Plans by Softbank Investment International (Strategic) to raise up to US$300 million for its Greater China Internet fund have been set back by external market conditions.
Softbank Investment president Junichi Goto said 'outside circumstances', such as a sharp fall in stock prices, had dealt a blow to Softbank's ability to raise funds.
'There is no more easy money,' Mr Goto said.
'We have to explain more about the details of our investment strategy, what kind of companies we are investing in and so on, and we have to show investors that these investments are still viable.
'Nowadays, investors think clearly before they invest.'
SAR-listed Softbank Investment - formerly known as household fabrics and garment manufacturer Cheung Wah Development - had planned to raise US$200 million to US$300 million for its venture-capital fund, which had a mandate to invest in traditional off-line businesses in the mainland with a view to transforming them into online entities.
However, the fund - known as Asia Net-trans Fund - was worth only US$36 million when it launched in June, of which US$6 million had been contributed by Softbank International.
