ICONIQ Progress raises seventh flagship fund at $5.75 billion.

ICONIQ Progress raised $5.21 billion by way of two funds affiliated with the seventh household of progress funds, in response to SEC filings. Nevertheless, in response to a supply acquainted with the agency, the precise quantity of funds raised by the agency was $5.75 billion.

The late-stage funding arm is a part of ICONIQ Capital, which was based in 2011 as a personal workplace that manages the capital of a few of the most outstanding and rich folks in expertise, together with Mark Zuckerberg and Jack Dorsey, and has achieved its objective. $5.75 billion objective, in response to New Mexico Funding Council assembly info Wall Road Journal reported in March 2022.

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

The fund measurement considerably exceeds Iconiq Fund VI’s $3.75 billion goal.

ICONIQ Progress’s newest fundraising is spectacular contemplating many different high-growth traders have failed to attain their objectives by vast margins. Most notably, Tiger World closed its newest enterprise fund at $2.2 billion, the agency’s smallest fund since 2014. Bloomberg reported this.. Tiger initially deliberate to lift $6 billion, lower than half the price of its predecessor automotive. $12.7 billion the agency closed in March 2022.

The 2 big funds are in numerous conditions. Tiger World was broadly criticized for investing capital too shortly at exorbitant costs throughout the tech increase of 2020 and 2021 (although the corporate has at all times rejected the concept it was overpaying). And in contrast to Tiger World, which has been actively promoting minor stakes to appreciate liquidity, ICONIQ Progress has been shopping for minor positions, in response to two sources.

The corporate’s fundraising doubtless means its backers are comparatively proud of the agency’s funding technique.

ICONIQ Progress has accomplished dozens of exits from its portfolio lately, together with the IPOs of Snowflake, Airbnb, GitLab and HashiCorp, in response to PitchBook. In 2023, ICONIQ Progress invested $1.1 billion in 22 corporations. he says, and his portfolio consists of startups equivalent to Drata, Canvas, Ramp, ServiceTitan, Author And Pigment.

corporations Fund VII-B raised $3.95 billion. from 291 traders, whereas Fund VII closed at $1.26 billion. from 462 sponsors, in response to regulatory filings.

ICONIQ Progress’s seventh automobile will put money into 20 to 25 expertise corporations, in response to the New Mexico Funding Council assembly. An insider reported the ransoms reported in March 2022.

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