SoftBank Group Corp. may consider launching a third Vision Fund after exhausting its available capital, according to an executive.

Vision Fund 2 still has $6.5 billion to spend on fresh investments, said Navneet Govil, executive managing partner at SoftBank Global Advisers, in an interview after SoftBank released its earnings report for the December quarter. SoftBank’s marquee funds lost $5 billion in the period, largely dragged down by slumping valuations of private startups. It was the segment’s fourth straight quarter of losses.

The company’s posture remains defensive, Govil said.

“Significant unpredictability remains in the labor markets, future monetary policy road map as well as corporate earnings,” Govil said. “Our posture remains defensive, and we’re focused on building resilience.”

Once the $56 billion Vision Fund 2’s capital is deployed, “we can think about either increasing commitments to Fund 2 or starting Fund 3,” he said, although no decisions have been made.

SoftBank Chief Executive Officer Masayoshi Son had said at the first Vision Fund’s launch that he envisioned multiple Vision Funds investing in artificial intelligence startups around the world.

The company will continue to play defense, but has the cash to mount an offensive when the time is right, Chief Financial Officer Yoshimitsu Goto said during an earnings call.

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