ICONIQ Capital

ICONIQ Capital is an American wealth management and investment firm based in San Francisco, California. It functions as a family office that provides wealth management services to high net worth clients such as Mark Zuckerberg, Sheryl Sandberg, Jack Dorsey and Jeff Weiner.[3][4] The firm also is involved in investments related to Private Equity and Venture Capital.[5]

ICONIQ Capital, LLC
TypePrivate
IndustryFinancial services
Founded2011 (2011)
FounderDivesh Makan
Michael Anders
Chad Boeding
Will Griffith
HeadquartersSan Francisco, California, U.S.
ProductsWealth Management
Venture Capital
Private Equity
Real Estate
AUMUS$80 billion (2022)[1]
Websitewww.iconiqcapital.com
Footnotes / references
[2]

Background

ICONIQ Capital was founded in 2011 by Divesh Makan, Michael Anders and Chad Boeding.[3][4][6] The trio previously worked in wealth management at Morgan Stanley and Goldman Sachs.[3][4] In 2004, Makan met Mark Zuckerberg as one of his clients, which would later help him meet other key members affiliated with Facebook such as Sheryl Sandberg and Dustin Moskovitz.[3][5][6]

During his time at both Morgan Stanley and Goldman Sachs, Makan and his team had disagreements with higher ups at both firms due to firm restrictions as well as pressure to sell certain financial products.[3][4][6]

In 2011, Makan and his team left Morgan Stanley to set up ICONIQ Capital to serve as wealth advisors to their clients independently with more autonomy.[3][4][6] This was close to the date of the Initial public offering of Facebook which the firm was also involved in.[3][4][6]

In 2012, Will Griffith joined ICONIQ Capital and became a founder of ICONIQ Strategic Partners, which would become the investment arm of the firm. Previously, Griffith was a partner at TCV.[7][8]

In 2018, co-founder Chad Boeding left ICONIQ Capital to form his own firm, Epiq Capital.[9]

In 2020, Dyal Capital Partners acquired a 6% stake in ICONIQ Capital.[10]

Business overview

ICONIQ Capital is most notable for providing family office services for high net worth clients. Many of the firm's clients are involved in the Silicon Valley technology scene as well as Hollywood.[11]

The firm also functions as an investment firm. Previously, it focused only on venture capital investments in startups. However, it later expanded into investments related to private equity and real estate.[5][12][7] Its investment business serves institutional clients such as the pension fund, CPP Investment Board.[10]

ICONIQ Capital has a hybrid operational structure ostensibly designed to reduce conflict of interest between its wealth management businesses and its investment businesses.[5] In a written statement, the firm stated that only a small amount of money from its family office clients are allocated into its investment funds, and that any such allocations will always be at the client's discretion.[5]

Notable high net worth clients

According to Forbes[3] and Business insider,[13] ICONIQ Capital has served the following high net worth clients:

Facebook

Business

Entertainment

Investment Funds
Fund Vintage Year Committed Capital ($m)
ICONIQ Strategic Partners 2014 495
ICONIQ Strategic Partners II 2015 1,151.93
ICONIQ Strategic Partners III 2017 1,117.87
ICONIQ Strategic Partners IV 2019 195
ICONIQ Strategic Partners V 2021 2,600

Notable investments

References
  1. "Home". ICONIQ Capital.
  2. "Form ADV" (PDF). SEC. Retrieved 24 November 2022.
  3. Solomon, Brian. "The Spider Of Silicon Valley: Inside 'Zuck & Friends' Secret Billionaire Fund". Forbes. Retrieved 2021-06-13.
  4. "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 2021-06-13.
  5. Putzier, Konrad (2019-08-06). "Wealth Manager Iconiq, Known for Silicon Valley Ties, Widens Real-Estate Holdings". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-06-13.
  6. Smith, Randall (2012-02-01). "This Adviser Enjoys Friends in High Places". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-06-13.
  7. Das, Juliet Chung and Anupreeta (2017-11-21). "Zuckerberg's Wealth Manager Wants to Be a Buyout Shop". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-06-13.
  8. "William J. Griffith". Dartmouth Engineering. Retrieved 2021-06-13.
  9. Foxman, Simone (May 15, 2018). "Iconiq Co-Founder Starts Rival Wealth Firm, Swipes at Conflicts". www.bloomberg.com. Retrieved 2021-06-13.
  10. Stupples, Benjamin (February 15, 2021). "Wealth Firm for Silicon Valley Billionaires Sets Up in London". www.bloomberg.com. Retrieved 2021-06-13.
  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 (2021-04-27). "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 2021-06-13.{{cite web}}: CS1 maint: multiple names: authors list (link)
  14. "Age of Learning, a quiet giant in education apps, raised $150M at a $1B valuation from Iconiq". TechCrunch. 3 May 2016. Retrieved 2021-06-13.
  15. "Adyen Adds New Funding From Iconiq, Values Dutch Payment Group At $2.3B". TechCrunch. 30 September 2015. Retrieved 2021-06-13.
  16. Picker, Leslie (2015-10-28). "Iconiq Capital Leads $85 Million Investment in Alteryx". The New York Times. ISSN 0362-4331. Retrieved 2021-06-13.
  17. Taulli, Tom. "Apttus: A Cloud Giant From Virtually No Money". Forbes. Retrieved 2021-06-13.
  18. "Iconiq Capital Teardown: This Influential Investor Is Doing Well". CB Insights Research. 2016-10-14. Retrieved 2021-06-13.
  19. Media, Insider. "Trio of investors acquire CSL". Insider Media Ltd. Retrieved 2021-06-13.
  20. "Dataiku raises $101 million for its collaborative data science platform". TechCrunch. 19 December 2018. Retrieved 2021-06-13.
  21. Crecente, Brian (2018-10-26). "Epic Games Gets $1.25 Billion Investment From KKR, Six Others". Variety. Retrieved 2021-06-13.
  22. "Boston's ezCater raises $100 million to take its corporate catering platform international". VentureBeat. 2018-06-19. Retrieved 2021-06-13.
  23. "Flipkart raises Series D round of funding from Naspers' arm MIH, ICONIQ Capital, Tiger Global and Accel Partners". VCCircle. 2012-08-24. Retrieved 2021-06-13.
  24. "Ukrainian startup GitLab raises $268 million at a valuation of $2.7 billion". AIN.UA. 2019-09-18. Retrieved 2021-06-13.
  25. Demos, Telis (2016-09-12). "GreenSky Scores $3.6 Billion Valuation From Fifth Third Bancorp". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-06-13.
  26. Schubarth, Cromwell (Jan 30, 2020). "GoFundMe CEO stepping aside, ad tech startup's CEO stepping in". www.bizjournals.com. Retrieved 2021-06-13.
  27. FinSMEs (2019-11-13). "Guild Education Raises $157M in Series D Funding". FinSMEs. Retrieved 2021-06-13.
  28. "Jessica Alba's The Honest Company Valued at Nearly $1 Billion Two Years After Its Launch". E! Online. 2014-08-27. Retrieved 2021-06-13.
  29. "Modern Meadow Raises $10 Million in Series A Funding by Staff". Engineering.com. Retrieved 2021-06-13.
  30. "Secondhand car auction platform Motorway hits unicorn status after $190M raise with Index, ICONIQ". 29 November 2021.
  31. "4 men who came to participate in ONE Championship MMA event test positive for COVID-19". CNA. Retrieved 2021-06-13.
  32. Sen, Anirban (2021-03-23). "Robinhood, at the heart of retail trading frenzy, files for own IPO". Reuters. Retrieved 2021-06-13.
  33. "Cloud data warehouse startup Snowflake raises $100 million led by Iconiq". VentureBeat. 2017-04-05. Retrieved 2021-06-13.
  34. Delevingne, Lawrence (2014-12-05). "Tiger hedge fund family backs Uber for $100B-plus IPO". CNBC. Retrieved 2021-06-13.
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