Rajeev Misra, who runs SoftBank's massive tech investing unit, will step back from one of his roles, the Japanese conglomerate confirmed to CNBC on Thursday.

Misra will build an external multi-asset investment fund.

He will remain the CEO of SoftBank Investment Advisors, the entity responsible for the $100 billion Vision Fund which has taken high-profile bets on companies from Uber to Chinese ride-hailing giant DiDi. Vision Fund one was founded in 2017.

Misra will also remain executive vice president of SoftBank Group, the parent company.

However, the executive will step down from his role as CEO of SoftBank Global Advisors which manages the second Vision Fund, called Vision Fund 2. Instead, he will become vice chairman and take on a reduced role. SoftBank's Vision Fund 2 was founded in 2019.

But SoftBank's investment strategy has come under heavy criticism and pressure amid a string of bad bets and a crash in technology stocks this year.

One of the most high-profile issues came with co-working space company WeWork which failed to go public in 2019 after concerns were raised about its business model and corporate governance. WeWork eventually went public last year via a special purpose acquisition company.

SoftBank's Vision Fund posted a record 3.5 trillion yen loss ($25.7 billion) for its financial year ended Mar. 31 as technology stocks continued to get hammered.

The Japanese giant's outspoken founder Masayoshi Son will take a more direct leadership role with Vision Fund 2, supported by the existing executive team.

The Financial Times reported on Thursday that Misra's new fund will be about $6 billion and be backed by Abu Dhabi's state investment funds Mubadala and ADQ, as well as Royal Group.