ICONIQ Development has raised $5.21 billion throughout two funds related to the seventh development fund household, in line with SEC filings. Nevertheless, the agency’s precise fundraise was $5.75 billion, in line with a supply accustomed to the agency.
The late-stage funding unit is part of ICONIQ Capital, which launched in 2011 as a non-public workplace managing capital of a few of the most distinguished and wealthiest folks in tech, together with Mark Zuckerberg and Jack Dorsey, has met its goal of $5.75 billion, in line with assembly info from New Mexico State Funding Council, the Wall Road Journal reported in March 2022.
ICONIQ Development didn’t instantly reply to a request for remark.
The fund measurement is a considerable improve from Iconiq’s Fund VI goal of $3.75 billion.
ICONIQ Development’s newest fund haul is spectacular, provided that many different large-growth buyers failed to succeed in their targets by a protracted shot. Most notably, Tiger World 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 2 big funds aren’t in precisely the identical place. Tiger World was extensively criticized for investing capital too rapidly at exorbitant costs in the course of the 2020 and 2021 tech increase (although it at all times pushed again on the concept it was overpaying). And, not like Tiger World, which has been actively promoting secondary stakes to understand liquidity, ICONIQ Development has been searching for secondary positions, in line with two sources.
The entity’s fundraise doubtless implies 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 line with PitchBook knowledge. In 2023, ICONIQ Development invested $1.1 billion into 22 corporations, it says, and its portfolio contains startups like Drata, Canva, Ramp, ServiceTitan, Author 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 line with regulatory filings.
ICONIQ Development’s seventh automobile will spend money on 20 to 25 tech corporations, in line with assembly info from New Mexico State Funding Council, Buyouts Insider reported reported in March 2022.
