Iconiq Raises $5.75 Billion for New Fund to Invest in Startups
(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.
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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.)
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