ICONIQ Growth raises $5.75B seventh flagship fund

ICONIQ Development has raised $5.21 billion throughout two funds related to the seventh progress fund household, in accordance with SEC filings. Nevertheless, the agency’s precise fundraise was $5.75 billion, in accordance with a supply accustomed to the agency. 

The late-stage funding unit is part of ICONIQ Capital, which launched in 2011 as a personal workplace managing capital of a number of the most distinguished and wealthiest individuals in tech, together with Mark Zuckerberg and Jack Dorsey, has met its goal of $5.75 billion, in accordance with assembly info from New Mexico State Funding Council, the Wall Street Journal reported in March 2022. 

ICONIQ Development didn’t instantly reply to a request for remark. 

The fund dimension is a considerable enhance from Iconiq’s Fund VI goal of $3.75 billion. 

ICONIQ Development’s newest fund haul is spectacular, provided that many different large-growth traders failed to achieve their targets by an extended shot. Most notably, Tiger International 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 car of $12.7 billion the agency closed in March 2022. 

The 2 big funds aren’t in precisely the identical place. Tiger International was widely criticized for investing capital too quickly at exorbitant costs through the 2020 and 2021 tech increase (although it at all times pushed again on the concept it was overpaying). And, in contrast to Tiger International, which has been actively promoting secondary stakes to understand liquidity, ICONIQ Development has been searching for secondary positions, in accordance with two sources.

The entity’s fundraise possible signifies that its backers are comparatively happy with the agency’s funding technique. 

ICONIQ Development has realized a number of dozen exits from its portfolio in recent times, together with the IPOs of Snowflake, Airbnb, GitLab and HashiCorp, in accordance with PitchBook knowledge. In 2023, ICONIQ Development invested $1.1 billion into 22 firms, it says, and its portfolio includes startups like Drata, Canva, Ramp, ServiceTitan, Writer and Pigment.

The agency’s Fund VII-B has raised $3.95 billion from 291 traders, whereas Fund VII closed on $1.26 billion from 462 backers, in accordance with regulatory filings.

ICONIQ Development’s seventh car will put money into 20 to 25 tech firms,  in accordance with assembly info from New Mexico State Funding Council, Buyouts Insider reported reported in March 2022.