Iconiq Capital, renowned for managing the wealth of Silicon Valley’s elite, has raised $5.75 billion for its new venture-focused fund. This significant fundraising underscores the continued concentration of capital in a few major VC firms. This year alone, investors have committed over $7 billion to funds at Andreessen Horowitz and $3 billion to Norwest Venture Partners.
Iconiq Capital has benefitted from successful IPOs of its portfolio companies, including Snowflake Inc. and Airbnb Inc. Its current investments include Canva Inc. and Pigment. Founded in 2011, Iconiq launched its first growth fund in 2013 and has quickly established itself as a key player in the venture capital landscape.