SoftBank is selling its venture capital arm, SoftBank Ventures Asia (SBVA), to Singaporean investment firm The Edgeof, according to the two companies. The financial terms of the deal have not been disclosed, but The Edgeof aims to complete the acquisition this year. SoftBank Ventures Asia has about $2 billion in assets under management and has invested in a host of portfolios across Asia. The acquisition comes after SoftBank and its Vision Fund posted massive losses amid the tech slump and macroeconomic slowdown. The Edgeof was founded last month by Taizo Son and Atsushi Taira with an aim to transform the startup ecosystem across Asia.

(By Kate Park)