Iconiq Capital has raised $5.15 billion throughout two funds related to the seventh progress fund household, based on SEC filings.
The agency, which launched in 2011 as a non-public workplace managing capital of a few of the most distinguished and wealthiest individuals in tech, together with Mark Zuckerburg and Jack Dorsey, initially focused $5.75 billion, based on assembly data from New Mexico State Funding Council, the Wall Street Journal reported in March 2022. It’s unclear if the agency continues to be elevating capital towards its purpose.
Iconiq didn’t instantly reply to a request for remark.
The fund measurement is a considerable enhance from Iconiq’s fund VI goal of $3.75 billion.
Iconiq’s newest fund haul is spectacular, provided that many different massive progress buyers failed to succeed in their targets by an extended shot. Most notably, Tiger International closed its newest enterprise capital fund at $2.2 billion, the agency’s smallest fund since 2014, Bloomberg reported. Tiger initially deliberate to lift $6 billion, lower than half its predecessor car of $12.7 billion the agency closed in March 2022.
The 2 big funds aren’t in precisely the identical place. Tiger International was widely criticized for investing capital too quickly at exuberant costs throughout the 2020 and 2021 tech increase (although it at all times pushed again on the concept it was overpaying). And, in contrast to Tiger International, which has been actively promoting secondary stakes to understand liquidity, Iconiq has been looking for secondary positions, based on two sources.
Iconiq’s substantive fundraise probably signifies that its backers are comparatively happy with the agency’s funding technique.
Iconiq has realized a number of dozen exits from its portfolio lately, together with the IPOs of Snowflake, Airbnb, GitLab and Hashicorp, based on PitchBook knowledge. In 2023, Iconiq invested $1.1 billion into 22 corporations, it says, and its portfolio includes startups like Drata, Canva, Ramp, ServiceTitan, Writer and Pigment.
The agency’s fund VII-B has raised $3.06 billion from 219 buyers, whereas fund VII-B closed on $1.26 billion from 462 backers, based on regulatory filings.
Iconiq seventh autos will put money into 20 to 25 tech corporations, based on the Buyouts Insider report based mostly on the March 2022 assembly of New Mexico Funding Council.
