Iconiq Capital has raised $5.15 billion throughout two funds related to the seventh progress fund household, in line with SEC filings.
The agency, which launched in 2011 as a personal workplace managing capital of a few of the most outstanding and wealthiest folks in tech, together with Mark Zuckerburg and Jack Dorsey, initially focused $5.75 billion, in line with assembly data from New Mexico State Funding Council, the Wall Road Journal reported in March 2022. It’s unclear if the agency continues to be elevating capital towards its aim.
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 progress traders failed to achieve 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 large 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 growth (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 appreciate liquidity, Iconiq has been looking for secondary positions, in line with two sources.
Iconiq’s substantive fundraise doubtless implies 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 line with PitchBook knowledge. 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, in line with regulatory filings.
Iconiq seventh autos will spend money on 20 to 25 tech firms, in line with the Buyouts Insider report based mostly on the March 2022 assembly of New Mexico Funding Council.
