ICONIQ Progress has raised $5.21 billion throughout two funds related to the seventh development fund household, in accordance with SEC filings. Nevertheless, the agency’s precise fundraise was $5.75 billion, in accordance with a supply aware of 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 outstanding and wealthiest individuals in tech, together with Mark Zuckerberg and Jack Dorsey, has met its goal of $5.75 billion, in accordance with assembly data from New Mexico State Funding Council, the Wall Road Journal reported in March 2022.
ICONIQ Progress didn’t instantly reply to a request for remark.
The fund dimension is a considerable enhance from Iconiq’s Fund VI goal of $3.75 billion.
ICONIQ Progress’s newest fund haul is spectacular, on condition 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 large funds aren’t in precisely the identical place. Tiger World was broadly criticized for investing capital too rapidly at exorbitant costs in the course of the 2020 and 2021 tech growth (although it all the time pushed again on the concept it was overpaying). And, in contrast to Tiger World, which has been actively promoting secondary stakes to understand liquidity, ICONIQ Progress has been searching for secondary positions, in accordance with two sources.
The entity’s fundraise doubtless signifies that its backers are comparatively happy with the agency’s funding technique.
ICONIQ Progress has realized a number of dozen exits from its portfolio lately, together with the IPOs of Snowflake, Airbnb, GitLab and HashiCorp, in accordance with PitchBook information. In 2023, ICONIQ Progress invested $1.1 billion into 22 corporations, 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 buyers, whereas Fund VII closed on $1.26 billion from 462 backers, in accordance with regulatory filings.
ICONIQ Progress’s seventh automobile will put money into 20 to 25 tech corporations, in accordance with assembly data from New Mexico State Funding Council, Buyouts Insider reported reported in March 2022.