[anomatopoeia]

Yes this was and remains my thoughts since the fund was first announced - this whole thing very much echoes the previous strategy in certain respects.

Two key differences:

1. Stage of investment

Last go round Son was writing a vast number of (relatively) small checks in early stage companies before stumbling into late stage investments like Webvan. Standard VC stuff - playing the averages and buying a lot of lottery tickets. Alibaba was only $20MM investment as I recall

This time around he seems to be making massive investments in much later stage companies. What is the rosiest possible outcome for his $7BB Uber investment? and how does this compare to the alternatives for an investment of this size?

2. Makeup of the fund

This article touches on it but important to note that this is not a $100BB pile of equity from the partners. The fund is structured with a substantial debt component - ie the fund needs to pay out a coupon every year so very different structure than typical VC funds. I understand the reasoning behind this but things could get difficult in a hurry should the market take a big turn at the wrong time in the funds cycle.

Will be fascinating to follow