Iconiq Capital, a private office managing capital for some of the biggest names in tech, has raised an impressive $5.15 billion across two funds associated with its seventh growth fund family, according to SEC filings. Originally targeting $5.75 billion, the firm’s latest fundraising efforts have exceeded expectations.
This substantial increase from Iconiq’s previous fund target of $3.75 billion showcases the firm’s strong investment strategy and the satisfaction of its backers. In comparison, other large growth investors like Tiger Global have struggled to meet their fundraising goals, with Tiger Global closing its latest venture capital fund at $2.2 billion, significantly below its initial target of $6 billion.
Iconiq’s successful fundraising efforts can be attributed to its track record of exits from its portfolio, including high-profile IPOs like Snowflake, Airbnb, and GitLab. In 2023 alone, Iconiq invested $1.1 billion into 22 companies, further solidifying its position as a key player in the tech investment space.
The firm’s seventh vehicles are set to invest in 20 to 25 tech companies, with fund VII-B raising $3.06 billion from 219 investors and fund VII-B closing on $1.26 billion from 462 backers. This latest development positions Iconiq as a major player in the tech investment landscape, with a strong focus on supporting innovative startups and driving growth in the industry.