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ICONIQ Growth's Seventh Fund Hits $5.75B

ICONIQ Growth, a part of ICONIQ Capital, has successfully raised $5.75 billion across two funds associated
May 6, 2024

ICONIQ Growth has successfully raised $5.75 billion across two funds linked to its seventh growth fund family, reveals SEC filings. This achievement surpasses the firm’s initial target, reaching a remarkable $5.21 billion, with an additional $540 million, according to a reliable source within the firm.

As part of ICONIQ Capital, ICONIQ Growth operates in the late-stage investment domain. Established in 2011, ICONIQ Capital manages the wealth of some of the most influential figures in the tech world, including Mark Zuckerberg and Jack Dorsey. The Wall Street Journal reported in March 2022 that ICONIQ Growth met its target fundraising goal of $5.75 billion, based on meeting information from the New Mexico State Investment Council.

While ICONIQ Growth has not immediately responded to requests for comments, the firm’s latest fund size demonstrates a significant increase from its previous fund, ICONIQ’s Fund VI, which had a target of $3.75 billion.

The success of ICONIQ Growth’s latest fundraising venture stands in stark contrast to many other large-growth investors who fell short of their fundraising goals. For instance, Tiger Global closed its most recent venture capital fund at $2.2 billion, marking its smallest fund since 2014. The firm had initially aimed to raise $6 billion, less than half of its predecessor fund, which closed at $12.7 billion in March 2022.

However, while Tiger Global faced criticism for investing capital too rapidly at inflated prices during the 2020 and 2021 tech boom, ICONIQ Growth appears to have satisfied its investors with its investment strategy. The firm has realized numerous exits from its portfolio in recent years, including high-profile IPOs such as Snowflake, Airbnb, GitLab, and HashiCorp.

In 2023 alone, ICONIQ Growth invested $1.1 billion across 22 companies. Its diverse portfolio includes startups such as Drata, Canva, Ramp, ServiceTitan, Writer, and Pigment.

According to regulatory filings, ICONIQ Growth’s seventh fund, Fund VII-B, has raised $3.95 billion from 291 investors, while Fund VII has secured $1.26 billion from 462 backers.

Reports indicate that ICONIQ Growth’s seventh vehicle will focus on investments in 20 to 25 tech companies, as highlighted in meeting information from the New Mexico State Investment Council, as reported by Buyouts Insider in March 2022.

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