ICONIQ Growth has raised $5.21 billion throughout two funds related to the seventh development fund household, in accordance with SEC filings. However, the agency’s precise fundraise was $5.75 billion, in accordance with a supply conversant in the agency.
The late-stage funding unit is part of ICONIQ Capital, which launched in 2011 as a personal workplace managing capital of among the most outstanding 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 Investment Council, the Wall Street Journal reported in March 2022.
ICONIQ Growth 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 Growth’s newest fund haul is spectacular, on condition that many different large-growth buyers failed to achieve their targets by a protracted shot. Most notably, Tiger Global closed its newest enterprise capital fund at $2.2 billion, the agency’s smallest fund since 2014, Bloomberg reported. Tiger initially deliberate to boost $6 billion, lower than half its predecessor automobile of $12.7 billion the agency closed in March 2022.
The two large funds aren’t in precisely the identical place. Tiger Global was broadly criticized for investing capital too shortly at exorbitant costs throughout the 2020 and 2021 tech increase (although it at all times pushed again on the concept it was overpaying). And, in contrast to Tiger Global, which has been actively promoting secondary stakes to appreciate liquidity, ICONIQ Growth has been looking for secondary positions, in accordance with two sources.
The entity’s fundraise seemingly signifies that its backers are comparatively happy with the agency’s funding technique.
ICONIQ Growth 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 Growth invested $1.1 billion into 22 firms, it says, and its portfolio consists of startups like Drata, Canva, Ramp, ServiceTitan, Writer and Pigment.
The agency’s Fund VII-B has raised $3.95 billion from 291 buyers, whereas Fund VII closed on $1.26 billion from 462 backers, in accordance with regulatory filings.
ICONIQ Growth’s seventh automobile will spend money on 20 to 25 tech firms, in accordance with assembly info from New Mexico State Investment Council, Buyouts Insider reported reported in March 2022.
