SoftBank CEO Masayoshi Son seems to have a message for detractors: His strategy of backing billion-dollar startups is working, and the firm is happy to bankroll future investments on its own.

SoftBank has raised the size of Vision Fund 2 to $30 billion, up from $20 billion, and plans to continue self-funding the vehicle. The decision came Wednesday along with the company’s report of a net profit of 5 trillion yen ($46 billion) for the fiscal year ended March 31, which is being called the largest on record for a Japanese firm.

A year ago, SoftBank was staring down an $18 billion annual loss led by WeWork and Uber. The poor performance caused many to doubt it could ever raise a second Vision Fund, which had originally targeted $108 billion.

“We invited partners [to join Vision Fund 2], but we were not popular at all,” Son said during the investor presentation this week.

The tables have turned, and SoftBank’s stock has nearly doubled in value over the course of the year. The firm claims the internal rate of return on Vision Fund 2 is 119%.

Yet the good fortune hasn’t sent SoftBank rushing to limited partners. “We have quite enough cash in hand,” Son said. “It’s not that we don’t invite third-party investors at all, but we don’t have to beg for participation.”

Meanwhile, SoftBank has continued to invest boldly from the new fund. In recent months, Vision Fund 2 has led huge rounds for chipmaker Sambanova ($678 million), Didi Chuxing’s autonomous driving unit ($500 million) and ElevateBio ($525 million).

The firm is on pace to participate in more VC deals in 2021 than ever, having recorded 69 deals in less than six months, according to PitchBook data.

https://pitchbook.com/news/articles/softbank-earnings-vision-fund-2-fundraising