Iconiq Capital has raised $5.15 billion in two funds associated with the seventh family of growth funds, according to SEC filings.
The company, launched in 2011 as a private office managing the capital of some of the biggest and richest figures in the technology sector, including Mark Zuckerburg and Jack Dorsey, initially targeted $5.75 billion, according to information from the company. New Mexico State Investment Council meeting, Wall Street Journal reported in March 2022. It is unclear whether the company is still raising capital to meet its goal.
Iconiq 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’s latest fundraising is impressive, given that many other large growth investors have failed to achieve their goals by far. Most notably, Tiger Global closed its latest venture fund at $2.2 billion, the company’s smallest fund since 2014, Bloomberg reported. Tiger initially planned to raise $6 billion, less than half of its predecessor. $12.7 billion the company closed in March 2022.
The two giant funds are not exactly in the same situation. World Tiger was widely criticized for investing capital too quickly at exuberant prices during the tech boom of 2020 and 2021 (although he always pushed back against the idea that he was paying too much). And unlike Tiger Global, which is actively selling secondary stakes to raise cash, Iconiq is seeking secondary positions, according to two sources.
Iconiq’s large fundraising likely means its backers are relatively happy with the company’s investment strategy.
Iconiq has completed several dozen exits from its portfolio in recent years, including IPOs from Snowflake, Airbnb, GitLab and Hashicorp, according to PitchBook data. In 2023, Iconiq has invested $1.1 billion in 22 companies, he says, and his portfolio includes startups like Drata, Cloth, Ramp, ServiceTitan, Writer And Pigment.
The firm Fund VII-B raised $3.06 billion with 219 investors, while Fund VII-B closed on $1.26 billion from 462 contributors, according to regulatory documents.
The seventh Iconiq vehicle will invest in 20 to 25 technology companies, according to the Insider report on buyouts based on the March 2022 meeting of the New Mexico Investment Council.
