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Alternative Assets  + VC  |  July 26, 2024
ICONIQ Growth Closes 7th Fund at $5.75B
Joe Palmisano
By: Joe Palmisano

ICONIQ Growth Closes 7th Fund at $5.75B

ICONIQ Growth, the venture and growth investing arm of San Francisco-based ICONIQ Capital, closed its seventh flagship fund at $5.75 billion. ICONIQ Strategic Partners VII boosts the firm’s total capital commitments to $21 billion since the $495 million raised by its debut vehicle in 2014.

The firm has partnered with over 140 firms to date in various stages, sectors, and geographies, resulting in 27 IPOs and a total market cap of more than $1.5 trillion.

The ICONIQ Growth portfolio includes popular companies like Airbnb, Alibaba, Uber, and Zoom, as well as an array of unicorns like electronic signature technology specialist DocuSign, online banking fintech Chime, digital collaboration platform Miro, construction software provider Procore, ediscovery and legal software provider Relativity, and ServiceTitan, a software platform for HVAC, plumbing, and other trade businesses.

“This new fund reflects our community’s trust in our team and differentiated strategy as we enter a new golden age of inspiring ideas such as AI, reimagining technology through the lenses of cognition and reasoning in pursuit of expanding knowledge,” says ICONIQ Growth general partner Matt Jacobson.

ICONIQ Growth has recently broadened its senior leadership team with the addition of new partners Rob Bernshteyn, former chairman and CEO of portfolio company Coupa Software; Alex Gorsky, former chairman and CEO of Johnson & Johnson; and Kamran Zaki, former COO of Netherlands-based fintech Adyen.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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