ICONIQ Development raised $5.21 billion in two funds associated to its seventh progress fund household, in keeping with SEC filings. Nevertheless, the precise quantity the corporate raised was $5.75 billion, in keeping with folks conversant in the corporate.
The late-stage funding unit is a part of ICONIQ Capital, which was based in 2011 as a non-public agency that manages capital for a number of the most outstanding and rich folks within the know-how business, together with Mark Zuckerberg and Jack Dorsey. . The purpose is $5.75 billion, in keeping with assembly data from the New Mexico Funding Council. wall street journal Reported in March 2022.
ICONIQ Development didn’t reply to requests for remark.
The fund’s dimension is a big improve from Iconiq’s Fund VI goal of $3.75 billion.
ICONIQ Development’s newest capital increase is spectacular contemplating many different large-cap progress traders have fallen far wanting their objectives. Most notably, Tiger International closed its newest enterprise capital fund at $2.2 billion, making it the corporate’s smallest fund since 2014. Bloomberg reported. Tiger initially deliberate to lift $6 billion, lower than half of its predecessor. $12.7 billion The corporate closed in March 2022.
The 2 big funds usually are not in precisely the identical place.tiger international Broadly criticized for investing capital too shortly They had been offered at exorbitant costs in the course of the tech growth of 2020 and 2021 (although the concept they had been overpaying was at all times pushed again). And in contrast to Tiger International, which has been aggressively promoting secondary shares to create liquidity, ICONIQ Development is shopping for up secondary shares, two sources stated.
The corporate’s funding possible means its backers are comparatively happy with the corporate’s funding technique.
ICONIQ Development has accomplished dozens of portfolio exits in recent times, together with IPOs in Snowflake, Airbnb, GitLab and HashiCorp, in keeping with PitchBook information. In 2023, ICONIQ Development invested his $1.1 billion in 22 firms. and whose portfolio includes: Startup like Dorata, Kamba, lamp, service titan, Author and pigment.
Firm’s Fund VII-B raises $3.95 billion From 291 traders Fund VII closes at $1.26 billion from 462 backers, in keeping with regulatory filings.
ICONIQ Development’s seventh car will spend money on 20 to 25 high-tech firms, in keeping with assembly data from the New Mexico Funding Council. Reporting insider acquisitions Reported in March 2022.
