SEC filings show Iconiq Capital raised $5.15 billion across two funds affiliated with its seventh family of growth funds.
The company, which began in 2011 as a private office managing the capital of some of the most distinguished and wealthiest figures in the technology industry, including Mark Zuckerberg and Jack Dorsey, originally targeted amount of USD 5.75 billion. “Wall Street” each day announced in March 2022. It is unclear whether the company is still raising capital for its goal.
Iconiq didn’t immediately reply to a request for comment.
The fund size represents a significant increase over Iconiq Fund VI’s $3.75 billion goal.
Iconiq’s latest fund transfer is impressive considering many other high-growth investors have failed to realize their goals over the long run. Most notably, Tiger Global closed its latest enterprise capital fund at $2.2 billion, the company’s smallest fund since 2014. Bloomberg reported. Tiger initially planned to boost $6 billion, lower than half of its predecessor’s total $12.7 billion the company closed in March 2022.
The two giant funds are not in exactly the same situation. Global Tiger was widely criticized for investing capital too quickly at exorbitant prices during the tech boom of 2020 and 2021 (though the notion that it was overpaying has all the time been denied). Unlike Tiger Global, which has been actively selling additional shares to secure liquidity, Iconiq is buying secondary positions, based on two sources.
Iconiq’s substantive fundraising likely means its backers are relatively completely satisfied with the company’s investment strategy.
According to PitchBook data, Iconiq has accomplished several dozen exits from its portfolio in recent years, including: IPO of Snowflake, Airbnb, GitLab and HashiCorp. In 2023, Iconiq invested $1.1 billion in 22 corporations, – he says and his portfolio includes, among others: startups like wire, Canva, Ramp, ServiceTitan, Writer AND Pigment.
Business Fund VII-B raised $3.95 billion from 291 investors, nonetheless Fund VII closed at $1.26 billion from 462 donors, based on official documents.
According to the Iconiq report, the seventh Iconiq vehicle will invest in 20-25 technology corporations Insider Buyback Report based on the New Mexico Investment Board meeting held in March 2022.