ICONIQ Progress raises $5.75B seventh flagship fund

ICONIQ Progress has raised $5.21 billion throughout two funds related to the seventh progress fund household, in response to SEC filings. Nevertheless, the agency’s precise fundraise was $5.75 billion, in response to a supply conversant in the agency. 

The late-stage funding unit is part of ICONIQ Capital, which launched in 2011 as a personal workplace managing capital of a few of the most outstanding and wealthiest individuals in tech, together with Mark Zuckerberg and Jack Dorsey, has met its goal of $5.75 billion, in response to assembly info from New Mexico State Funding Council, the Wall Road Journal reported in March 2022. 

ICONIQ Progress didn’t instantly reply to a request for remark. 

The fund measurement is a considerable improve from Iconiq’s Fund VI goal of $3.75 billion. 

ICONIQ Progress’s newest fund haul is spectacular, provided that many different large-growth traders failed to achieve their targets by an extended shot. Most notably, Tiger International closed its newest enterprise capital fund at $2.2 billion, the agency’s smallest fund since 2014, Bloomberg reported. Tiger initially deliberate to boost $6 billion, lower than half its predecessor automobile of $12.7 billion the agency closed in March 2022. 

The 2 big funds aren’t in precisely the identical place. Tiger International was extensively criticized for investing capital too rapidly at exorbitant costs throughout the 2020 and 2021 tech increase (although it all the time pushed again on the concept that it was overpaying). And, in contrast to Tiger International, which has been actively promoting secondary stakes to comprehend liquidity, ICONIQ Progress has been purchasing for secondary positions, in response to two sources.

The entity’s fundraise doubtless implies that its backers are comparatively happy with the agency’s funding technique. 

ICONIQ Progress has realized a number of dozen exits from its portfolio lately, together with the IPOs of Snowflake, Airbnb, GitLab and HashiCorp, in response to PitchBook knowledge. In 2023, ICONIQ Progress invested $1.1 billion into 22 firms, it says, and its portfolio contains startups like Drata, Canva, Ramp, ServiceTitan, Author and Pigment.

The agency’s Fund VII-B has raised $3.95 billion from 291 traders, whereas Fund VII closed on $1.26 billion from 462 backers, in response to regulatory filings.

ICONIQ Progress’s seventh automobile will spend money on 20 to 25 tech firms,  in response to assembly info from New Mexico State Funding Council, Buyouts Insider reported reported in March 2022.