ICONIQ Growth raised $5.21 billion in two funds related to its 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 started in 2011 as a private office managing the capital of some of the most prominent and richest people in technology, including Mark Zuckerberg and Jack Dorsey. $5.75 billion target, according to meeting information from the New Mexico State Investment Board Wall Street Journal reported in March 2022.
ICONIQ Growth did not immediately respond to a request for comment.
The fund size is a significant increase from Iconiq’s Fund VI target of $3.75 billion.
ICONIQ Growth’s latest fund raising is impressive given that many other large growth investors have failed to meet their targets at a great opportunity. Most notably, Tiger Global closed its latest venture capital fund at $2.2 billion, the company’s smallest fund since 2014. Bloomberg reported. Tiger originally planned to raise $6 billion, less than half of its predecessor $12.7 billion the company closed in March 2022.
The two huge funds are not exactly in the same position. Tiger Global was widely criticized for investing capital too quickly at exorbitant prices during the tech boom of 2020 and 2021 (though he always pushed back against the idea that he was overpaying). And, unlike Tiger Global, which is actively selling secondary stakes to achieve liquidity, ICONIQ Growth has been shopping for secondary positions, according to two sources.
The entity’s fundraising likely means that 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 the IPOs of Snowflake, Airbnb, GitLab and HashiCorp, according to PitchBook data. In 2023, ICONIQ Growth invested $1.1 billion in 22 companies, he says, and his portfolio includes startups like Act, Canva, Staircase, ServiceTitan, Author and Colour.
The brand Fund VII-B has raised $3.95 billion from 291 investors, while Fund VII closed with $1.26 billion from 462 supporters, according to regulatory filings.
ICONIQ Growth’s seventh vehicle will invest in 20 to 25 technology companies, according to meeting information from the New Mexico State Investment Board, Buyouts Insider reported reported in March 2022.
