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ICONIQ Capital

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ICONIQ Capital, LLC
Company typePrivate
IndustryFinancial services
Founded2011; 13 years ago (2011)
Founder
  • Divesh Makan
  • Michael Anders
  • Chad Boeding
  • Will Griffith
HeadquartersSan Francisco, California, U.S.
Products
  • financial advisory
  • private equity
  • venture capital
  • real estate
  • philanthropy
AUMUS$80 billion (2022)[1]
DivisionsICONIQ Strategic Partners
ICONIQ Growth
ICONIQ Impact
Websiteiconiqcapital.com
Footnotes / references
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ICONIQ Capital, LLC is an American investment management firm headquartered in San Francisco, California.[3][4] It functions as a hybrid family office providing specialized financial advisory, private equity, venture capital, real estate, and philanthropic services to its clientele.[5] ICONIQ Capital primarily serves ultra-high-net-worth clients working in technology, high finance, and entertainment. The firm operates in-house venture capital, growth equity, and charitable giving funds for its clients.

History

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ICONIQ Capital was founded in December 2011 in San Francisco, California by Divesh Makan, Michael Anders and Chad Boeding.[4][3][6] The trio previously worked as wealth advisors at Goldman Sachs and Morgan Stanley.[4][3] During the early 2000s, Makan established relationships with key members of social media start-up Facebook, which later developed into technology conglomerate Meta.[5] One of his first clients was the co-founder of Facebook, Mark Zuckerberg, who introduced Makan to Sheryl Sandberg and Dustin Moskovitz.[4][6] During his time at both Goldman Sachs and Morgan Stanley, Makan's team had disagreements with the firms' senior leadership over their business practices.[4][3][6] In late 2011 they left Morgan Stanley to set up ICONIQ Capital to serve as independent wealth advisors to their clients with more autonomy.[4][3][6] ICONIQ's launch coincided with the initial public offering of Facebook in May 2012, which was overseen by Morgan Stanley.[4][3][6] That year they brought on Will Griffith (a general partner at TCV), to lead their in-house venture arm, ICONIQ Strategic Partners.[7][8] In 2018, Boeding spun out of ICONIQ to form his own wealth advisory firm, Epiq Capital.[9] In 2020, asset manager Blue Owl Capital acquired a 6% stake in ICONIQ.[10]

Operations

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ICONIQ functions as a hybrid family office for ultra-high-net-worth clients.[7] Their client base primarily derives wealth from the technology, high finance, and entertainment industries.[11] Their investment platform has evolved to include private equity, venture capital, growth equity, and real estate.[5][12] In addition to retail clients, the firm covers institutional clients, as well, such as the Canadian pension fund, CPP Investment Board.[10] Their hybrid structure was designed to reduce conflict-of-interest between its financial advisory businesses and investment platform.[5] At the clients' discretion, pooled capital may be deployed to ICONIQ's private investment vehicles.[5]

Clientele

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ICONIQ does not disclose its clientele and is known for being secretive within the investment management industry.[7] Select clients that have affiliated themselves with ICONIQ include:[4][13]

Meta

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Business

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Entertainment

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Venture capital

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The firm operates ICONIQ Strategic Partners as an in-house venture capital fund for its clients.

Fund Vintage Year Committed Capital ($m)
ICONIQ Strategic Partners 2014 495
ICONIQ Strategic Partners II 2015 1,151
ICONIQ Strategic Partners III 2017 1,117
ICONIQ Strategic Partners IV 2019 195
ICONIQ Strategic Partners V 2021 2,600
ICONIQ Strategic Partners VII 2024 5,750[14]

Portfolio

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References

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  1. ^ "Home". ICONIQ Capital.
  2. ^ "Form ADV" (PDF). SEC. Retrieved November 24, 2022.
  3. ^ a b c d e f "How the Facebook IPO is creating the mother of all RIAs, Iconiq, and what an in-your-face it is for Wall Street". RIABiz. Retrieved June 13, 2021.
  4. ^ a b c d e f g h Solomon, Brian. "The Spider Of Silicon Valley: Inside 'Zuck & Friends' Secret Billionaire Fund". Forbes. Retrieved June 13, 2021.
  5. ^ a b c d e Putzier, Konrad (August 6, 2019). "Wealth Manager Iconiq, Known for Silicon Valley Ties, Widens Real-Estate Holdings". Wall Street Journal. ISSN 0099-9660. Retrieved June 13, 2021.
  6. ^ a b c d e Smith, Randall (February 1, 2012). "This Adviser Enjoys Friends in High Places". Wall Street Journal. ISSN 0099-9660. Retrieved June 13, 2021.
  7. ^ a b c Das, Juliet Chung and Anupreeta (November 21, 2017). "Zuckerberg's Wealth Manager Wants to Be a Buyout Shop". Wall Street Journal. ISSN 0099-9660. Retrieved June 13, 2021.
  8. ^ "William J. Griffith". Dartmouth Engineering. Retrieved June 13, 2021.
  9. ^ Foxman, Simone (May 15, 2018). "Iconiq Co-Founder Starts Rival Wealth Firm, Swipes at Conflicts". www.bloomberg.com. Retrieved June 13, 2021.
  10. ^ a b Stupples, Benjamin (February 15, 2021). "Wealth Firm for Silicon Valley Billionaires Sets Up in London". www.bloomberg.com. Retrieved June 13, 2021.
  11. ^ Morris, Rob Price, Meghan. "Inside Iconiq: How Mark Zuckerberg's banker built a secret Silicon Valley empire and made billions". Business Insider.{{cite web}}: CS1 maint: multiple names: authors list (link)
  12. ^ Cumming, Chris (April 27, 2021). "Iconiq Targets $3.75 Billion for Sixth Growth Fund". Wall Street Journal.
  13. ^ Su, Meghan Morris, Rob Price, Joanna Lin. "Here are dozens of the tech titans and Hollywood celebrities who are Iconiq Capital clients — and 10 ultra-wealthy moguls who quietly bailed". Business Insider. Retrieved June 13, 2021.{{cite web}}: CS1 maint: multiple names: authors list (link)
  14. ^ "Announcing our Seventh Flagship Fund". Retrieved July 23, 2024.
  15. ^ "Age of Learning, a quiet giant in education apps, raised $150M at a $1B valuation from Iconiq". TechCrunch. May 3, 2016. Retrieved June 13, 2021.
  16. ^ "Adyen Adds New Funding From Iconiq, Values Dutch Payment Group At $2.3B". TechCrunch. September 30, 2015. Retrieved June 13, 2021.
  17. ^ Picker, Leslie (October 28, 2015). "Iconiq Capital Leads $85 Million Investment in Alteryx". The New York Times. ISSN 0362-4331. Retrieved June 13, 2021.
  18. ^ Taulli, Tom. "Apttus: A Cloud Giant From Virtually No Money". Forbes. Retrieved June 13, 2021.
  19. ^ "Iconiq Capital Teardown: This Influential Investor Is Doing Well". CB Insights Research. October 14, 2016. Retrieved June 13, 2021.
  20. ^ Media, Insider. "Trio of investors acquire CSL". Insider Media Ltd. Retrieved June 13, 2021.
  21. ^ "Dataiku raises $101 million for its collaborative data science platform". TechCrunch. December 19, 2018. Retrieved June 13, 2021.
  22. ^ Crecente, Brian (October 26, 2018). "Epic Games Gets $1.25 Billion Investment From KKR, Six Others". Variety. Retrieved June 13, 2021.
  23. ^ "Boston's ezCater raises $100 million to take its corporate catering platform international". VentureBeat. June 19, 2018. Retrieved June 13, 2021.
  24. ^ "Flipkart raises Series D round of funding from Naspers' arm MIH, ICONIQ Capital, Tiger Global and Accel Partners". VCCircle. August 24, 2012. Retrieved June 13, 2021.
  25. ^ "Ukrainian startup GitLab raises $268 million at a valuation of $2.7 billion". AIN.UA. September 18, 2019. Retrieved June 13, 2021.
  26. ^ Demos, Telis (September 12, 2016). "GreenSky Scores $3.6 Billion Valuation From Fifth Third Bancorp". Wall Street Journal. ISSN 0099-9660. Retrieved June 13, 2021.
  27. ^ Schubarth, Cromwell (January 30, 2020). "GoFundMe CEO stepping aside, ad tech startup's CEO stepping in". www.bizjournals.com. Retrieved June 13, 2021.
  28. ^ FinSMEs (November 13, 2019). "Guild Education Raises $157M in Series D Funding". FinSMEs. Retrieved June 13, 2021.
  29. ^ "Jessica Alba's The Honest Company Valued at Nearly $1 Billion Two Years After Its Launch". E! Online. August 27, 2014. Retrieved June 13, 2021.
  30. ^ "Modern Meadow Raises $10 Million in Series A Funding by Staff". Engineering.com. Retrieved June 13, 2021.
  31. ^ "Secondhand car auction platform Motorway hits unicorn status after $190M raise with Index, ICONIQ". November 29, 2021.
  32. ^ "4 men who came to participate in ONE Championship MMA event test positive for COVID-19". CNA. Retrieved June 13, 2021.
  33. ^ Sen, Anirban (March 23, 2021). "Robinhood, at the heart of retail trading frenzy, files for own IPO". Reuters. Retrieved June 13, 2021.
  34. ^ "Cloud data warehouse startup Snowflake raises $100 million led by Iconiq". VentureBeat. April 5, 2017. Retrieved June 13, 2021.
  35. ^ Delevingne, Lawrence (December 5, 2014). "Tiger hedge fund family backs Uber for $100B-plus IPO". CNBC. Retrieved June 13, 2021.
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