With the Vision Fund's estimated losses, analysts said its investments are now likely valued below cost. Moreover, the troubles have left Son's plans to raise a second mega-fund in tatters. backers and SoftBank stakeholders including U.S. activist investor Elliott Management have called for a committee on the board to oversee Son's big investments, the people said. don't think the Vision Fund has worked out quite the way many anticipated," said venture partner Ben Narasin at New Enterprise Associates. "In some cases it's an open question as to whether (SoftBank's) bets made sense as laid. Others were spot on, but likely to be hindered by the new COVID realities."