, and except where prohibited by the Governing Documents, such interests are permitted to be issued to SoftBank Investment Advisers, its affiliates and their personnel. The General Partner reserves the right to agree with operating partners, joint ventures or similar partners, service providers, portfolio company management or other persons that all or a portion of certain expense reimbursements, payments or other amounts owed to such persons relating to one or more investments and attributable to such parties in accordance with the Governing Documents, will be paid in the form of a profits, participation, or equity interest granted in the relevant investments or related intermediate entities. While such an arrangement is more favorable to the relevant Fund in that it does not involve an initial cash outlay for the payment of expenses, and could be further favorable to the relevant Fund if the investment does not increase in value, in the event of appreciation in the relevant investment any such profits, participation or equity interest generally would have a dilutive impact on the Fund’s investment, as well as the potential to result in economic gains to the recipient greater than the original amount of compensation, which in either case could be substantial. In certain circumstances, a Fund is expected to pay an expense or obligation common to multiple Funds, Proprietary Funds, and/or co-investors (including without limitation legal expenses for a transaction in which all such Funds, Proprietary Funds, and/or co-investors participate, or other fees or expenses in connection with services, the benefits of which are received by other Funds, Proprietary Funds, and/or co-investors over time), and be reimbursed by the other Funds and Proprietary Funds by their share of such expenses or obligations, without interest. To the extent the paying Fund and/or Proprietary Fund makes use of a credit facility to pay such expense, it generally will not be reimbursed separately by other Funds for the costs of establishing, negotiating or maintaining the facility as a whole. Although SoftBank Investment Advisers and its affiliates will endeavor to allocate such expenses in a manner they believe to be fair and equitable, there can be no assurance that such expenses will in all cases be allocated appropriately. While highly unlikely, it is possible that one of the other Funds could default on its obligation to
Item 8: Methods of analysis, investment strategies and risk of loss Investment strategies and risks
Investment Strategies SoftBank Investment Advisers is a private investment firm focused on equity, debt and other investments, including leveraged buyouts, in market-leading companies believed to benefit from SoftBank Group’s in-house operating professionals and experience, as well as direct and indirect investments in public securities. SoftBank Investment Advisers’ investment advisory services consist of identifying and evaluating investment opportunities, negotiating investments, managing and monitoring investments and achieving dispositions for investments. SoftBank Investment Advisers generally focuses on investments in the technology sector, subject to certain limitations, including but not limited to diversification and concentration limits,
and other parameters set forth in the applicable Memorandum and/or Partnership Agreement. There can be no assurance that SoftBank Investment Advisers will achieve the investment objectives of any Fund and a loss of investment is possible. Methods of Analysis SoftBank Investment Advisers generally employs a fundamental, bottom-up method of analysis in formulating investment advice. Investment opportunities are typically sourced from individual/firm networks and relationships of SoftBank Investment Advisers and SoftBank Group. Prospective investments are evaluated through due diligence process that may include commercial, financial, accounting, tax, legal, and regulatory, conflicts of interest, technology and management assessments, analysis of the relevant industry or sector and addressable market, and valuation analysis using methodologies such as comparable company and precedent transaction analysis, discounted cash flow analysis, and other techniques the firm considers appropriate. In conducting its analysis, SoftBank Investment Advisers relies on information from sources including portfolio company and target management, public filings or other public disclosures, industry and market data, and third-party advisers, consultants and operating professionals. Investment recommendations are reviewed and approved through the applicable investment committee process. Following an investment, SoftBank Investment Advisers monitors each portfolio investment and manages its eventual disposition. Where a portfolio company has completed an initial public offering or a Fund otherwise holds publicly traded securities, dispositions are managed by SoftBank Investment Advisers’ capital strategies personnel, who determine the timing and method of selling such positions based on factors such as applicable lock-up periods, market conditions and liquidity, position size and concentration, and each Fund’s objectives and best interests. These public-market divestment transactions may occur frequently. Frequent trading of publicly traded securities can increase the brokerage commissions and other transaction costs borne by the fund and may have tax consequences for a fund and its investors, each of which can reduce a Fund’s net returns. See “Brokerage Practices” for additional information regarding broker selection, trade aggregation and allocation, and related practices. SoftBank Investment Advisers may engage third-party intermediaries to identify potential opportunities or buyers for Fund portfolio positions. Information and opportunities obtained from these parties are evaluated using the firm’s established due diligence process. Risks of Investment An investment in a Fund involves a substantial degree of risk and should be considered only by investors whose financial resources are sufficient to enable them to assume such risk (and the possible loss of some or all of their investment) and who have no immediate need for liquidity in their investment. Investors should carefully evaluate the following risk factors associated with an investment in a Fund. There can be no assurance that a Fund will achieve its objectives and investors may lose some or all of any amount invested in a Fund. Investors should be aware that past performance of SoftBank Investment Advisers team or its investment track record is not necessarily indicative of future performance of a Fund. The following is a summary of certain risks of investments in the Funds. Investors should also consult the applicable Memorandum for a more complete description.
Risks relating to the Funds Reliance on SoftBank Investment Advisers and investment committees In general, SoftBank Investment Advisers will have responsibility for the making of all investment and management decisions. Investors generally will have no opportunity to participate in such decisions and accordingly will be dependent on the skill and experience of SoftBank Investment Advisers and any relevant investment committee. The ability of SoftBank Investment Advisers to successfully administer and manage a Fund will depend in large measure on an investment committee and its ability to identify and recommend acquisitions, dispositions, financings and the structuring of investments, and on the ability of SoftBank Investment Advisers to consider and act upon the recommendations made by the relevant investment committee. SoftBank Investment Advisers will rely on the experience, relationships and expertise of the applicable investment committee and such investment committee will rely on its key personnel, as set forth in the relevant Governing Documents. In light of the increasing competition among the alternative asset firms, Financial Institutions (as defined below), private equity and venture capital firms, investment managers and other participants for hiring and retaining qualified investment professionals and other factors, there can be no assurance that such key personnel will remain in the employ of SoftBank Investment Advisers, the relevant investment committee or the SoftBank Group and its affiliates, respectively, or otherwise continue to be able to carry on their current duties throughout the term of a Fund or that, if necessary, suitable replacements will be found. The loss of the services of any such individuals could have a material adverse effect on any Fund’s operations and ability to realize its investment objectives. Furthermore, those persons that work on matters related to a Fund also work on other projects for SoftBank Group, manage other investments, or manage other investment funds and managed accounts (including other current or future investment funds and pooled investment vehicles and managed accounts managed by SoftBank Group, SB Investment Advisers and/or their respective affiliates, including the Proprietary Funds), and such persons likely will need to devote substantial amounts of their time to such other projects and the investment activities of such other funds, which could pose conflicts of interest in the allocation of the time of such persons. Please see “Conflicts of Interest” — “SoftBank Group’s proprietary activities; co-investment opportunities” below for additional information. Dependence on SoftBank Group SoftBank Investment Advisers expects to utilize its own resources, services and expertise, as well as certain experts within SoftBank Group as set forth in the Governing Documents, throughout the investment process to source new investments, perform pre-transaction due diligence, analyze investment opportunities, structure and implement growth plans, provide restructuring and exit support, where appropriate, and to perform such other functions and produce such other assistance. There can be no assurance that such resources, relationships and expertise will be available from any entity within SoftBank Group for every transaction or any of the Funds’ investments, including due to legal and regulatory considerations. If SoftBank Investment Advisers’ access to such resources and services were to cease or be impeded, SoftBank Investment Advisers’ ability to conduct its business and discharge its obligations may be severely impaired.
Broken Deal Expenses If a proposed investment is not ultimately completed, a Fund expects to pay and bear fees and expenses, or other liabilities or obligations, incurred for transactions not consummated (“Broken Deal Expenses”). Subject to the applicable Governing Documents, with respect to any proposed investment which was intended to be made alongside other co-investors, all Broken Deal Expenses relating to such proposed transaction will be borne by the Fund(s), including such portion of the relevant Broken Deal Expenses as would otherwise have been attributable to such coinvestors (unless paid for by the target company or third parties). Such Broken Deal Expenses will not necessarily be recoverable from the target company or third parties, and the amount of these Broken Deal Expenses will reduce the actual returns realized by investors on their investment in a Fund (and, in certain circumstances, could reduce the amount of capital available to be deployed by the Fund for investments). Significant adverse consequences of default The relevant Partnership Agreements provide for significant adverse consequences in the event an investor fails to comply with a drawdown notice. A defaulting investor may be subject to various default remedies including default interest, costs, the loss of its right to receive distributions from a Fund, a loss of voting rights, or even forfeiture of its interests. If an investor fails to comply with a drawdown notice, and the contributions made by nondefaulting investors are inadequate to cover the defaulted amount, a Fund may be unable to pay its obligations when due. As a result, a Fund may be subjected to significant penalties that could materially adversely affect the returns to the investors (including non-defaulting investors). In addition, the interests in a Fund are likely to be concentrated among a few significant investors, including SoftBank Group itself and members of SoftBank Group, which may provide financing to SoftBank Investment Advisers’ personnel and related persons (including SoftBank Group personnel) to facilitate investment in Fund interests. Accordingly, the adverse impact of an investor’s failure to comply with a drawdown notice as described above may be greater than it would if the interests were held across a more diverse group of investors or if such interests were not financed by the same party and therefore subject to the credit risk of a single party. Restrictions on transfer and disposal of interests An investor’s interests will not be transferable without the consent of SoftBank Investment Advisers. This tends to prevent an investor from transferring its interest in a Fund even where a willing purchaser exists. Consent could also be withheld in SoftBank Investment Advisers’ discretion in accordance with the relevant Partnership Agreements and will be affected by restrictions on resales imposed under applicable securities laws. Further, the volume of transfers permitted in any calendar year could be restricted in order to comply with certain safe harbors under tax regulations promulgated under the Internal Revenue Code. There is currently no public market for interests, and no public market for interests is likely to develop. In general, withdrawals by investors from a Fund are not permitted, and the interests are not generally redeemable.
Item 7: Types of clients
SoftBank Investment Advisers serves as an investment adviser to its Fund clients, and references throughout this Brochure to “clients” and to SoftBank Investment Advisers’ related duties to and practices on behalf of its clients and/or investors should be construed accordingly. The Funds could include investment partnerships or other investment entities formed under U.S. or non-U.S. laws and operated as exempt investment pools under the Investment Company Act of 1940, as amended. Investors participating in the Funds generally include sovereign wealth funds, corporations or other business entities, banks or thrift institutions, and other sophisticated investment entities. Principals or other personnel of SoftBank Investment Advisers and its affiliates may, directly or indirectly, have an interest in an investor in the Funds. The Funds do not have a minimum investment amount as provided in the relevant Memorandum for third-party investors, and Fund interests are offered and sold solely to qualified purchasers and accredited investors that are also qualified clients (or qualified knowledgeable employees or personnel of SoftBank Investment Advisers). SoftBank Investment Advisers generally is permitted to waive such minimum investment amount pursuant to the applicable Partnership Agreement and/or Memorandum.
Item 6: Performance-based fees and side-by-side management Conflicts of interest
As described under “Fees and Compensation,” SoftBank Investment Advisers receives a performance fee on certain realized profits in the Funds. The precise amount of, and the manner and calculation of, performance fees and incentive allocations are detailed in each applicable Fund’s Partnership Agreement and/or Memorandum. Performance-based fees may differ from one Fund to another, as well as among investors in the same Fund. This situation could present a conflict of interest because SoftBank Investment Advisers has an incentive to favor accounts for which it receives the highest performance-based compensation. Personnel and affiliates of SoftBank Investment Advisers that invest in the Funds generally will not pay a performance fee in respect of their investments. SoftBank Investment Advisers also provides advisory services in respect of the Proprietary Funds, and the compensation it receives for those services differs from the compensation it receives from the Funds. Managing and advising multiple funds under different compensation
arrangements creates a conflict of interest, because SoftBank Investment Advisers and its personnel have an incentive to favor the funds or arrangements from which they expect to receive greater or more performance-sensitive compensation; for example, in the allocation of investment and disposition opportunities and in the allocation of personnel time and resources. SoftBank Investment Advisers seeks to address these conflicts by allocating opportunities among the funds it advises on a basis it believes is fair and equitable over time and in accordance with the applicable governing documents. The existence of performance-based compensation has the potential to create an incentive for SoftBank Investment Advisers to operate the relevant Fund in a riskier, more speculative or other manner that is less favorable to investors than it would otherwise make in the absence of such arrangement, although SoftBank Investment Advisers generally considers performancebased compensation to better align its interests with those of its investors, particularly in instances where the Governing Documents include terms requiring clawback or giveback of performancebased compensation amounts at the end of the relevant Fund’s life or at certain interim intervals.
Item 10: Other financial industry activities and affiliations Conflicts of interest
SB Investment Advisers (US) Inc. is affiliated with other SoftBank Group investment advisers, including General Partners and equivalent entities formed and subject to the Advisers Act pursuant to SB Investment Advisers (US) Inc.’s registration in accordance with SEC guidance. The General Partners generally share with SB Investment Advisers (US) Inc. common owners, officers, partners, personnel, consultants or persons occupying similar positions. SB Investment Advisers (US) Inc. is affiliated with SB Investment Advisers (UK) Limited, an English limited company. SB Investment Advisers (UK) Limited provides investment advisory services to the Funds. SB Investment Advisers (US) Inc., along with certain non-U.S. advisory affiliates, each serves as an advisor of SB Investment Advisers (UK) Limited pursuant to subadvisory agreements. SB Investment Advisers (US) Inc.’s non-U.S. advisory affiliates are not required to be registered under the Advisers Act, but operate in compliance with certain related requirements and undertakings as prescribed by the SEC. In addition, SoftBank Investment Advisers is affiliated with other investment advisers, including certain wholly owned subsidiaries of SoftBank Group Corp., but SoftBank Investment Advisers carries out its investment operations independently of such affiliates, with exception of the limited activities described herein. Please see Item 7.A of Form ADV Part 1A for additional information on these entities.
Item 11: Code of ethics, participation or interest in client transactions and personal trading Conflicts of interest
SoftBank Investment Advisers has adopted a code of ethics and securities trading policy (the “Code”), which sets forth standards of conduct that are expected of SoftBank Investment Advisers principals and personnel. The Code is designed to ensure that all supervised persons
comply with the firm’s fiduciary duty to place client interests ahead of their own and to avoid conflicts of interest or the misuse of position or information. The Code requires certain SoftBank Investment Advisers personnel to comply with personal trading requirements, including (1) obtaining pre-approval for certain personal securities transactions, (ii) providing initial, quarterly and annual reports of personal securities holdings and transactions, and (iii) disclosing brokerage and other financial accounts.. In addition, the Code requires all personnel to comply with procedures designed to prevent the misuse of, or trading upon, material non-public information. A copy of the Code will be provided to any investor or prospective investor upon request to the Chief Compliance Officer of SB Investment Advisers (US) Inc. Personal securities transactions by personnel who manage client accounts are required to be conducted in a manner consistent with the firm’s fiduciary duty and in a way that does not disadvantage clients. SoftBank Investment Advisers monitors personal trading activity and reviews required reports to assess compliance with the Code. Violations of the Code may result in disciplinary action, including warnings and restrictions on trading. SoftBank Investment Advisers and its affiliated persons are expected to come into possession of material non-public or other confidential information about public companies which, if disclosed, might affect an investor’s decision to buy, sell or hold a security. Under applicable law, SoftBank Investment Advisers and its affiliated persons are prohibited from improperly disclosing or using such information for their personal benefit or for the benefit of any person, regardless of whether such person is a client of SoftBank Investment Advisers. Accordingly, should SoftBank Investment Advisers or any of its affiliated persons come into possession of material non-public or other confidential information with respect to a public company, SoftBank Investment Advisers may be restricted from communicating such information to clients due to legal or regulatory obligations. Similar restrictions are expected to be applicable to some of SoftBank Group personnel as a result of the personnel serving as directors of public companies, and such restrictions can restrict trading on behalf of clients, including a Fund. Principals and personnel of SoftBank Investment Advisers and its affiliates reserve the right to directly or indirectly own an interest in one or more Funds, including certain co-invest vehicles. To the extent that co-invest vehicles exist, such are expected to invest in one or more of the same portfolio companies as a Fund. Co-invest opportunities generally are expected to be presented to certain affiliates of SoftBank Investment Advisers, as well as third party investors and other persons, and such co-investments may be effected through co-invest vehicles, directly in a particular portfolio company or through an intermediate entity in a portfolio company’s structure. Additionally, a Fund generally reserves the right to invest together with other Funds in the manner set forth in the applicable Partnership Agreement. SoftBank Investment Advisers will determine the allocation of investment opportunities in a manner that it believes is fair and equitable to its clients under the circumstances over time pursuant to its allocation policies and procedures and consistent with its fiduciary obligations, as more fully described in the applicable Memorandum.
SoftBank Investment Advisers and its affiliates, principals and personnel expect to carry on investment activities for their own account, for personal or employee investment vehicles and, potentially, for family members, friends or others who do not invest in a Fund, as well as give advice and recommend securities to vehicles which may differ from advice given to, or securities recommended or bought for, any Fund, even though their investment objectives may be the same or similar. Such activities are conducted in accordance with the Code and are subject to the firm’s personal trading, conflicts of interest, and compliance controls designed to mitigate potential conflicts and ensure that client interests are not disadvantaged.
Item 12: Brokerage practices Conflicts of interest
SoftBank Investment Advisers engages in securities transactions of both private and public companies. With respect to interests in private companies, SoftBank Investment Advisers generally purchases and sells interests in private companies through privately-negotiated transactions in which the services of a broker-dealer may be retained. SoftBank Investment Advisers reserves the right to purchase such securities and distribute such securities to investors in a Fund or sell such securities using a broker-dealer, if a public trading market exists. When SoftBank Investment Advisers purchases or sells publicly traded securities for a Fund, it is responsible for directing orders to broker-dealers to effect securities transactions for accounts managed by SoftBank Investment Advisers. In such event, SoftBank Investment Advisers will generally seek to select brokers on the basis of best price and execution capability. In selecting a broker to execute client transactions, SoftBank Investment Advisers reserves the right to consider a variety of factors, including: (i) execution capabilities with respect to the relevant type of order; (ii) commissions charged; (iii) the reputation of the firm being considered; and (iv) responsiveness to requests for trade data and other financial information. SoftBank Investment Advisers has no duty or obligation to seek in advance competitive bidding for the most favorable commission rate applicable to any particular client transaction or to select any broker on the basis of its purported or “posted” commission rate, but will endeavor to be aware of the current level of the charges of eligible brokers and to reduce the expenses incurred for effecting client transactions to the extent consistent with the interests of such clients. Although SoftBank Investment Advisers generally seeks competitive commission rates, it may not necessarily pay the lowest commission or commission equivalent. Transactions may involve specialized services on the part of the broker involved and thereby entail higher commissions or their equivalents than would be the case with other transactions requiring more routine services. Consistent with SoftBank Investment Advisers’ seeking to obtain best execution, brokerage commissions on client transactions are permitted to be directed to brokers in recognition of research furnished by them, although SoftBank Investment Advisers generally does not make use of such services at the current time and has not made use of such services since its inception. To the extent that SoftBank Investment Advisers allocates brokerage business on the basis of research services, it may have an incentive to select or recommend broker-dealers based on the interest in receiving such research or other products or services, rather than based on the Funds’
interest in receiving most favorable execution. SoftBank Investment Advisers does not use “soft dollars”, but to the extent SoftBank Investment Advisers uses “soft dollars” on behalf of the Funds in the future, it intends to do so within the safe harbor provided by Section 28(e) of the Securities Exchange Act of 1934, as amended. Orders for purchase or sale of securities placed first will be executed first, and within a reasonable amount of time of order receipt. To the extent that orders for Funds are completed independently, SoftBank Investment Advisers also reserves the right to purchase or sell the same securities or instruments for several Funds simultaneously. SoftBank Investment Advisers is permitted, but not obligated to, purchase or sell securities for several client accounts at approximately the same time. Such orders may be combined or “batched” to facilitate obtaining best execution and/or to reduce brokerage commissions or other costs. Batched transactions are executed in a manner intended to ensure that no participating Fund of SoftBank Investment Advisers is favored over any other Fund. When an aggregated order is filled in its entirety, each participating Fund generally will receive the average price obtained on all such purchases or sales made during such trading day. To the extent such orders are not batched, they may have the effect of increasing brokerage commissions or other costs. When an aggregate order is partially filled, the securities purchased or sold will normally be allocated on a pro rata basis to each Fund participating in such buy or sell order in accordance with the amount of securities originally requested for such Funds. Each Fund generally will receive the average price obtained on all such purchases or sales made during such trading day. Exceptions to pro rata allocations are permissible provided SoftBank Investment Advisers believes they are fair and equitable to its clients under the circumstances over time. In SoftBank Investment Advisers’ private company securities transactions on behalf of the Funds, SoftBank Investment Advisers reserves the right to retain one or more broker-dealers or investment banks, the costs of which will be borne by the relevant Fund and/or its portfolio companies. In determining to retain such parties, SoftBank Investment Advisers reserves the right to consider a variety of factors, including: (i) capabilities with respect to the type of transaction being contemplated; (ii) commissions or fees charged; (iii) reputation of the firm being considered; and (iv) responsiveness to requests for information. As a result, although SoftBank Investment Advisers generally will seek reasonable rates for such services, the market for such services involves more subjective evaluations than public securities brokerage transactions, and the Funds may not pay the lowest commission or fee for such services.
Item 14: Client referrals and other compensation Conflicts of interest
SoftBank Investment Advisers and/or its affiliates provide certain business or consulting services to companies in a Fund’s portfolio and expect to receive compensation from these companies in connection with such services. As described in the applicable Partnership Agreement, this compensation will, in many cases, offset a portion of any management fees paid by such Fund. However, in other cases (e.g., reimbursements for out of pocket expenses directly related to a portfolio company), these fees are in addition to any such management fees. See “Fees and Compensation.” The Fund is closed to new investors and is not accepting new limited partners; accordingly, SoftBank Investment Advisers is not currently engaging any Placement Agent to solicit new investors for the Fund, however, for any future fund the Firm reserves the right to enter into solicitation arrangements pursuant to which it compensates third parties for referrals that result in a potential investor becoming a limited partner in a Fund. Any fees payable to any such Placement Agents generally will be borne by SoftBank Investment Advisers indirectly through an offset against the management fee under the Governing Documents, although related expenses incurred pursuant to the relevant placement agent or similar agreement, including but not limited to placement agent travel, meal and entertainment expenses, typically are borne by the relevant Fund(s).
Item 9: Disciplinary information
SB Investment Advisers (US) Inc. and its management persons have not been subject to any material legal or disciplinary events required to be discussed in this Brochure.
Item 13: Review of accounts
Many of the investments made by the Funds are private, illiquid and long-term in nature. Accordingly, the review process is not directed toward a short-term decision to dispose of securities. However, SoftBank Investment Advisers’ investment personnel closely monitor companies in which the Funds invest, and the Chief Compliance Officer of SoftBank Investment Advisers periodically checks to confirm that each Fund is maintained in accordance with its stated objectives.
Each Fund generally will generally provide to its investors (i) annual audited and quarterly unaudited financial statements, (ii) annual tax information necessary for each such investor’s tax return, (iii) annual review providing, subject to an applicable limitations on disclosure provided for in the applicable Partnership Agreement, annual financial information on each portfolio company, (iv) annual valuation of portfolio investments and (v) such other reports as provided in the applicable Partnership Agreement and/or Memorandum.
Item 15: Custody
SoftBank Investment Advisers has “custody” (within the meaning of Advisers Act Rule 206(4)-2 (the “Custody Rule”)) of funds or securities held in the name of one or more Funds, Such assets are held with one or more qualified custodians, as identified in Part 1 of its Form ADV. SoftBank Investment Advisers complies with the Custody Rule with respect to the Fund by relying on the rule’s exception for pooled investment vehicles: each Fund is subject to an annual audit by an independent public accountant registered with, and subject to inspection by the PCAOB, and the audited financial statements, prepared in accordance with U.S. generally accepted accounting principles, are distributed to each Fund’s investors within 120 days of the end of the Fund’s fiscal year. Because SoftBank Investment Advisers satisfies the Custody Rule through this annual audit, investors do not receive account statements directly from the qualified custodian, and the requirement that investors compare custodian account statements is not applicable. Investors should carefully review the audited financial statements they receive.
Item 16: Investment discretion
The entities that compose SoftBank Investment Advisers together provide generally discretionary advice with respect to the investments made on behalf of each Fund. As a general
policy, SoftBank Investment Advisers does not allow clients to place limitations on this authority. Pursuant to the terms of the applicable Partnership Agreement, however, SoftBank Investment Advisers and/or its affiliates have entered, and expect to enter, into Side Letters with certain Fund investors whereby the terms applicable to such investor’s investment in a Fund are altered or varied, including, in some cases, the right to opt-out of certain investments for legal, tax, regulatory or other similar reasons. SoftBank Investment Advisers assumes this authority pursuant to the terms of the applicable Partnership Agreement and powers of attorney executed by investors of such Fund.
Item 17: Voting client securities
SoftBank Investment Advisers has adopted proxy voting policies and procedures (the “Proxy Policy”) to address how it will vote proxies for portfolio investments of the Funds. The Proxy Policy seeks to ensure that SoftBank Investment Advisers votes proxies (or similar instruments) in the best interest of the relevant Funds, including where there may be material conflicts of interest in voting proxies. In exercising proxy voting authority, the firm’s designated proxy officer consults with the relevant investment team lead (or designee) regarding how a proxy should be voted, and the investment team is responsible for ensuring that the voting decision is made in the best interests of the applicable Fund. SoftBank Investment Advisers may determine not to vote a proxy when voting would be cost-prohibitive or otherwise would not be expected to provide a benefit to the relevant Fund. SoftBank Investment Advisers generally believes its interests are aligned with those of each Fund’s investors, for example, through the principals’ beneficial ownership interests in such Fund and therefore will not seek investor approval or direction when voting proxies. In the event that there is or may be a conflict of interest in voting proxies, the Proxy Policy provides that SoftBank Investment Advisers may address the conflict using several alternative procedures. Conflicts of interest may arise, for example, if the issuer or proponent of a proxy proposal is an investor in a Fund, if the issuer or proponent has a material business relationship with SoftBank Investment Advisers or its personnel, if firm personnel have relationships with candidates for director in a proxy contest, or if firm personnel have a personal interest in the outcome of a matter. In such cases, the proxy officer consults with Compliance, which reviews the relevant facts and may address the conflict by, among other things, voting the proxy in the best interests of the relevant Fund, abstaining from the vote, applying conflict procedures required by the relevant Fund documents, using a pre-established voting policy or plan that affords little or no discretion, or obtaining a recommendation from an independent third party. SoftBank Investment Advisers generally votes proxies in the manner recommended by management unless the responsible investment team member determines that a different vote would be in the relevant Fund’s best interests. If you would like a copy of SoftBank Investment Advisers’ complete Proxy Policy or information regarding how SoftBank Investment Advisers voted proxies for particular portfolio companies, please contact the Chief Compliance Officer of SB Investment Advisers (US) Inc., and it will be provided to you at no charge.
Item 18: Financial information
SoftBank Investment Advisers does not require prepayment of management fees more than
six months in advance or have any other events requiring disclosure in this item of the Brochure.
Subsidiaries and ownership
Parent company (GLEIF)
Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.
Timeline
Filings
23 filings to the SEC since October 2021: 23 other. The latest 20:
- Aug 31, 2026N-PX EDGAR
- Aug 14, 202613F-NT EDGAR
- May 18, 202613F-NT EDGAR
- Feb 18, 202613F-NT EDGAR
- Nov 14, 202513F-NT EDGAR
- Aug 29, 2025N-PX EDGAR
- Aug 14, 202513F-NT EDGAR
- May 15, 202513F-NT EDGAR
- Feb 14, 202513F-NT EDGAR
- Nov 14, 202413F-NT EDGAR
- Sep 3, 2024N-PX EDGAR
- Aug 14, 202413F-NT EDGAR
- May 15, 202413F-NT EDGAR
- Feb 14, 202413F-NT EDGAR
- Nov 14, 202313F-NT EDGAR
- Aug 14, 202313F-NT EDGAR
- May 15, 202313F-NT EDGAR
- Feb 14, 202313F-NT EDGAR
- Nov 14, 202213F-NT EDGAR
- Aug 15, 202213F-NT EDGAR
The 23 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Stakes it holds
SB INVESTMENT ADVISERS (US) INC. has told the SEC it owns more than 5% of 3 companies, latest first (Schedules 13D and 13G).
- SVF Investment Corp.SC 13G Feb 14, 20225
- SVF Investment Corp. 2SC 13G Feb 14, 20226
- SymboticSC 13G Feb 14, 20227
Sources
The numbers on this page point here. Each one links to the record it came from.
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