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 among the most distinguished and wealthiest folks 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 Avenue Journal reported in March 2022. It’s unclear if the agency continues to be elevating capital towards its purpose.
Iconiq didn’t instantly reply to a request for remark.
The fund dimension is a considerable improve from Iconiq’s fund VI goal of $3.75 billion.
Iconiq’s newest fund haul is spectacular, provided that many different giant development buyers 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 lift $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 rapidly at exuberant costs through the 2020 and 2021 tech growth (although it all the time 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 signifies 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 knowledge. In 2023, Iconiq invested $1.1 billion into 22 firms, it says, and its portfolio consists of startups like Drata, Canva, Ramp, ServiceTitan, Author and Pigment.
The agency’s fund VII-B has raised $3.06 billion from 219 buyers, 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.
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