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ICONIQ Growth raises $5.75B seventh flagship fund | TechCrunch

ICONIQ Growth raises $5.75B seventh flagship fund | TechCrunch

According to SEC filings, ICONIQ Growth has raised $5.21 billion across two funds affiliated with the Seventh Growth Fund Family. However, the firm's original fundraising was $5.75 billion, according to a source familiar with the firm.

The late-stage investment unit is part of ICONIQ Capital, which started in 2011 as the private office management capital of some of tech's most prominent and richest people, including Mark Zuckerberg and Jack Dorsey. A $5.75 billion target, according to New Mexico State Investment Council meeting information The Wall Street Journal Reported in March 2022.

ICONIQ Growth did not immediately respond to a request for comment.

The fund size is a substantial increase from Iconiq's Fund VI target of $3.75 billion.

The acquisition of ICONIQ Growth's latest fund is impressive, given that many other large growth investors have long failed to reach their goals. Notably, Tiger Global closed its latest venture capital fund at $2.2 billion, the firm's smallest since 2014. Bloomberg reported.. Tiger initially planned to raise $6 billion, less than half of its predecessor. 12.7 billion dollars The firm closed in March 2022.

No two big funds are exactly in the same position. Tiger Global It was widely criticized for investing too early. 2020 and 2021 at exorbitant prices during the tech boom (though he always pushed back on the idea that it was overpaying). And, unlike Tiger Global, which is selling secondary stakes to get liquidity, ICONIQ Growth is shopping for secondary positions, according to two sources.

A firm's fund-raising is likely because its backers are relatively happy with the firm's investment strategy.

According to PitchBook data, ICONIQ Growth has realized several dozen exits from its portfolio in recent years, including the IPOs of Snowflake, Airbnb, GitLab and HashiCorp. In 2023, ICONIQ Growth invested $1.1 billion in 22 companies, It says, and includes in his portfolio. Like startups draw, Canva, Ramp, Service Titan, The writer And pigment.

of the firm Fund VII-B has raised $3.95 billion. From 291 investors, while Fund VII closed at $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 New Mexico State Investment Council meeting information. Buyouts Insider reported. Reported in March 2022.

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