Iconiq Capital has raised $5.15 billion throughout two funds related to the seventh development fund household, in response to SEC filings.
The agency, which launched in 2011 as a personal workplace managing capital of a number of the most outstanding and wealthiest folks in tech, together with Mark Zuckerberg and Jack Dorsey, initially focused $5.75 billion, in response to assembly data from New Mexico State Funding Council, The Wall Avenue 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 dimension 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 giant development traders failed to achieve their targets by a protracted 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 large funds aren’t in precisely the identical place. Tiger International was broadly criticized for investing capital too shortly at exuberant costs throughout the 2020 and 2021 tech increase (although it all the time pushed again on the concept it was overpaying). And, in contrast to Tiger International, which has been actively promoting secondary stakes to appreciate liquidity, Iconiq has been looking for secondary positions, in response to two sources.
Iconiq’s substantive fundraise possible 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, in response to PitchBook information. In 2023, Iconiq invested $1.1 billion into 22 corporations, 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, in response to regulatory filings.
Iconiq seventh autos will spend money on 20 to 25 tech corporations, in response to the Buyouts Insider report based mostly on the March 2022 assembly of New Mexico Funding Council.
