(Bloomberg) -- Iconiq Capital, an investment firm known for managing the fortunes of Silicon Valley’s elite, said it had raised $5.75 billion for a new venture-focused fund — a significant haul signaling the continued concentration of dollars in a handful of big VC firms.

Most Read from Bloomberg

• Trump Risks Losing Voters He Needs With Loaded Attacks on Harris

• Harris Just Showed Why Trump Is So Afraid of Her

• I Changed My Mind. The Fed Needs to Cut Rates Now.

• Wall Street Goes Risk-On After US Economic Data: Markets Wrap

• Markets Tear Up Popular Trades That Reached ‘Stupid Levels’

The fund is Iconiq’s seventh growth fund, and represents a sizable increase over the $4.06 billion committed for its previous fund, according to a spokesperson for the firm.

This year, investors have committed capital to several outsized fundraising rounds, including more than $7 billion to a group of funds at Andreessen Horowitz and $3 billion to Norwest Venture Partners.

Iconiq has benefitted from several initial public offerings of its portfolio companies in recent years, including Snowflake Inc. and Airbnb Inc. Its current portfolio includes Canva Inc. and Pigment.

The firm is a relative newcomer, founded in 2011 and launching its first growth fund in 2013.

(Updates to add the size of previous fund in the second paragraph.)

Most Read from Bloomberg Businessweek

• The Miseducation of America’s Nurse Practitioners

• The $12,000 Harvard Class Celebrities Are Fighting to Get Into

• The US Economy Is Slowing, Which Is Just Fine With the Fed

• Elon Musk Goes All In for Trump

• The Real Reason Erewhon Is a Cult Brand

©2024 Bloomberg L.P.