ICONIQ Capital

Last updated

ICONIQ Capital, LLC
Company type Private
Industry Financial services
Founded2011;14 years ago (2011)
Founder
  • Divesh Makan
  • Michael Anders
  • Chad Boeding
  • Will Griffith
Headquarters San Francisco, California, U.S.
Products
  • financial advisory
  • private equity
  • venture capital
  • real estate
  • philanthropy
AUM US$80 billion (2024) [1]
Number of employees
500 (2024)
Website iconiqcapital.com
Footnotes /references
[2]

ICONIQ Capital, LLC (Iconiq) 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 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.

Contents

History

Iconiq was founded in December 2011 in San Francisco, California by Divesh Makan, Michael Anders and Chad Boeding. [4] [3] [6] [7]

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 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]

In 2013, the firm launched Iconiq Growth to act as its growth capital arm after receiving encouragement from Dave Goldberg. It brought on Will Griffith (a general partner at TCV), to lead it. [7]

In 2018, Boeding spun out of Iconiq to form his own wealth advisory firm, Epiq Capital. [8]

In 2019, the firm launched Iconiq Impact which was its charity platform. It acted as a separate philanthropic arm to give away capital earned through the family office. [9]

In 2020, Blue Owl Capital acquired a 6% stake in Iconiq. [10]

In September 2024, it was reported that Iconiq was looking new ways to cash in on startups amid the IPO drought. These included mergers and acquisitions as well as secondary market offerings. [11]

Operations

Iconiq functions as a hybrid family office for ultra-high-net-worth clients. [12] Their client base primarily derives wealth from the technology, high finance, and entertainment industries. [13] Their investment platform has evolved to include private equity, venture capital, growth equity, and real estate. [5] [14] 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]

The majority of the firm's assets under management is from wealth management. [7]

Clientele

Iconiq does not disclose its clientele and is known for being secretive within the investment management industry. [12] Select clients that have affiliated themselves with ICONIQ include: [4] [15]

Meta

Business

Entertainment

Portfolio

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References

  1. ↑ "Home". ICONIQ Capital. Archived from the original on January 15, 2022. Retrieved January 15, 2022.
  2. ↑ "Form ADV" (PDF). SEC. Archived (PDF) from the original on November 24, 2022. Retrieved November 24, 2022.
  3. 1 2 3 4 5 6 "How the Facebook IPO is creating the mother of all RIAs, Iconiq, and what an in-your-face it is for Wall Street". RIABiz. Archived from the original on June 30, 2022. Retrieved June 13, 2021.
  4. 1 2 3 4 5 6 7 8 Solomon, Brian. "The Spider Of Silicon Valley: Inside 'Zuck & Friends' Secret Billionaire Fund". Forbes. Archived from the original on June 13, 2021. Retrieved June 13, 2021.
  5. 1 2 3 4 5 Putzier, Konrad (August 6, 2019). "Wealth Manager Iconiq, Known for Silicon Valley Ties, Widens Real-Estate Holdings". Wall Street Journal. ISSN   0099-9660. Archived from the original on June 13, 2021. Retrieved June 13, 2021.
  6. 1 2 3 4 5 Smith, Randall (February 1, 2012). "This Adviser Enjoys Friends in High Places". Wall Street Journal. ISSN   0099-9660. Archived from the original on January 16, 2013. Retrieved June 13, 2021.
  7. 1 2 3 Mathews, Jessica (July 22, 2024). "Inside Iconiq Growth, one of Silicon Valley's most mysterious venture capital funds that just closed a $5.8B startup war chest". Fortune. Retrieved January 3, 2025.
  8. ↑ Foxman, Simone (May 15, 2018). "Iconiq Co-Founder Starts Rival Wealth Firm, Swipes at Conflicts". www.bloomberg.com. Archived from the original on June 13, 2021. Retrieved June 13, 2021.
  9. ↑ Harris, Lee (June 19, 2024). "What does the family office explosion mean for the world?". Financial Times. Archived from the original on September 26, 2024. Retrieved January 3, 2025.
  10. 1 2 Stupples, Benjamin (February 15, 2021). "Wealth Firm for Silicon Valley Billionaires Sets Up in London". www.bloomberg.com. Archived from the original on June 13, 2021. Retrieved June 13, 2021.
  11. ↑ Hammond, George (September 8, 2024). "Zuckerberg-backed Iconiq seeks new ways to cash in on start-ups amid IPO drought". Financial Times. Archived from the original on September 27, 2024. Retrieved January 3, 2025.
  12. 1 2 Das, Juliet Chung and Anupreeta (November 21, 2017). "Zuckerberg's Wealth Manager Wants to Be a Buyout Shop". Wall Street Journal. ISSN   0099-9660. Archived from the original on June 13, 2021. Retrieved June 13, 2021.
  13. ↑ Morris, Rob Price, Meghan. "Inside Iconiq: How Mark Zuckerberg's banker built a secret Silicon Valley empire and made billions". Business Insider. Archived from the original on June 13, 2021. Retrieved June 13, 2021.{{cite web}}: CS1 maint: multiple names: authors list (link)
  14. ↑ Cumming, Chris (April 27, 2021). "Iconiq Targets $3.75 Billion for Sixth Growth Fund". Wall Street Journal. Archived from the original on June 13, 2021. Retrieved June 13, 2021.
  15. ↑ 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. Archived from the original on June 13, 2021. Retrieved June 13, 2021.{{cite web}}: CS1 maint: multiple names: authors list (link)
  16. ↑ "Age of Learning, a quiet giant in education apps, raised $150M at a $1B valuation from Iconiq". TechCrunch. May 3, 2016. Archived from the original on September 26, 2017. Retrieved June 13, 2021.
  17. ↑ "Adyen Adds New Funding From Iconiq, Values Dutch Payment Group At $2.3B". TechCrunch. September 30, 2015. Archived from the original on June 25, 2021. Retrieved June 13, 2021.
  18. ↑ Picker, Leslie (October 28, 2015). "Iconiq Capital Leads $85 Million Investment in Alteryx". The New York Times. ISSN   0362-4331. Archived from the original on June 13, 2021. Retrieved June 13, 2021.
  19. ↑ Taulli, Tom. "Apttus: A Cloud Giant From Virtually No Money". Forbes. Archived from the original on June 13, 2021. Retrieved June 13, 2021.
  20. ↑ "Iconiq Capital Teardown: This Influential Investor Is Doing Well". CB Insights Research. October 14, 2016. Archived from the original on June 13, 2021. Retrieved June 13, 2021.
  21. ↑ Media, Insider (August 17, 2016). "Trio of investors acquire CSL". Insider Media Ltd. Archived from the original on June 13, 2021. Retrieved June 13, 2021.
  22. ↑ "Dataiku raises $101 million for its collaborative data science platform". TechCrunch. December 19, 2018. Retrieved June 13, 2021.
  23. ↑ Crecente, Brian (October 26, 2018). "Epic Games Gets $1.25 Billion Investment From KKR, Six Others". Variety. Archived from the original on October 26, 2018. Retrieved June 13, 2021.
  24. ↑ "Boston's ezCater raises $100 million to take its corporate catering platform international". VentureBeat. June 19, 2018. Archived from the original on June 13, 2021. Retrieved June 13, 2021.
  25. ↑ "Flipkart raises Series D round of funding from Naspers' arm MIH, ICONIQ Capital, Tiger Global and Accel Partners". VCCircle. August 24, 2012. Archived from the original on June 13, 2021. Retrieved June 13, 2021.
  26. ↑ "Ukrainian startup GitLab raises $268 million at a valuation of $2.7 billion". AIN.UA. September 18, 2019. Archived from the original on June 13, 2021. Retrieved June 13, 2021.
  27. ↑ 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.
  28. ↑ Schubarth, Cromwell (January 30, 2020). "GoFundMe CEO stepping aside, ad tech startup's CEO stepping in". www.bizjournals.com. Archived from the original on February 7, 2022. Retrieved June 13, 2021.
  29. ↑ FinSMEs (November 13, 2019). "Guild Education Raises $157M in Series D Funding". FinSMEs. Archived from the original on June 24, 2021. Retrieved June 13, 2021.
  30. ↑ "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.
  31. ↑ "Modern Meadow Raises $10 Million in Series A Funding by Staff". Engineering.com. June 19, 2014. Retrieved June 13, 2021.
  32. ↑ "Secondhand car auction platform Motorway hits unicorn status after $190M raise with Index, ICONIQ". November 29, 2021. Archived from the original on November 24, 2022. Retrieved November 24, 2022.
  33. ↑ "4 men who came to participate in ONE Championship MMA event test positive for COVID-19". CNA. Archived from the original on June 13, 2021. Retrieved June 13, 2021.
  34. ↑ Sen, Anirban (March 23, 2021). "Robinhood, at the heart of retail trading frenzy, files for own IPO". Reuters. Archived from the original on June 13, 2021. Retrieved June 13, 2021.
  35. ↑ "Cloud data warehouse startup Snowflake raises $100 million led by Iconiq". VentureBeat. April 5, 2017. Archived from the original on December 6, 2021. Retrieved June 13, 2021.
  36. ↑ Delevingne, Lawrence (December 5, 2014). "Tiger hedge fund family backs Uber for $100B-plus IPO". CNBC. Archived from the original on June 13, 2021. Retrieved June 13, 2021.
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