Iconiq raises $5.15 billion for seventh flagship fund

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 personal office managing the capital of a number of the most outstanding and wealthiest figures within the technology industry, including Mark Zuckerberg and Jack Dorsey, originally targeted amount of USD 5.75 billion. “Wall Street” every day announced in March 2022. It is unclear whether the corporate continues to be raising capital for its goal.

Iconiq didn’t immediately reply to a request for comment.

The fund size represents a major 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 corporate’s smallest fund since 2014. Bloomberg reported. Tiger initially planned to lift $6 billion, lower than half of its predecessor’s total $12.7 billion the corporate closed in March 2022.

The two giant funds are usually not in the exact same situation. Global Tiger was widely criticized for investing capital too quickly at exorbitant prices in the course of the tech boom of 2020 and 2021 (though the notion that it was overpaying has at all times been denied). Unlike Tiger Global, which has been actively selling additional shares to secure liquidity, Iconiq is buying secondary positions, in keeping with two sources.

Iconiq’s substantive fundraising likely means its backers are relatively joyful with the corporate’s investment strategy.

According to PitchBook data, Iconiq has accomplished several dozen exits from its portfolio lately, including: IPO of Snowflake, Airbnb, GitLab and HashiCorp. In 2023, Iconiq invested $1.1 billion in 22 corporations, – he says and his portfolio includes, amongst 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, in keeping with official documents.

According to the Iconiq report, the seventh Iconiq vehicle will put money into 20-25 technology corporations Insider Buyback Report based on the New Mexico Investment Board meeting held in March 2022.