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ICONIQ Growth raises $5.75B seventh flagship fund
ICONIQ Growth has raised $5.21 billion across two funds associated with the seventh growth fund family, according to SEC filings. However, the firm’s actual fundraise was $5.75 billion, according to a source familiar with the firm.
The late-stage investment unit is a part of ICONIQ Capital, which launched in 2011 as a private office managing capital of some of the most prominent and wealthiest people in tech, including Mark Zuckerberg and Jack Dorsey, has met its target of $5.75 billion, according to meeting information from New Mexico State Investment Council, the Wall Street Journal reported in March 2022.
ICONIQ Growth didn’t immediately respond to a request for comment.
The fund size is a substantial increase from Iconiq’s Fund VI target of $3.75 billion.
ICONIQ Growth’s latest fund haul is impressive, given that many other large-growth investors failed to reach their targets by a long shot. Most notably, Tiger Global closed its latest venture capital fund at $2.2 billion, the firm’s smallest fund since 2014, Bloomberg reported. Tiger initially planned to raise $6 billion, less than half its predecessor vehicle of $12.7 billion the firm closed in March 2022.
The two giant funds aren’t in exactly the same position. Tiger Global was widely criticized for investing capital too quickly at exorbitant prices during the 2020 and 2021 tech boom (though it always pushed back on the idea that it was overpaying). And, unlike Tiger Global, which has been actively selling secondary stakes to realize liquidity, ICONIQ Growth has been shopping for secondary positions, according to two sources.
The entity’s fundraise likely means that its backers are relatively pleased with the firm’s investment strategy.
ICONIQ Growth has realized 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 into 22 companies, it says, and its portfolio includes startups like Drata, Canva, Ramp, ServiceTitan, Writer and Pigment.
The firm’s Fund VII-B has raised $3.95 billion from 291 investors, while Fund VII closed on $1.26 billion from 462 backers, according to regulatory filings.
ICONIQ Growth’s seventh vehicle will invest in 20 to 25 tech companies, according to meeting information from New Mexico State Investment Council, Buyouts Insider reported reported in March 2022.
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