SoftBank Vision Fund Managing Partner Jeff Housenbold to Exit

(Bloomberg) -- Jeff Housenbold, the SoftBank Vision Fund managing partner involved in its bets on unicorns including DoorDash Inc. and Opendoor Technologies Inc., is leaving the firm, according to a memo seen by Bloomberg.

The executive, who has worked at SoftBank since 2017, is leaving to run his own business, SoftBank Vision Fund Chief Executive Officer Rajeev Misra, said in the memo. Housenbold led 17 investments across the firm’s first and second funds including Compass, Rappi, Alto, and Memphis Meats.

“Jeff has been an exceptional investor, a trusted adviser to our companies, a strategic thought leader and a champion of diversity and inclusion,” Misra wrote.

Housenbold will remain with the firm for six months to ensure a “smooth changeover,” and then will be a senior adviser to Misra and SoftBank founder Masayoshi Son. The former CEO of photo-sharing platform Shutterfly, Housenbold is responsible for the Vision Fund’s investments in other companies including Clutter, Katerra and Plenty, the firm’s website shows.

DoorDash, which had an initial public offering last month, and Opendoor, which went public last year through a merger with a special purpose acquisition company, are slated to be winners for the Vision Fund, which had been hurt by a high-profile bet on WeWork.

Housenbold also oversaw SoftBank’s bets on dog-walking startup Wag, which resulted in a stake sale back to the company, and Brandless, a direct-to-consumer personal care and packaged goods company, which shuttered last year.