Iconiq Capital Raises $5.15 Billion Across Two Funds for Seventh Growth Fund Family

Iconiq Capital Raises $5.15 Billion Across Two Funds, Surpassing Target

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. This amount exceeds the firm’s original target of $5.75 billion, as reported by the Wall Street Journal in March 2022.

The firm, which counts tech luminaries like Mark Zuckerberg and Jack Dorsey among its clients, has seen a substantial increase in fund size compared to its previous fund. Iconiq’s Fund VI had a target of $3.75 billion, making this latest fundraising effort a significant achievement.

In a landscape where many large growth investors have struggled to reach their fundraising goals, Iconiq’s success stands out. For example, Tiger Global recently closed its venture capital fund at $2.2 billion, well below its initial target of $6 billion.

Iconiq’s strong fundraising performance is likely a reflection of its successful investment strategy. The firm has realized numerous exits from its portfolio in recent years, including high-profile IPOs like Snowflake, Airbnb, GitLab, and HashiCorp. In 2023 alone, Iconiq invested $1.1 billion in 22 companies, showcasing its commitment to supporting innovative startups.

The firm’s seventh fund will focus on investing in 20 to 25 tech companies, further solidifying its position as a key player in the venture capital landscape. With backing from a diverse group of investors, Iconiq is poised to continue its track record of success in identifying and supporting the next generation of tech leaders.