According to meeting information from the New Mexico State Investment Council, the Wall Street Journal reported in March 2022 that the late-stage investment unit, which is a part of ICONIQ Capital, which was established in 2011 as a private office managing the capital of some of the most well-known and wealthy individuals in the tech industry, including Mark Zuckerberg and Jack Dorsey, has reached its $5.75 billion target.

A request for comment was not immediately answered by ICONIQ Growth.

The fund size is significantly larger than the $3.75 billion aim of Iconiq's Fund VI.

In light of the fact that several other large-growth investors narrowly missed their expectations, ICONIQ Growth's most recent fund haul is noteworthy. Most significantly, according to Bloomberg, Tiger Global closed its most recent venture capital fund at $2.2 billion, making it the company's weakest fund since 2014. Less than half of the $12.7 billion in funding that Tiger had intended to raise, the company closed in March 2022.

The positions of the two enormous funds aren't precisely the same. During the tech boom of 2020 and 2021, Tiger Global faced harsh criticism for making hasty capital investments at excessive prices (although it always refuted claims that it was overpaying). Furthermore, two sources claim that ICONIQ Growth has been looking for secondary positions, in contrast to Tiger Global, which has been aggressively selling secondary interests to achieve liquidity.

The organization's ability to gather money suggests that its supporters are generally happy with the company's approach to investing.

Based on data from PitchBook, ICONIQ Growth has accomplished several dozen exits from its portfolio in recent years, including the IPOs of GitLab, HashiCorp, Snowflake, and Airbnb. According to the report, ICONIQ Growth invested $1.1 billion in 22 businesses in 2023. Startups like Drata, Canva, Ramp, ServiceTitan, Writer, and Pigment are among the firms in its portfolio.

According to regulatory records, the company has raised $3.95 billion from 291 investors for Fund VII-B, and $1.26 billion from 462 supporters for Fund VII.

Buyouts Insider reported in March 2022 that, based on meeting material from the New Mexico State Investment Council, ICONIQ Growth's seventh vehicle will invest in 20 to 25 tech startups.