SoftBank, the Japanese conglomerate, has recorded a record loss for its Vision Fund investment unit, despite a recent rally in tech stocks. The Vision Fund segment posted a loss of 4.3 trillion Japanese yen ($32 billion) for the fiscal year ending Mar. 31, up from a 2.55 trillion yen loss in the same period a year before.

Overall, SoftBank posted an investment loss of 5.28 trillion Japanese yen versus 3.43 trillion yen a year earlier. Despite a rally in tech stocks this year, they remain lower than a year ago, with the tech-heavy Nasdaq 100 index declining by around 11% during SoftBank’s fiscal year.

The conglomerate posted a net loss of 970.14 billion yen for the fiscal year, narrower than the 1.7 trillion loss it posted in the same period a year before. The company has been exiting some of its highest-profile investments to raise cash and narrowed its losses through sales of shares in T-Mobile and Alibaba. The brainchild of founder Masayoshi Son, SoftBank’s Vision Fund invests in high growth stocks and has faced headwinds from rising interest rates globally causing investors to sell out of riskier equities such as tech.