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. The group met its fundraise target of $5.75 billion.
ICONIQ Growth didn’t immediately respond to a request for comment.
The fund size is a substantial increase from ICONIQ Growth’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 has been shopping for secondary positions, according to two sources.
Iconiq’s substantive fundraise likely means that its backers are relatively pleased with the firm’s investment strategy.
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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 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 the Buyouts Insider report based on the March 2022 meeting of New Mexico Investment Council.
