Iconiq Capital has raised $5.15 billion throughout two funds related to the seventh development fund household, based on SEC filings.
The agency, which launched in 2011 as a non-public workplace managing capital of a number of the most distinguished and wealthiest individuals in tech, together with Mark Zuckerburg and Jack Dorsey, initially focused $5.75 billion, based on assembly info from New Mexico State Funding Council, the Wall Road Journal reported in March 2022. It’s unclear if the agency remains to be elevating capital towards its objective.
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, on condition that many different massive development traders failed to succeed in their targets by a protracted shot. Most notably, Tiger World closed its newest enterprise capital fund at $2.2 billion, the agency’s smallest fund since 2014, Bloomberg reported. Tiger initially deliberate to boost $6 billion, lower than half its predecessor automobile of $12.7 billion the agency closed in March 2022.
The 2 big funds aren’t in precisely the identical place. Tiger World was broadly criticized for investing capital too shortly at exuberant costs through the 2020 and 2021 tech increase (although it at all times pushed again on the concept that it was overpaying). And, in contrast to Tiger World, which has been actively promoting secondary stakes to comprehend liquidity, Iconiq has been purchasing for secondary positions, based on two sources.
Iconiq’s substantive fundraise possible implies that its backers are comparatively happy with the agency’s funding technique.
Iconiq has realized a number of dozen exits from its portfolio in recent times, together with the IPOs of Snowflake, Airbnb, GitLab and Hashicorp, based on PitchBook information. In 2023, Iconiq invested $1.1 billion into 22 firms, it says, and its portfolio contains startups like Drata, Canva, Ramp, ServiceTitan, Author and Pigment.
The agency’s fund VII-B has raised $3.06 billion from 219 traders, 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 firms, based on the Buyouts Insider report primarily based on the March 2022 assembly of New Mexico Funding Council.
