Top U.S. partner at SoftBank's $100 billion Vision Fund is leaving

SAN FRANCISCO – A top U.S. partner at SoftBank Group Corp.'s technology fund is stepping down, after the company posted declining returns on its investments and struggled to raise capital for the next Vision Fund. Michael Ronen, the outgoing managing partner, expressed concerns about "issues" at SoftBank in an interview with the Financial Times, which earlier reported his departure. Since joining in 2017 from Goldman Sachs Group Inc., Ronen led a series of investments, most notably a $2.25 billion deal for General Motors Co.'s Cruise self-driving unit. He's at least the second managing partner to leave in the last couple of months. SoftBank bid up the valuation of WeWork parent company The We Co. to $47 billion before a failed attempt at an initial public offering sent the value plummeting and forced the conglomerate to bail out the coworking startup.