Iconiq Capital raised $5.15 billion across two funds related to its seventh growth fund family, according to SEC filings.
The company was founded in 2011 as a private firm to manage the funds of some of the most prominent and wealthy people in the technology industry, including Mark Zuckerberg and Jack Dorsey, according to New Mexico Investment Council meeting information. The target was $5.75 billion. wall street journal It’s unclear whether the company is currently raising funds toward its goal.
Iconiq did not immediately respond to a request for comment.
The fund size is a significant increase from Iconiq’s Fund VI target of $3.75 billion.
Iconic’s latest funding is impressive considering many other big growth investors have been far from meeting their goals. Most notably, Tiger Global closed its latest venture capital fund at $2.2 billion, making it the company’s smallest fund since 2014. reported by bloomberg. Tiger originally planned to raise $6 billion, less than half of its predecessor. $12.7 billion The company closed in March 2022.
The two giant funds are not in exactly the same position.tiger global Widely criticized for investing capital too quickly During the tech boom of 2020 and 2021, they were sold at exorbitant prices (though the idea that they were overpaying was always pushed back). And unlike Tiger Global, which has been aggressively selling secondary shares to create liquidity, Iconic is buying up secondary shares, two sources said.
Iconiq’s large funding likely means its backers are relatively satisfied with the company’s investment strategy.
Iconiq has completed dozens of portfolio exits in recent years, including IPOs in Snowflake, Airbnb, GitLab and Hashicorp, according to PitchBook data. In 2023, Iconiq invested his $1.1 billion in 22 companies. and whose portfolio includes: Startup like Dorata, Kamba, lamp, service titan, Writer and pigment.
Company’s Fund VII-B raises $3.06 billion From 219 investors Fund VII-B closes at $1.26 billion from 462 backers, according to regulatory filings.
According to Iconiq, the seventh vehicle will invest in 20 to 25 high-tech companies. Acquisition Insider Report Based on the March 2022 meeting of the New Mexico Investment Council.
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