Iconiq raises $5.15B in the direction of seventh flagship fund

Iconiq Funds has raised $5.15 billion all through two assets linked with the seventh development fund relations, in accordance to SEC filings.

The enterprise, which launched in 2011 as a non-public administrative center dealing with cash of among the most well-known and wealthiest women and men in tech, together with Mark Zuckerburg and Jack Dorsey, at first certified $5.75 billion, in accordance to convention info from New Mexico Situation Expense Council, the Wall Avenue Journal reported in March 2022. It’s unclear if the group is nonetheless boosting capital in the direction of its intention.

Iconiq didn’t instantly reply to a ask for for remark. 

The fund measurement is a substantial enhance from Iconiq’s fund VI goal of $3.75 billion. 

Iconiq’s latest fund haul is extraordinary, introduced that quite a few different large development buyers failed to realize their targets by a protracted shot. Most notably, Tiger Worldwide closed its most modern enterprise cash fund at $2.2 billion, the agency’s smallest fund as a result of 2014, Bloomberg claimed. Tiger at first deliberate to boost $6 billion, loads lower than 50 % its predecessor automobile of $12.7 billion the enterprise shut in March 2022. 

The 2 enormous funds aren’t in exactly the identical posture. Tiger Worldwide was tremendously criticized for investing money manner too swiftly at exuberant prices in the middle of the 2020 and 2021 tech growth (though it normally pushed again once more on the notion that it was overpaying). And, versus Tiger Worldwide, which has been actively providing secondary stakes to grasp liquidity, Iconiq has been buying for secondary positions, in accordance to 2 assets.

Iconiq’s substantive fundraise possible normally implies that its backers are pretty happy with the agency’s monetary dedication technique. 

Iconiq has acknowledged numerous dozen exits from its portfolio lately, which embody the IPOs of Snowflake, Airbnb, GitLab and Hashicorp, based on PitchBook particulars. 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 elevated $3.06 billion from 219 merchants, while fund VII-B shut on $1.26 billion from 462 backers, based on regulatory filings.

Iconiq seventh autos will spend in 20 to 25 tech firms, based on the Buyouts Insider report depending on the March 2022 assembly of New Mexico Funding determination Council.