ICONIQ Development raises $5.75B seventh flagship fund

ICONIQ Development has raised $5.21 billion throughout two funds related to the seventh development fund household, based on SEC filings. Nonetheless, the agency’s precise fundraise was $5.75 billion, based on a supply acquainted with the agency. 

The late-stage funding unit is part of ICONIQ Capital, which launched in 2011 as a personal workplace managing capital of among the most distinguished and wealthiest individuals in tech, together with Mark Zuckerberg and Jack Dorsey, has met its goal of $5.75 billion, based on 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 enhance from Iconiq’s Fund VI goal of $3.75 billion. 

ICONIQ Development’s newest fund haul is spectacular, on condition that many different large-growth traders failed to achieve their targets by a protracted shot. Most notably, Tiger International 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 car of $12.7 billion the agency closed in March 2022. 

The 2 big funds aren’t in precisely the identical place. Tiger International was extensively criticized for investing capital too rapidly at exorbitant costs in the course of the 2020 and 2021 tech increase (although it all the time pushed again on the concept it was overpaying). And, in contrast to Tiger International, which has been actively promoting secondary stakes to appreciate liquidity, ICONIQ Development has been searching for secondary positions, based on two sources.

The entity’s fundraise seemingly signifies 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, based on PitchBook information. In 2023, ICONIQ Development 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 raised $3.95 billion from 291 traders, whereas Fund VII closed on $1.26 billion from 462 backers, based on regulatory filings.

ICONIQ Development’s seventh car will spend money on 20 to 25 tech firms,  based on assembly info from New Mexico State Funding Council, Buyouts Insider reported reported in March 2022.