ICONIQ Growth has raised $5.21 billion in two funds associated with the seventh family of growth funds, according to SEC filings. However, the company's actual fundraising was $5.75 billion, according to a source familiar with the company.
The late-stage investment unit is part of ICONIQ Capital, which launched in 2011 as a private office managing the capital of some of the most prominent and wealthy people in technology, including Mark Zuckerberg and Jack Dorsey, and has served its target of $5.75 billion, according to information from the New Mexico State Investment Council meeting, the Wall Street Journal reported in March 2022.
ICONIQ Growth did not immediately respond to a request for comment.
The size of the fund represents a substantial increase over Iconiq's Fund VI target of $3.75 billion.
ICONIQ Growth's latest fund haul is impressive, given that many other high-growth investors failed to meet their goals even remotely. Notably, Tiger Global closed its latest venture capital fund at $2.2 billion, the firm's smallest fund since 2014. Bloomberg reported. Tiger initially planned to raise $6 billion, less than half of its predecessor vehicle. $12.7 billion The firm closed in March 2022.
The two giant funds are not in exactly the same position. global tiger was widely criticized for investing capital too quickly at exorbitant prices during the tech boom of 2020 and 2021 (although he always rejected the idea that he was overpaying). And unlike Tiger Global, which has been actively selling non-core holdings to raise liquidity, ICONIQ Growth has been seeking non-core holdings, according to two sources.
The entity's fundraising likely means its backers are relatively satisfied with the company's investment strategy.
ICONIQ Growth has made several dozen exits from its portfolio in recent years, including IPOs of Snowflake, Airbnb, GitLab and HashiCorp, according to data from PitchBook. In 2023, ICONIQ Growth invested $1.1 billion in 22 companies, he says, and his portfolio includes startups like cabling, canva, Ramp, ServiceTitan, Writer and Pigment.
the signature Fund VII-B has raised $3.95 billion of 291 investors, while Fund VII closed with 1.26 billion dollars of 462 sponsors, according to regulatory documents.
ICONIQ Growth's seventh vehicle will invest in between 20 and 25 technology companies, according to information from the New Mexico State Investment Council meeting. tech-focused-flagship/” target=”_blank” rel=”noopener”>Insider-reported purchases reported in March 2022.
