Directed Inquiry

Question: Investigate SoftBank Vision Fund: Search SEC EDGAR for "Form ADV filings for SoftBank Investment Advisers, SB Investment Advisers". Investment adviser registrations would reveal fund structure, foreign status, and regulatory exemptions claimed. Report any findings as factual claims with dates and evidence.

Date: 2026-04-09

Research Findings

Research reveals that SoftBank Vision Fund operates through a complex multi-jurisdictional structure involving several related entities with different regulatory statuses. The primary US investment adviser entity, SB Investment Advisers (US) Inc., is fully registered with the SEC under file number 801-108927 (CRD 286323), indicating it did not claim exemption from registration. The UK entity, SB Investment Advisers (UK) Limited, is incorporated in England and authorized by the Financial Conduct Authority as an alternative investment fund manager under AIFMD. The fund structure includes Jersey-based general partners (SVF GP (Jersey) Limited and SB Delta Fund GP) that are deemed registered under the Advisers Act through their affiliation with the US registered entity.

Contrary to what might be expected for a large foreign fund, SoftBank Vision Fund's advisers appear to have chosen full SEC registration rather than relying on foreign private adviser exemptions. This suggests they either have substantial US operations, US investor participation, or strategic reasons for maintaining full regulatory compliance. The multi-entity structure allows them to operate globally while maintaining appropriate regulatory status in each jurisdiction - full SEC registration in the US, FCA authorization in the UK, and Jersey incorporation for the fund vehicles themselves.

Data Collected

• Entities created: SB Investment Advisers (US) Inc., SB Delta Fund GP (Jersey) Ltd, SB Delta Fund (Jersey) L.P.
• Facts recorded: 7
• Connections mapped: 4
• Web sources consulted: 32

Sources

• SEC.gov | Electronic Filing for Investment Advisers on IARD: How To Register With the SEC as an Investment Adviser and How to File Reports with the SEC as an Exempt Reporting Adviser
• SEC.gov | Frequently Asked Questions on Form ADV and IARD
• Form ADV (provided in PDF format): • Instructions & Glossary •
• SEC.gov | Electronic Filing for Investment Advisers on IARD
• SEC.gov | Division of Investment Management: Electronic Filing for Investment Advisers on IARD:
  Forms, Policy, and Law
• Sec
• SEC.gov | Information About Registered Investment Advisers and Exempt Reporting Advisers
• SEC.gov | Electronic Filing by Investment Advisers; Amendments To Form ADV; Technical Amendments
• SEC.gov | Form ADV Data
• SEC FORM 4
• SB INVESTMENT ADVISERS (UK) LIMITED overview - Find and update company information - GOV.UK
• SEC.gov | Frequently Asked Questions on Form ADV and IARD
• All SEC EDGAR Filings for SB INVESTMENT ADVISERS (UK) LTD
• 1 SEC 1707 (07-24) File 1 of 5 FORM ADV (Paper Version)
• Form ADV (provided in PDF format): • Instructions & Glossary •
• Form ADV | Investor.gov
• Form ADV: Instructions for Investment Advisers
• Form ADV Part 2 Data Files - IAPD - SEC.gov
• Form ADV - Uniform Application for Investment Adviser ...
• SEC Form ADV: What Advisors Need to Know
• SB INVESTMENT ADVISERS (US) INC. - Hedge Fund Database
• FORM ADV
• F-1
• SEC.gov | Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets Under Management, and Foreign Private Advisers
• The Path to Registration with the US Securities ...
• Dodd-Frank Exemptions for Foreign Private Fund Advisers | Loeb & Loeb LLP
• Exemptions for Advisers to Venture Capital Funds, Private ...
• SEC Adopts Final Rules Regarding Advisers to 'Venture Capital Funds' Exempt from Registration as Investment Advisers
• What is an exempt reporting adviser (ERA)? | Databento Trading Compliance Guide
• SoftBank Vision Fund - Wikipedia
• SEC Adopts Final Rules Regarding Exemptions from ...
• U.S. Regulations of Non-U.S. Fund Managers and Reporting Requirements - Blue Dot Law