Iconiq Capital raised $5.15 billion across two funds related to its seventh growth fund family, according to SEC filings.
The New Mexico Investment Council, the private firm that manages the funds of some of the most prominent and wealthy people in tech, including Mark Zuckerberg and Jack Dorsey, has been in business since 2011, according to meeting information from The Wall. The company was founded in 2007, and its original goal was $5.75 billion. The Street Journal reported in March 2022. It's unclear whether the company is currently raising funds toward its goal.
Iconiq 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.
Iconic's latest funding is impressive considering many other big growth investors have been far from meeting their goals. Most notably, Tiger Global closed its latest venture capital fund at $2.2 billion, making it the company's smallest fund since 2014, Bloomberg reported. Tiger had originally planned to raise $6 billion, less than half of the $12.7 billion raised by its predecessor, which closed in March 2022.
The two giant funds are not in exactly the same position. Tiger Global was widely criticized for raising capital too quickly during the 2020 and 2021 tech boom (though the company has always pushed back on the idea that it overpaid). And unlike Tiger Global, which has been aggressively selling secondary shares to create liquidity, Iconic is buying up secondary shares, two sources said.
Iconiq's large funding likely means its backers are relatively satisfied with the company's investment strategy.
Iconiq has completed dozens of portfolio exits in recent years, including IPOs in Snowflake, Airbnb, GitLab and Hashicorp, according to PitchBook data. It said Iconiq will invest $1.1 billion in 22 companies in 2023, and its portfolio includes startups such as Drata, Canva, Ramp, ServiceTitan, Writer, and Pigment.
The company's Fund VII-B raised $3.06 billion from 219 investors, and Fund VII-B traded for $1.26 billion from 462 backers, according to regulatory filings. finished.
Iconiq 7th Vehicles plans to invest in 20 to 25 high-tech companies, according to a Buyout Insider report from the New Mexico Investment Council's March 2022 meeting.