Thank you very much for waiting. Good afternoon, everyone. Now, we would like to start the SoftBank Group Corp. Investors Briefing for Fiscal Year ended March 31, 2022. First of all, I would like to introduce the representatives from SoftBank. Mr. Goto, Board Director and CFO. Ms. Kimiwada, Corporate Officer, Senior Vice President and Head of Accounting. We also have Mr. Navneet Govil, Managing Partner and CFO of SoftBank Investment Advisers from United States. First, Mr. Goto will make a few comments about the current market and environment. Then the overview of the consolidated results by Ms. Kimiwada, and financial update by Mr. Goto, followed by SoftBank Vision Fund update by Mr. Navneet Govil. Simultaneous interpretation service is available for today. You can choose either English or Japanese for this meeting.
If you wish to hear original voice of each language, you don't need to do anything. We can take both English and Japanese questions within Zoom after the presentation. Material for today is available at our corporate website. Now, we would like to invite Mr. Goto to make a few comments about the current market and environment. Mr. Goto, please.
Yes. This is Goto speaking from SoftBank Group. Thank you very much for joining today. In the beginning of this session, let me touch on the current environment from finance team's perspective. As a company, what are the agenda? What are the prospects? Kind of a big picture. I'm showing this first slide. I think this is something very much familiar to you already, interest rate, oil price, and Nasdaq index. Also S&P 500.
This is the almost 12-month trend interest rate. It's no surprise, I think this is something you have already built it into your forecast. Oil price. The Russian invasion of Ukraine is also one big trigger. Including such a Russian issue and also U.S.-China tension, in addition to that, COVID-19 situation gives us the far right, which is the equity market situation. The reason I pick up those three graphs is because our company, same as others, we have been facing to such a data to discuss the future development of the company's business. Our company became investment company. Even in the different sectors companies, this kind of factors are affecting to their business performance. But when it comes to investment company, the impact from the market is especially large. Interest rate specifically does not really.
Of course, in big picture gives us an impact, but not to specifically. Interest rate does give to the impact to equity market, which gives an impact to us. It's not direct connection, but indirect. Same as oil. Oil price surge does not directly impact our business performance, and because we don't do or have the oil products for our transaction. Interest rate, oil price, or both, impact to the equity market, that leads to the impact to our business performance. In the current environment, for Chinese portfolio companies, we relatively have more exposure to China or Chinese companies as we understand the attractiveness of this, market. In addition to that, we have also invested in China from our own balance sheet, including Alibaba, which is taking, quite a large part of our assets.
Like you see on your left-hand side of this slide, these are the kind of movements or events that we have been seeing and we will be seeing. Still, there are diplomatic intentions. Sometimes these two are very tough measures or tough behaviors by the administrations. From both U.S. and China, they are also one part or a member of the participants of the market, so that I believe personally the situation will be calming down. Still, this is a fact that we've been seeing this Nasdaq Golden Dragon China Index is declining continuously. We do need to face the fact here, and we do need to build those into our activities in investment. Under such circumstances, in one word, it's still uncertain.
Under the uncertain environment, we need to take a close look, and we do have a room to be able to take a close look. It's because on your right-hand side, you see we have already predicted these kind of things could happen, so that we've been always following this financial discipline. When the market is good, it's really sometimes people may criticize that having two-year equivalent of bond redemption in our cash position when the market is good. However, market could collapse all of a sudden, so that's why we wanted to become a good prepared company and keeping these financial disciplines with us.
I think it's not yet that we are in disastrous situation, but when we come a little bit closer to such disastrous situation, we wanted to make sure and be prepared that we can show you how safe and how robust we are of our financials. As you can see on your left-hand side box, decline in value may continue going forward. Under such circumstance, we would like to be more conservative in terms of investment activities and slowing down the investment pace. Also, we will maintain this financial discipline. As long as we can keep this policies, we would also like to explore the good opportunities for our growth strategy, which includes unicorn investments by Vision Fund and Arm's future development.
Actual investment itself, of course, does require capital, and we do need to have a well-managed cash speed for financing. When it comes to Arm and its future development, they are not in immediate need for the capital at this moment, so that we would like to brush up the mid- to long-term strategy for Arm with management of Arm, so that we'll be able to forecast the needs going forward. We are still expecting the possible downside, downturn in the coming year. We would like to closely watching the market situation, analyzing the risk profile, and like to be in defense mode in operating our business. That is all from me for the first comments on the current environment. Now that we would like to pass on to Kimiwada-san.
Thank you, Goto-san. My name is Kimiw ada, and I'm gonna walk you through accounting section. Page two, please. Financial result for FY21 we announced yesterday was summarized here. Net sales, JPY 6.2 trillion. We had a loss before income tax, JPY 869 billion, and the net loss was JPY 1.7 trillion. As you can see at the bottom, obviously huge loss from Vision Fund and others, which was around JPY 3.7 trillion. That was a major driver behind the net loss for the term. Let me move on to next slide, page three. Change in reportable segments in FY21, Latin America Fund segment became independent because pre-tax income should exceed a certain level.
Please note that because SoftBank Latin America Fund will be managed by SBGA, which manages SVF2, the Latin America Funds segment will be integrated in the SoftBank Vision Fund segment starting from FY 2022 to first quarter. Next slide is talking about termination of agreement on sale of all shares in Arm. From accounting treatment perspective, as you all know, deal was agreed with NVIDIA in September 2020. In February 2022, we announced termination of the sales agreement. Back in September 2020, we received $2 billion in cash. It has two components, $1.25 billion was a deposit. It's non-refundable. In fourth quarter of FY 2021, this amount was recorded as profit. SBG has 75%, Vision Fund has 25% of the stake. According to the proportion, the profit was recorded by respective segment.
The second component is JPY 0.75 billion, which Arm received as consideration for technology license agreement. The license remains extant, with revenues being recognized in the period of the agreement. Please note that Arm remains the company's consolidated subsidiary. Moving on to next slide. Talking about segment income, especially investment business of holding companies. As a segment, investment business of holding companies is probably hard to understand because it has a lot of things in here. Let me try to sort them out. With regards to T-Mobile, the information is presented in the red dotted lines, which includes partial sales and valuation gain or loss on the holdings and valuation gains or loss against the derivative agreement with Deutsche Telekom. Information in the blue dotted line is talking about gain relating to sales of.
Excuse me, realized gain or loss on investment at asset management subsidiaries. Effectively talking about Norths tar, the balance has been getting smaller and smaller, and as of the end of the FY 2021, we recognized the loss. Also, derivative gain or loss related to Alibaba's prepaid forward contract. Alibaba's share price has been on the downward trend, and against that, derivative gain was recorded, which was about JPY 1.1 trillion. Moving on to next slide. Page six is talking about partial sales of T-Mobile shares in September 2021. Please take a look at this whenever you have time. Move on to next slide seven. Talking about T-Mobile shares. The bars. Dark blue part of the bars show T-Mobile shares not subject to options.
Mostly, the T-Mobile shares that we have are subject to the call options. Moving on to next slide. Share prices and holding of Deutsche Telekom stocks. Next slide shows T-Mobile shares fair value of contingent consideration. Just to remind you, consideration is the company has the right to acquire JPY 48.75 million T-Mobile shares for no additional consideration if certain conditions are met. Every financial term, we value at the fair value. When stock price goes up and certain conditions are met, that should be positive to us. As for FY 2021, JPY 93 billion derivative gain on investment were recorded. Just to remind you, conditions are 45-day trading VWAP of T-Mobile shares should be equal or bigger than $150 during April 1, 2022 - December 31, 2025.
Moving on to slide 10, investment in listed stocks and other instruments. Effectively talking about Norths tar. The balance compared to end of FY20, end of FY21 was much smaller, about JPY 351 billion , excuse me. Next slide, page 11, is talking about derivative gain or loss on Alibaba prepaid forward contracts. Quarterly trend. Again, just to remind you, in FY21, income before income and tax was JPY 1.1 trillion. Asset and derivative liabilities are shown on the right-hand side. Derivative financial assets was about JPY 1.5 trillion as of the end of FY21, for example. Moving on to next slide, page 12. Consolidated P&L summary, as you may all know, just to point some things. Foreign exchange loss, JPY 706 billion. I will come back to the point later.
Income before income tax or loss actually was negative JPY 869 billion. Income taxes, JPY 592 billion . Income taxes is include current income taxes recorded at SBKK and Yahoo Japan, which make profits, and also deferred tax expenses recorded due to the recording derivative gain from Alibaba's prepaid forward contract. Meanwhile, huge loss by SVF. For that, only tax expenses are recorded from our P&L perspective. All in all, net loss attributable to owners of the parent was JPY 1.7 trillion . Next slide shows difference in tax rate. Percentage and amount of, tax, whether those carried forward should be recorded or not was factored in here. Again, income before income tax was JPY - 869 billion , and tax rate actual was 68.2% or JPY 592 billion amount.
Next slide shows those carry forwards as of March end, how much those carried forward was on the balance sheet. For companies based in Japan, mainly SBG standalone on income basis, those carried forward was JPY 3.5 trillion. For that, from accounting perspective, considering recoverability, we can't record assets, so we provided for valuation allowance. Consequently, those carried forward as carrying amounts in BS was very small. Next slide, page 15, consolidated BS summary for assets. Please take a look at this slide later when you have time, but only of current assets. Vision Fund investment and non-Vision Fund investment are separated, and non-Vision Fund investment, which is over JPY 4.2 trillion, is broken down on page 16.
Mainly as of March 2022, that's in fund, JPY 1.1 trillion, and T-Mobile, JPY 957 billion, Deutsche Telekom, JPY 518 billion, SoFi, JPY 110 billion, and so forth. In principle, those assets are valued at fair value. Next slide shows BS from liabilities perspective. Please come back to the sheet later when you have the time. Next slide, equity. Due to our foreign exchange loss that we recorded this time. Let me draw your attention to accumulated other comprehensive income, which is about JPY 2.4 trillion. Due to weakened JPY, foreign subsidiaries equity, if they are positive with weaker JPY, you see, the obvious increase. But it is not picked up in P&L, mainly Vision Fund, which is our subsidiary, and Alibaba, although it's an affiliate. But impact on Alibaba from weaker JPY is reflected here.
Next slide shows illustration of impact of weaker JPY on P&L and BS. On P&L, JPY 700 billion foreign exchange loss is recorded, mostly driven by subsidiaries in Japan with foreign currency denominated cash and cash equivalents or foreign currency denominated liabilities. Those are re`flected in P&L. On the other hand, our foreign subsidiaries and associates whose functional currency is not JPY with weaker JPY, exchange differences from translation should be reflected as a positive from BS perspective, not P&L. This time, the portion on BS side is much bigger than portion on P&L side, just to give you an idea. Again, next slide shows impact of the weaker JPY for your reference, for your information. As of FY 2021 end, net foreign currency denominated stuff was negative and bottom half shows exchange differences from translations and consolidated BS at FY 2021 end.
Next slide shows cash flow, which I would recommend you to come back to later. For operating activities, it covers cash flow from investment activities by Norths tar. Next slide shows segment income of SoftBank Vision Fund, which I believe will be explained in detail by Navneet later, so I will skip this. Moving on to page 23, co-investment program to SVF 2 with a related party transaction. Our present CEO, Masayoshi Son, is involved here. This is explained in detail in the financial reports. In financial summary. That's all from myself. Thank you very much.
Thank you. Now, I would like to invite Mr. Goto to give you a financial update.
Yes, thank you. Thank you very much for your time today. First, let me start with a summary of fiscal 2021. There are three agenda. Performance results and net asset value and financial activities, financing activities and investment activities. In overall summary, although we've been going through the uncertain market and environment, but we keep our financial policy and made a robust steps for investment activities and shareholders' return. Public securities decline in value has been impacted to our results. Our net loss, JPY 1.7 trillion, has been recorded. Net asset value, one of the most important index for us, JPY 18.5 trillion compared to last previous term, 31st, 31% decrease year-on-year.
We understand and face these facts, but at the same time, carrying JPY 18.5 trillion of net asset value, which is also one fact as well for financing activities. We believe that we'll be managing a very steady and safe management of our financials and a 20.4% loan to value bit improvement from the last term and also JPY 2.9 trillion of cash positions. Considering the redemption schedule, not only two years, but actually three-year equivalence of the cash redemptions for the bonds is on us with on our balance sheet. Asset-backed financing. We believe that we've been able to utilize and take advantage of our assets, JPY 22.3 billion Alibaba, Arm, T-Mobile, Deutsche Telekom. Those are the ones that we've been using for the asset-backed financing project.
These are the non-recourse financing and keeping liquidity with us. That gives us a very positive way for our issuance of our bonds. For example, our straight bond, about JPY 1 trillion level of the issuance being made. Investment activities. This fiscal year, $44 billion investment been done through Vision Fund 1 and 2. In addition, $4 billion from LatAm Fund. It's close to $50 billion investments been done. This investment has not been evenly allocated to the 12 months. Actually, we've been controlling the speed of the investment based on the situation of the market. I believe the control of the speed is very important to manage our loan to value, and that's something that I would like to emphasize once again here.
While we proceeding with these investment activities, we've been also working on the divestments and monetization. Also distribution from fund Vision Fund 1 and 2 in total all have received $15.2 billion. These funds actually been used as an source or recycling to the investments. At the same time, because we've been understanding the China risk, portfolio distribution has been carefully managed. Now the Alibaba share of equity value of holdings is 23%. One time it actually went up to 60%. Now that down to 20% level. Last but not least, we have announced a buyback in November last year. JPY 1 trillion announcement was made over one year. This is making good progress as of the end of March, JPY 433 billion .
Out of JPY 1 trillion, progress-wise, I believe that we are on schedule, as for buyback project. Now I would like to go into details. First, investment activities by the group. Big picture, we haven't changed much. Each investment entity is making their independent decision through their own respective investment committees and make a decision on the investments. This past 12 months, mainly from Vision Fund 2, is going to be the kind of the seeds for a future growth. We believe these we have a such an portfolio so that we'll be able to prioritize the safety first when situation the market doesn't look good.
This slide explains you the kind of a concept of the investment strategy overall, although each vehicle has their own investment committee to make their decisions on investment activities. However, it is also important to keep the consistent concept of investment strategy, which is for us to become vision capitalist for the information revolution. Through such businesses, we would like to realize our corporate philosophy, which is information revolution, happiness for everyone. Now that we are marking 40th anniversary, back then there was no internet, there was no IT. Under such circumstances, we came up with this corporate philosophy. At every stage of the growth, of course, the agenda was different, but now our current agenda is to become the vision capitalist for the information revolution.
That brings it down to two concept. One is to invest in unicorns globally so that we can encourage the, or foster, the AI-based innovation, or AI markets, leading to the AI markets. That brings us the future visions. In addition, we would like to make sure to clarify the clear path for the further growth of Arm, and that we believe is the core of the each technology. We also like to be the provider for the basic infrastructure for the technology and AI where that Arm can play in a very good role.
This term's results, once again, a bit heartbreaking. We have seen a large decline of fiscal 2020 to fiscal 2021, JPY -3,434 billion in gain or loss in investments, and net loss JPY 1,708 billion. Last year we recorded JPY 5 trillion in net income. Net, we still actually been able to see the good positive number. More importantly, last year, at the time of announcement last year, our performance cannot really measure P&L only because we run that investment business. We believe that the net asset value is a really important measure. We believe that we will keep this kind of ups and downs, but at the same time, main direction is towards a growth.
That's a kind of important base for our future development. Here is the net asset value. Before adjustment, meaning we have some assets for asset-backed finance. We calculate net asset value excluding such asset-backed finance assets. Before we exclude asset-backed finance adjustments, it was JPY 29 trillion. We have JPY 5.8 trillion for the asset-backed finance, that gives us JPY 23.2 trillion. For net debt, we exclude asset backs, but non-recourse portion will be added back. After the adjustment, that gives us JPY 18.5 trillion for net asset value as of the end of March. Here is per share. Continuously, we still see quite a large discount, so we would like to keep our efforts to narrow down this discount as one of our important management agenda.
In equity value of holdings. Now, it is decreasing to 23.2 as of March. Breakdown of this equity value of holdings. Still, I believe the highlight is Alibaba's exposure to Alibaba. Last year, same time, it was 42%, and now that decreased to 23. What is increasing is Vision Fund 1 and 2 and LatAm Fund. Adding those three gives you about 42% or so. As of last year, same time, it was 25% of those three elements, so 25 - 45. Just about the same portion of Alibaba decrease is being replaced by those three funds. Arm is still private company. Now it's 12%. Once they go public, we believe this can grow gradually.
Once value increase and reborn as a public securities, public securities ratio among our assets is going to change. Along with decrease in Alibaba public securities proportion is decreasing, but once Arm IPO happens, then that ratio will be improved to some extent. The cumulative investment return for Vision Funds. On your left-hand side, Vision Fund 1, there are increasing trend in exits and investment effect-wise, $89.2 billion investment cost and $117.9 billion cumulative investment return. On your right-hand side, Vision Fund 2, they just started it, so it's not that big difference, but $47.5 billion investment cost and $47.6 billion cumulative investment return. Our ownership stake-wise, Vision Fund 1 case, we have third party who accounted for a majority or more than 50%.
Our ownership is less than half, but we have some management holdings. Excluding those, that will be our performance of SoftBank Group. This is the regional diversification, and China is 19%. Looks like it doesn't change much, but actually number-wise, that's true, it's not that much change. When it comes to investment activities point of view, investment in China has been slowing down. Because we have slowed down the investment in China, but at the same time, decline in the market value of portfolios in China is also large. This shows the average cost for Vision Fund 1 and 2. It was also explained to you at Masa's presentation yesterday. What we have learned in Vision Fund 1 has been used for Vision Fund 2.
For Vision Fund 1 case, left-hand side, ticket size per company JPY 0.9 billion per company. This is quite a large number we're talking here for one company we invest. Of course, there are some small ticket size company as well. That gives us the 94 companies which the cumulative number of investments. But for Vision Fund 2, on your right-hand side, average investment cost per company is about JPY 0.2 billion. It became one quarter. Cumulative number of investments, 242, because ticket size per company has been reduced, so that we have increased the number of investments. It's about 3 x from Vision Fund 1. This shows the activities, Vision Fund 1 and 2.
In one year, we made JPY 40 billion of the investment in Vision Fund 2. It's not that we are keeping the even pace for each quarter. Actually, first and second quarter, the market was still very good so that we were making quite aggressive investments. The third quarter and on, the market has changed, and we faced that change and started to reduce the investment from there. Because we have reduced the investments, we were also able to do the buyback of our shares. The reason we have decreased the investments here is because to protect and manage our financial discipline safely. To manage our financial discipline in safe manner, we do need to manage our speed of investment.
When it comes to investment, there are investment in Vision Fund, but also investment in our own share, which is buyback. If there is 100, money of 100 for investments, how can well manage the balance between investment through Vision Fund and buyback? That's one of the most important agenda for the management of the company. Third quarter, fourth quarter, we have reduced the investments by Vision Fund, and looking at the loan to value and cash position, focusing those numbers, and start our buyback, within the financial discipline scope. That's why, that we were able to make, such a good progress of buyback, which I explained to you earlier. Here is a kind of a growth of the portfolio. IPO numbers through Vision Fund 1, we have 12 companies went public. Vision Fund 2, 11 companies went public.
Just one year, and these are the number of IPOs. In total, 23. I think it's the good numbers. Of course, going forward, there are some difficulty in IPO market so that we may see some decrease in numbers for IPO. But at the same time, I believe we will see the recovery of the market again in IPO market, so that we'll be able to see the good numbers sometime in future. Then the cycle-wise to sell and monetize, and that can be the source for the next investments. This is the results from the monetization. $616.5 billion from Vision Fund 1, and JPY 8.1 billion from Vision Fund 2, total JPY 24.6 billion monetizations and sales has been made.
With this money that being used as a source and recycled to the new in any investments for the coming fiscal year. Contribution to Vision Fund 2, it was $41 billion on your left-hand sidebar. Of course, we have some contribution to LatAm, so it was about $46 billion of contribution to those funds. Buyback was JPY 344 billion. The source for the investments on your right-hand side, source of the funds, distribution from Vision Fund 1 and 2, we have about JPY 20 billion. That's actually main source for the recycling that so funds from the funds. Our assets that held on the balance sheet being used for the financing, asset-backed financing. The Alibaba case, JPY 11 billion, and Arm case, JPY 8 billion for asset-backed financing.
T-Mobile, Deutsche Telekom shares utilized financing gave us $3.2 billion. Those is the debt without recourse. Effectively, non-recourse finance has been structured here. The purple portion also includes our cash positions. In our bond issuance, we have the bonds that can be used for the general purpose of the business. The bonds are also included in this purple bar. For the fund commitment, Vision Fund 1, the investment period has already been finished, so $98.6 billion, and the $56 billion for Vision Fund 2. That was the investment activity summary. From here on, I would like to touch on Arm a little bit. Last year, we agreed to terminate the agreement with NVIDIA, and I believe it has been interpreted in negative way by the market.
Internally, actually, we've been discussed several times repeatedly. At the time of announcement, we had already clear picture on the revenue or Adjusted EBITDA level, including forecast has been discussed. We came to conclusion that it is better for Arm and more effective if we terminate the agreement with NVIDIA and aim to go public once again for the company. That's why we made such an announcement. Compared to the assumption we made back then, actually, revenue and Adjusted EBITDA exceeded what we have expected back then. As you know, Masa's management style, whenever there is a costly thing, and if there is anything that we can bring forward and recognize in accounting point of view, that he would rather like to take it, make it happen earlier.
Anything that we can start for a cost related projects or cost related matters, he would like, we would like to make it happen. Still, we were able to see this good great numbers of results in revenue and Adjusted EBITDA. For those who've been closely watching Arm in the past few years, I believe this was quite a positive surprise to see such a great performance. The core of the Arm business itself has been great, showing a good growth. Now the Arm-based chip shipped on your left-hand side, this is something familiar, I believe.
At the time of acquisition, when we make a pre-presentation of the acquisition announcement. Our forecast for our shipments of chips, of course, we were expecting to increase the number of shipments. It will increase exponentially. Actually, this follows as we expect number of shipments is increasing exponentially. As for market share, those sectors which requires cutting-edge technology does require chips. That's why this includes mobile or IoT and so on. I believe need to utilize for our sales and marketing so that we will be able to keep as a key player for such growing sectors or growing businesses. For IPO, we have been having some issues in China.
You may have seen in the articles in newspapers, and we've been spending quite enough time to normalize the governance of China. Very happy to say that this issue has been solved so that preparation for IPO, this China issue has been solved. That's not only the challenge, but actually of course, there are many things to be prepared. Of course, we need to enhance the management furthermore for the better development. There are more to come, many things to be done, but at the same time, aiming to go public within this fiscal year. There are some questions yesterday at Masa's presentation. Even if we can make full preparations for IPO, but if the market does not allow, of course, we need to consider postponing the event.
The cash position-wise, we do have enough headroom there so that we don't need to hurry, we don't need to be rushed. We should just aim for the best timing for the IPO. Financial condition. This is the summary for the financing activities. Fourth quarter, January to March, we have issued a domestic subordinated bonds. This was a very good deal for asset-backed financing. Highlight is Arm shares asset-backed financing. Because we have clarified the Arm IPO event, we were able to successfully structure asset-backed financing using Arm shares. But also continuously having a forward transaction using Alibaba share for $4 billion, and T-Mobile shares monetization is also ongoing. With these financing activities, loan to value now. Each one of you, analysts, investors, you may have your own calculation for our loan to value.
Compared to yours, you may feel this is a positive surprise, 20.4%. In March, we had raised $8 billion with Arm financing, and that has enhanced and improved the loan to value dramatically. Sometimes the people misunderstand that loan to value, because we will exceed 25% so that we are very rushed to do the Arm finance. That's not true. Actually, without Arm financing, we were managing less than 25% of loan to value. The reason we have Arm finance is because whenever we have some uncertainties in the market, we want to be well prepared fully in advance. That is why that any particular shares that we can utilize, we utilize those to be prepared for any uncertainties ahead. Here, JPY 2.9 trillion in cash position.
In coming two years, actually, redemption balance is not too large. JPY 1.3 trillion is large enough for many of you, but for us, for our company, this is not that large redemption amount. Actually, even if we add third year from today for the bond redemption, still we cover with our cash position as of March end. Under the current situations, there could be a geopolitical risk or a diplomatic risk. We may see the shutdown of equity market all of a sudden. The reason we've been preparing for this is because there are always the possibilities of shutting down the bond market.
Whenever there is such an occasion occur, we need to be prepared, otherwise, many of the companies go bankrupt, because all of a sudden bond market shut down at the financial crisis. Why we are so keen on this cash position level linked to the bond redemption. Usually looking at the history, even bond market shut down for six months all of a sudden, but in looking at the history six months later that you see the reopen of the market. However, we wanna be even more safe and re-prepared. That's why we always like to have a cash position for two year equivalence of the bond redemption. This is the overall schedule. I don't think there is any big issues.
One highlight I should be mentioning here is the repurchase of foreign currency denominated senior notes. You'll see the other slides later on, but right now bond prices have actually been declining. Under such a timing, we want to be flexible to consider buying back our bonds from time to time. We do have a history of doing so in the past. We would like to consider in the future, whenever we think that the market is for that. On your left and right, you see a steep increase. For P&L, actually, that's a positive if we repurchase our bonds. With that, we can improve the spread so that we'll be able to be prepared for the next issuance, potentially.
This is the summary for asset-backed finance using share. We didn't have much opportunity to explain to you the detail, but which is aiming for IPO, we have structured the asset-backed financing using such share $8 billion. Because of JPY, weak JPY, that gave us JPY 1 trillion in JPY term. Our holding share 75%, that's the used for the collateral. This is a bullet repayment at maturity. But at the same time, two-year term. During this two year, go public is the important milestone. Once IPO complete, three months after that, we will be repaying. The time that the offering proceeds from offering may be the source for the repayments.
Once that they go public, this is going to be public securities so that can be also refinanced for the asset-backed financing. So there are ways and options we, available for us, but we haven't really decided how we're going to do with that. We will wait until the time comes and decide the best option. On your right-hand side, participating financial institutions are shown, listed here. These are the financial institutions that are making a very important role for this financing. Here on is regarding interest-bearing debt. You see that the interest-bearing debt excluding non-recourse items remains stable. With asset-backed financing, fourth quarter, we were able to exercise very effective manner, and that gave us the, liquidity and debt less. The adjusted net debt is actually decreasing.
This is another part that I want you to see closely. Based on that, we calculate loan to value or net asset value. Adjustment means how we see the debt raised by asset-backed financing. Another thing is how many shares has been used for this asset-backed finance, and that share portion has to be reduced from the asset of itself. From that point of view, there are two big things to be reduced from the assets. One is the forward contract or collar transaction or put transaction. Collar is a combination of put and call. Basically, this is the forward contract, prepaid, variable prepaid forward contract. But when we deduct from our assets, almost total of the shares should be deducted. Still, the option for the settlement is with us.
We can choose to settle in cash or settle in shares. From this calculation-wise, that the basic assumption is settle in shares. That's why we deduct from the assets. Margin loan, this is the financing by pledging shares as collateral. Using 100 shares for collateral and receive the money of 30. When we return this 30, we can decide to settle in cash or settle in shares, but those shares portion will be 30. Using 100 share for as a collateral and raising 30 shares. You may say, "Why not 100? Why but using 30?" The reason is because loan to value explains the status of the company, position of the company. In reality, what is not really the interpretation for loan to value.
If you have misunderstanding of that, you may not be able to agree with our definition of calculation for loan-to-value. If loan-to-value is high, then are we very at risk for bankruptcy or anything? But that's not true. Actually, that we have kind of a terms or the amount that we have as a headroom. There are things that needs to be repaid in next year or following years, not immediately now. One index is not everything actually. That's why loan-to-value is not the only index that we've been using. That is why we have loan-to-value and cash position for our financial disciplines. If we are fighting in the market, we always believe cash is king.
That's why in reality, we have prepared with cash, and we should keep and secure our safety of the business while we keeping our loan to value threshold. That's how we interpret our definitions of loan to value. Forward and collar transaction. This is a further explanation for your reference. Please check whenever you have time. Financial strategy. Fiscal 2022. We've been already running our business as investment company for a while, so no change for our basic strategy. We're keeping those financial strategy and have our investment activities. We never know how market will change, but still, we would like to be flexible enough to be able to protect our financial disciplines. That's why we should think about a variety of the options, being fully prepared for any cases. That's very important for us.
Financial policy, no change for several years, and I think not changing is the right thing. Loan to value, cash position, and distributions, and dividend. We wanna be agile and flexible in our financial management, and that's something that we've been doing already. Especially, recycling system is something needs to be established. In the past 3-4 years, I believe that we've been building this system. In the meantime, there are many things happens. COVID-19 occurred two years ago, and we never know back then that how much market crash may occur ahead of us. But that's why we have announced JPY 4.5 trillion program, and we exercised that, and raised JPY 5.6 trillion as a result in five months or so. Using those, we were also able to exercise our buyback program.
At the same time that we were able to improve our loan to value to 12.2%. That's, I believe, too good for loan to value. At that time of fully utilizing our cash, some used for our public securities management at SB Northstar and so on. Distributions, management, monetization, we have utilized JPY 5.6 trillion and made a buyback and new investment for JPY 5.8 trillion, and still been able to manage our loan to value 20.4%. I believe this is very safe and at the same time, very efficient use of the cash. Of course, we will be seeing more things to come, many things to come.
We wanna be predicting in advance as much as possible so that we can be pre-prepared for any risk or any event occurred ahead of us. This is the example for you for the recycling of investment and recovery in fiscal 2020. JPY 4.5 trillion program, and then to investment buyback. Also, we have some debt repayments for our improvement of balance sheet. As a result, we keep this cash position of JPY 2.6 trillion. We were able to do those activities, but still being able to keep the good positions of the cash.
Here, for fiscal 21, actually, we've been also investing so that the distribution from Vision Funds, monetizing sales, and use of those as a source, we made a recycling of those money to the investments and also have done some buyback and gave us to JPY 2.7 trillion of the cash position. Going forward, from here on, in external environments, of course, better to be able to see the recovery, but still we cannot deny the possibility of even uncertain. What we need to keep is something that we have been keeping. Most important criteria is, I believe, is the speed of investment. Especially now it's just first third quarter. We don't know what happens in our second and third and fourth quarter.
That is why we are relatively conservative in terms of the speed of the investment. Once we see the good picture on third quarter and fourth quarter, then we may be able to hit the gas for the investment activities or for our buybacks. Every time, whenever, when the time comes, we would like to make the best decision amongst the best options. Buyback, a summary. This year, November will be that term eight end, so towards that moment that we would likely total JPY 1 trillion of the buyback. Up until April 2022, we have already acquired JPY 433 billion.
Last but not the least, ESG initiatives. Governance. We promoted diversity in the board of directors. Five out of nine directors are now external directors. We also developed group ESG policies, especially in the area of high importance. We revised portfolio company governance and investment guidelines policy. We established environmental policy and supplier code of conduct. In the area of environment, we established GHG emission reduction targets and promoted reduction actions. You can see the progress by those entities. Arm, for example, their target is to achieve net zero carbon by 2030. Net zero including their business partners. SoftBank Group and Yahoo Japan, they also set the target respectively. Yahoo Japan actually, by 2023, next year, they want to convert 100% of electricity used to renewable energy.
As SBG standalone, we already achieved a carbon neutral, but we need to have a group-wide view. We are discussing toward disclosures in line with the task force on climate-related financial disclosure. Our plan is to disclose by June 2022, along with group level climate change targets. We will continue discussing how best we make disclosure. In the area of society, we promote human rights initiatives. What are the human rights risks? We identified through survey and assessment. Going forward, we want to expand initiatives to customers and group companies. In terms of SBKK, in fact, they focus pretty much in this area. They conduct human rights due diligence, and they aim to further mitigate risks. When it comes to COVID-19 response, in Japan, we are ahead of others in terms of contributing to society.
Particularly, we conduct the vaccinations at the cumulative total of 13 locations nationwide, and also we developed COVID-19 testing vehicle to help our local government. As an investment company, through investment, we want to promote ESG, so invest it through the Vision Fund and initiatives based upon experience by the funds. We want to continuously working on initiatives through investment activities. This is, I believe, my last slide. ESG indices. You can see here on the slide. Scoring good points is not the ultimate goal. What we need to do is just to do, really, make contribution to people and the society. As a consequence, if we can get a good point, that'll be great. That's all for myself. Thank you very much.
Last but not least, we would like to invite Mr. Navneet Govil, CFO of SoftBank Investment Advisers, to give you an update on SoftBank Vision Fund. Navneet, please go ahead and start your presentation.
Hello, everyone. Thank you for joining us. Before we get started, please read the SBIA legal disclaimers on slides two and three or refer to the online presentation for more details. For more information on the funds, please visit visionfund.com or follow the SoftBank Investment Advisers page on LinkedIn. As slide four indicates, today I'm going to summarize our key performance highlights and the financial impact for the March quarter and the full fiscal year. In the in-focus section, I'll provide an overview of our investment platform's evolution, marked by the integration this quarter of the SoftBank Latin America funds into our portfolio and a continued expansion of our investment ecosystem. Let's begin with a summary of our progress, along with some highlights from the last quarter. As you can see on slide six, we are living and working in a volatile, uncertain world dominated by three themes.
First, rising inflation impacting the economy, businesses and consumers. Second, increasingly complex geopolitical risk. Third, a global energy shock marked by volatile energy prices across many markets. This context is challenging for the vast majority of public and private market investors. Volatility and uncertainty have unsettled public markets and are impacting private valuations. Slide seven illustrates this impact on our assets under management. While the pandemic drove a global digital shift, we've subsequently seen the impact of China's increasingly challenging regulatory environment and additional volatility following Russia's invasion of Ukraine and the prospect of further conflict in Europe. We have built an investment portfolio that is focused on the future. Technology-driven disruption is a generational trend that will be felt for decades to come. Our investment funds are long dated and our portfolio is diversified. Both mean that our platform is designed to weather these market cycles.
As a performance snapshot for our investment platform, including Vision Funds 1 and two, as well as the recent addition of the LatAm funds. It will come as no surprise to anyone here that we have seen significant valuation adjustments in our portfolio of listed technology businesses, given the wider correction in valuations. Our private portfolio has also been impacted. Like many other leading global investors from T. Rowe Price to Fidelity and Temasek, we have marked down parts of our private portfolio to reflect market conditions. As other investors have experienced, the short-term impact has been meaningful. Our combined losses for the quarter were JPY 26.2 billion, and together with change in acquisition cost, brings our combined fair value to JPY 175.6 billion. Let's go over the numbers. Total committed capital now stands at JPY 162.2 billion.
Our acquisition costs are now JPY 141.6 billion. Cumulative investment gains are JPY 34 billion. Total fair value now stands at JPY 175.6 billion, and we have made a total of JPY 47.3 billion in distributions to our limited partners, JPY 8.6 billion of which has been from Vision Fund 2. Consistent with the founding principles of our funds and our conviction in the AI revolution, we have continued to deploy capital from Vision Fund 2 in high-quality technology companies across diverse geographies, resulting in 43 new investments this quarter. To summarize activity in Vision Fund 2, we deployed $4.5 billion in new investments in the March quarter, bringing the fund's total acquisition cost to $46.9 billion. Next, we'll dive a little deeper into the makeup of this growing portfolio.
Here on slide 10, you will see an overview of the Vision Fund 2 portfolio. We've now made a total of 252 investments. 236 companies in the fund are private and 15 are now publicly traded. I've spoken before about our strategic approach to portfolio composition with Vision Fund 2. The investments held in Vision Fund 2 are globally diversified and within nine broad sectors. To give a baseline comparison, Vision Fund I deployed over $85 billion in 94 companies. Let's move on to slide 11. A significant portion of our overall portfolio is now public. As long-term investors, this shift gives us the flexibility to monetize assets, but also to hold as market conditions dictate. Following a record year of capital raising in 2021, market conditions indicate fewer IPOs in 2022.
As a responsible investor, we support companies in going public only at the right time for them, and even then, there is no pressure on us to exit quickly. We look for long-term partnerships with each company in our portfolio. Sustained value creation matters more than short-term liquidity. From fund inception to the end of the March quarter, we exited several Vision Fund 1 investments through public sales, M&A, and other liquidity events, generating JPY 38.1 billion in gross realized proceeds. With a total of JPY 17.1 billion in acquisition costs for these investments, we've realized gains of JPY 21 billion for a 2.2 x combined multiple on invested capital. These returns have enabled us to continue to make distributions to our limited partners.
As shown on slide 12, since inception and through the end of the March quarter, we have made a total of $38.7 billion in distributions from Vision Fund 1, including the return of $8.1 billion in equity gains and payment of the preferred equity coupon. With a broadening investment platform that now includes the LatAm Funds, our portfolio has evolved. Slide 13 illustrates the relative maturity of each fund by asset type, private or exited and public. Our mix of private and public assets has allowed us to continue to make distributions to limited partners. As you can see, the percentage of each fund's fair value held in public and exited assets is 13% in the LatAm Funds, 23% in Vision Fund 2, and 58% in Vision Fund 1.
This mix between private and public assets will continue to shift over time as the portfolio matures, but there is still value in privately held investments yet to be unlocked. Despite the challenging macroeconomic backdrop, companies in our private portfolio continue to attract capital, raising new funding to drive growth. In the March quarter, companies like FTX, Forto, Flexport, and many more across the portfolio raised over $6 billion in follow-on capital across 20 funding rounds. Through this process, the collective valuation of these companies increased by over $50 billion. This strong fundraising activity is a further driver of continued value creation, validating our focus on high quality companies with strong fundamentals. Before we begin the in-focus section, I'll summarize the financial impact of performance across Vision Funds 1 and 2 and the LatAM Funds on SoftBank Group. Beginning with Vision Fund 1.
From inception to March 31, 2022, fund net profit was JPY 19.1 billion, of which SoftBank's share was JPY 9.7 billion. The total contribution to SoftBank, net of third-party interest, was JPY 13.1 billion. Continuing our focus on Vision Fund 1, here on slide 17, I show the impact of fund performance on SoftBank as a limited partner. Total paid-in capital is JPY 27.7 billion, and total value to SoftBank is JPY 40 billion. Moving on to Vision Fund 2. Slide 18 shows equivalent data points showing the impact of fund performance on SoftBank as a limited partner. Total paid-in capital is JPY 46.6 billion, and total value to SoftBank is JPY 46.2 billion. Finally, slide 19 shows equivalent data points for the Latin America Funds, showing the impact of the fund's performance on SoftBank as an LP.
Total paid-in capital is JPY 6.5 billion, and total value to SoftBank is JPY 8.3 billion. In this quarter's in-focus section, I'm going to spend some time walking through the evolution of our investment capabilities from a single investment vehicle to a global multi-fund platform. SoftBank Investment Advisers was created five years ago to manage the first Vision Fund. With the subsequent launch and expansion of Vision Fund 2 and the integration of the SoftBank Latin America Funds, our global capabilities have substantially expanded. Today, our CEO, Rajeev Misra, leads SoftBank Investment Advisers' global investment platform with JPY 175.6 billion in assets under management and a team of seasoned investment and functional experts working from 14 key geographies around the world. Our investment thesis has remained consistent. We look for large addressable markets, disruptors transforming those markets, exceptional teams, AI-powered innovation, and a healthy, sustainable growth.
In five years, we've built a highly diversified portfolio, making 449 investments across a diverse mix of geographies, sectors, and technologies. Here on slide 22, I illustrate the growth of our investing platform through a series of major milestones. 2017 saw the launch of Vision Fund 1, and 2018, the expansion of our team, our expertise, and our portfolio. We spent three years broadening our investment platform and building a deep bench of investment expertise. Between 2019 to the present day, the Vision Fund 1 investment period ended, we launched Vision Fund 2, and we scaled our platform meaningfully with over JPY 141 billion in capital deployed, 44 portfolio company IPOs, and upwards of JPY 47 billion in distribution to our LPs. We are still building and investing. We've integrated the LatAm Funds, enabling exposure to an exciting geography.
We've continued to invest in the AI revolution. The raw numbers here show our continued progress. I'd like to turn to the SoftBank LatAm Funds, which are now managed by SoftBank Investment Advisers. I'll cover the thesis, the market opportunity, and our early progress. We've long believed that Latin America has been overlooked by global investors. The region is home to a large population, thriving economies, and top-tier talent. That's well known today, but we placed our bets early and have been investing in LatAm's winning businesses for years. We are able to bring a unique investment proposition to founders in the region, a global network and ecosystem providing access and capital, local presence and expertise with deep market insight, a strong operating team able to guide founders towards global success and exposure to early-stage investing, giving us access to a stronger pipeline of companies.
We've begun our work in Latin America by focusing on venture growth and growth equity opportunities. We found that earlier-stage investing was well-served by domestic VCs, but there was a significant gap. Entrepreneurs needed investors that could help drive the growth journey to global success. Today, we invest at all stages in a company's growth journey, reflecting the maturity of the LatAm tech ecosystem and the strength of regional founders. Our platform, team, and ecosystem has grown to enable us to guide founders from seed and early stage through to venture growth and growth equity. We're proud to partner from seed to IPO. In 2019, LatAm attracted a modest JPY 4.4 billion in annual VC investment, compared with over JPY $130 billion in the same year in the U.S., a country with around half the total population.
We were early to deploy growth equity capital into the region as part of a very small group of international investors. By 2021, that story had changed and other investors had followed our lead. VC investment in the region has increased to JPY 14.8 billion. Our team sees huge potential for sustained value creation as regional technology champions go global. As you see here on slide 26, we've continued our early leadership in the region. Today, we are the partner of choice for LatAm's strongest entrepreneurs. In 2021, the SoftBank LatAm Fund participated in 30 investments at Series A and beyond, considerably more than this recognizable group of peers. What does the portfolio look like? We're proud that after four years on the ground, we're supporting a family of maturing businesses. There are now 32 unicorns in the LatAm portfolio.
That roster includes a series of transformative tech companies that are winning domestically and globally, including Kavak, the largest online pre-owned car platform in Latin America. MadeiraMadeira, Brazil's fast-growing online home goods marketplace. QuintoAndar, a digital real estate platform that simplifies the rental of residential properties for landlords and renters across Latin America. We've previously discussed the significance of sector diversification in the Vision Funds. The same principle applies in the LatAm Funds. We've made 103 investments in total. Our total acquisition cost stands at JPY 7 billion. 94 portfolio companies are private, and seven portfolio companies are now public. Performance to date has been encouraging, with the funds returning a net blended IRR of 32%. Here on slide 28, you see that these investments have been distributed across several key sectors.
Our largest sectors by capital deployed are fintech, consumer, and enterprise, where the region's newly evolving digital infrastructure is helping it to Leapfrog the rate of innovation in more developed economies. Before I sum up for today, I wanted to share another of our firm's critical investment initiatives. The SoftBank Emerge Accelerator was set up in 2019 to provide the next generation of underrepresented founders with the skills, connections, and funding that they need to thrive. We have since run two cohorts comprising investments in 22 inspirational founders. I am pleased to share that the 22 Emerge cohort will include applicants from underrepresented communities around the world for the first time, and I look forward to updating you after the program officially launches in late spring. Let's wrap up. What we have built over the past five years is a powerful investing platform.
As our team, network, and expertise have scaled, so has our ecosystem. These funds give us exposure to nine sectors. In each, we see opportunity for the world's best founders to build businesses that are creating new industries and transforming existing ones. We're patient, farsighted investors, and we're proud to be providing the funding, thoughtful counsel, and operational expertise to help these businesses thrive for many years to come. Thank you for joining us today. Many of you have now been joining these sessions for several years, and in that time, we've seen a series of extraordinary changes in the world in which we live and work. 2022 is no different, and we remain optimists. Technology is re-engineering every sector, economy, and industry on Earth, and we're proud to be playing our part.
Now, we'd like to have question and answer session until 3:00 P.M. Tokyo time. If you have any questions, please click Raise Hand button. If you wish to withdraw your question, please click Lower Hand button. We'd like to take up to two questions per person so that we can take questions from any, as many people as possible. We take your questions in both Japanese and English. If you join Japanese webinar, please ask question in Japanese. As presenters are also joining this meeting remotely, please specify who you'd like to ask your question to and refer to the page number of the slide if your question relates to the material. First, we take Japanese questions. For English questions, we will ask after we finish Japanese questions. First, any question in Japanese? Masuno-san from Nomura Securities, please. Masuno-san, can you hear me now?
Yes. I have one question to Goto-san. Page 37 and 38, please. A recycling cycle. For FY 2022, aside from the amount, cash generation and cash usage, what kind of idea you have in terms of amount of cash and where you want to use cash for? So not number per se, but your views or thoughts or direction, if you can share with me, that'll be great.
Yes, Goto. Thank you, Masuno-san, for your questions. For FY 2022, as you can see on the slides 37 and 38, compared to FY 2021, investment amount, I think, is going to be much smaller. On the chart, specifically, JPY 5.2 here, but for FY 2022, it will be less than JPY 5.2.
Of course, depending on the market condition, net asset value might go down, so we need to maybe slow down even further the investment. Size of investment will be even much smaller. It's highly likely that new investment is smaller. In this chart, this yellow part gets very smaller. The question is, do you want to do more share buyback? Well, how we can finance the resources is something that we need to look at. Assumption should be not so much distributions from the Vision Fund. In the meantime, I think that still monetization work. This 3.3 here can be something that can, we can utilize.
Cash position, of course, we stick to the principle of cash position and LTV level. I think that's how we are going to do in FY22.
Thank you very much.
Looking at the share rise today, it looks like the market was worried a lot of stuff before today, but now you make it clear that you are in defensive mode, but whenever you can be offensive, you go, you turn to offense.
Next question from Japanese line, Tsuruo-san, Citigroup Securities. Please start your question. Thank you.
Yes. I have two questions, please. First, following up to Masuno-san's question. 20.4% loan to value, I believe this is in the middle of the process. Compared to March end right now that we are in May, in mid-May, macroeconomies and markets have changed too. With that, I wanna ask you net debt level. How far do you think you can minimize? What is your comfortable level of net debt? Because if we discuss over loan to value, that may be difficult because there are many environmental factors. I wanna ask you your comfortable level for the net debt. Second question of mine is buyback.
You are making good progress, and it seems like you'll be able to complete as you schedule. After then, what are you going to do once you complete your current project? What kind of expectation should we have? That's my question.
Yes. Thank you. Thank you for your question. Loan to value, I don't think there is any change. This is result. This is in the middle of the process. Anything, I think the LTV is changing every day. So if we, this is moving, but, if it's changing every day, we cannot ever be able to use this as an index. So I think, it is important at the snapshot at the quarter end to share with the loan to value.
20.4% is the March end loan to value. Your question is net debt, and I think you're using this for a view on our safetiness of the business. Actually, net debt itself does not really translate to the safetiness of the company from my perspective. Even you have JPY 5 trillion of net debt or JPY 10 trillion of net debt, but if you have cash more than that, then I think you can run your business safely. At the time of repayment, do you have cash position to repay safely? Then I think that is something that you'll be able to follow the rule of market. That's why I think we are focusing on loan to value and cash position.
Those two are the two main policies that we would like to keep. That's why we believe it's the best two policies that we should be sharing with you as an index of the safeness of the company. The second question about buyback, we are aiming to complete this JPY 1 trillion buyback within this year, within the year we set. What's next? I think that's your question. Once we complete the current one, that's something that we are studying, exploring internally. As I mentioned in Masano-san's previous question, once we slow down the investment activities, we may see even better loan-to-value. While we improve the loan-to-value, our company is safe. That's not the end of the story.
Actually, investment in buyback is one of the investment activity that we should be looking at as an overall investment strategy. As long as we can keep our financial policies, and if we still not sure about the new investment to other companies, then I think the discussion is whether we should be replacing this source to buyback or not. This is just one idea, one concept. Based on that, based on the financial disciplines, what should be the pace for the new investment activities? If not, should we replace that to buyback? Thank you.
My second question, again, to Goto-san. In your presentation, ecosystem centering Arm is something that you view right now.
In the past 5-6 years, I feel that you are investing in more pure investment type of the concept. Even after IPO of this company, do you, assuming that you'll be keeping your majority ownership stake in Arm? What is your view on the opportunities of the Arm future, while being a majority shareholder of the company, what Arm can bring us, including technology or new lifestyle or new work style or any infrastructure parts of the IT?
I believe what they are designing is very core or heart of the technology. Without that, you cannot really run the infrastructure. What AI brings us to change, how the AI bring us to change the working style, the lifestyle, and Arm is the base for those all changes.
I believe Arm can be a very good contributor for our vision or concept for the future change of our lifestyle. As Masa said yesterday, along with the development of Arm, they don't need immediate cash or immediate money. They have a strong position in the market, and they have strong expectation from their clients and partners. We like to make sure that we can provide them the best support for them to grow further. We have a vision for the investment to grow the information technology, and some of them have overlap with what Arm is looking at. This Arm can create the new synergy groups in relation to AI technology revolutions and so on. That's something that we would like to see a few of the future.
We would like to still keep the same vision, but using various options, including. Thank you.
Next question. Mr. David Gabison, please unmute and speak. Thank you.
On the NAV, in the Adjusted SoftBank standalone equity value of holdings, others increased quite significantly from JPY 1.04 trillion - JPY 1.3 trillion in the quarter Q1 FY. Can you explain why? What was the driver behind that increase in value? That's the first question. Then the net interest-bearing debt also decreased by about $7.5 billion. Could you elaborate, please? What is the source of that funding? Thank you.
What was the first part of the question, please?
The NAV in the adjusted SoftBank alone equity value of holdings. There is Alibaba, SoftBank, and there's others, which is, as you show on that screen now, JPY 1.3 trillion. That was just over JPY 1 trillion at the end of third quarter. It's gone up by JPY 0.3 trillion. Could you explain what was the driver behind that increase, please?
This slide is fine. Page 48 is fine. Thank you very much for your question. Increase from 1- 1.3 for that other part of the bar. We will come back to you offline, after checking by our team. Sorry about that.
The stand-alone net interest-bearing debt, which went down about $7.5 billion, could you. I believe Navneet earlier was talking about I think it's about $2 billion come from Vision Fund. You sold GM Cruise. It's about $2.3 billion. Just wondering where the funding came from for that reduction in net interest-bearing debt, please, Q-on-Q?
Do you know the slide page number you are referring to? Is this the slide you're talking about? Can you see that?
The numbers I think are, well, I don't know. Maybe it's including SB Northstar. I just thought the numbers were JPY 5.2 trillion in the interest-bearing debt was reduced to JPY 4.74 trillion. I couldn't. There was another slide. Apologies, I'll have to go back and find it.
Again, thank you very much for your question. We prepared for the answer in line with the slides that we show. I'm gonna have our IR team to get in touch with you separately, and if necessary, I will be happy to join the call with you and IR team. Thank you for your patience.
Thanks.
Next, going to the next question, Oliver Matthew. Please go ahead, start your question, Oliver.
Hello. Sorry. First question for Goto-san. Congratulations on lowering your LTV despite this very difficult market situation. It seems though market is still tough for Q1, and maybe you're considering more asset-backed financing. Could you tell us about how the costs and availability of additional asset-backed financing is in this current market? Thank you.
Yes. Thank you. For asset-backed finance, source or the shares that we can use is mainly Alibaba as of today. For that, share price is still kept very weak. When it comes to derivative transaction, demands has not really changed, and actually it's still available. The financing cost-wise, it's satisfactory viable level and such offer has been proposed. I believe in the meantime, we still be continuously consider and utilize Alibaba share for the asset-backed financing.
Great. Thank you. A second question for Navneet. You mentioned inflation and we're seeing a lot of reopening in many markets. Could you comment which sectors or companies in the SoftBank Vision Fund or LatAm are benefiting from those trends, travel or other areas? Thank you.
Thank you, Oliver. Especially, say, some of the companies on the logistics, transportation side have benefited in terms of inflation in the recent quarter.
Okay. Thank you.
Sorry, we'd like to take the last question in terms of time. Nagao-san from BofA Securities.
Thank you very much. Nagao from BofA Securities. I have one question to Goto-san. Looking at the third page of the opening remarks, at the bottom, preparing for further downside for next 6-9 months, you want to be conservative and careful, you mentioned. What kind of event in the future will trigger you from defense mode to offense mode? Do you have any index or anything that you're looking at that could be a trigger to your change of stance from defense to offense? Thank you.
Thank you very much. I think, most obvious event is equity market condition.
When or if trend changes, our stance position will be very different and valuation should go up, and that could have a positive impact on Arm IPO. I think a better market condition is a very important trigger. As I mentioned earlier, there are a lot of environmental factors that we should consider. For example, interest rate or commodity prices, or Russian invasion of Ukraine or some China risks. There are a lot of uncertainties and how and when people around the world can feel more comfortable. I believe you feel the same way. Did I answer your question?
Yes. Thank you. Thank you very much.
That's all for this term's investor briefing. Again, thank you very much for joining us. Today's session will be available on demand later on our website. Thank you very much.