揭秘家族办公室ICONIQ:管理620亿美元,服务225个亿万富翁-36氪
Inside ICONIQ Capital: How the Rich Got Richer
SubscribeSign inShare this postInside ICONIQ Capital: How the Rich Got Richerwww.newcomer.coCopy linkFacebookEmailNoteOtherInside ICONIQ Capital: How the Rich Got RicherSecret documents reveal how ICONIQ Capital accumulated $83.5 billion in the bull run and raised $6 billion as the world came undone.Eric NewcomerJun 17, 2022∙ Paid24Share this postInside ICONIQ Capital: How the Rich Got Richerwww.newcomer.coCopy linkFacebookEmailNoteOtherShareIf there’s any investment firm that’s truly a backroom cabal of rich and powerful tech elites, it’s Divesh Makan’s ICONIQ Capital. The firm counts some of the wealthiest and most connected billionaires in the world as clients and consiglieres.ICONIQ has been in the process of raising its seventh growth fund. I can report that the fund — ICONIQ Strategic Partners VII— has been raised and totals $6 billion, according to a source. That gives the firm a deep reserve of dry powder as tech stocks — including ICONIQ portfolio companies like Snowflake and Datadog — crater. A spokesperson for ICONIQ declined to comment.If you know anything about ICONIQ, it’s probably that the firm built its reputation on the back of managing some of Mark Zuckerberg’s enormous fortune. A private fundraising presentation that I’ve obtained makes clear that Zuckerberg, who remains an advisor to the firm, is far from the only headline name with deep connections to ICONIQ. The firm’s advisory board comprises some of the most powerful investors and tech business leaders in the world: LinkedIn co-founder Reid Hoffman, Asana CEO Dustin Moskovitz, Yahoo! co-founder Jerry Yang, General Motors CEO Mary Barra, Johnson & Johnson executive chairman Alex Gorsky, Tiger Global founder Chase Coleman, founding TPG partner David Bonderman, co-CEO of KKR Henry Kravis, Indian steel magnate Aditya Mittal, and Zuckerberg.Since ICONIQ was founded in 2011, Makan has exploded the firm’s reach. ICONIQ is at once a family office for the ultra wealthy, a growth fund that competes with the likes of Tiger Global, a major real estate investor, and an impact investor. ICONIQ has invested in more than 120 companies, deploying $12.9 billion in capital.1 Just as this epic bull run looked to be coming to a close — at the end of last year — ICONIQ’s assets under management totaled $83.5 billion, according to the private investor presentation.2What becomes of that massive wealth horde is an open question. Careers and fortunes are made at the tail end of a bull cycle. ICONIQ returned billions to its investors last year. But the firm deployed just as many billions. Will ICONIQs financial backers remember the money it returned or the expensive investments that it made in 2021?Clearly, there are still plenty of believers given investors ponied up $6 billion for ICONIQ’s seventh fund as the stock market comes undone.With the benefit of hindsight, it’s fair to say ICONIQ was almost certainly overexuberant last year. ICONIQ paid difficult-to-justify-in-retrospect prices for much of the $5.2 billion it invested last year. High entry prices will make it hard for the firm’s sixth fund to match the stellar returns of its early funds. But that will be true for many, if not all, of the firm’s rivals too. (Collective delusions are a powerful force — and there are plenty of incentives to run off the cliff together.)There’s little question that 2021 was an epic year for ICONIQ that helped shape the future of the technology industry. Last year, ICONIQ’s headcount grew by 22%. It saw 16 liquidity events, including 11 portfolio company public listings.The firm invested— just last year — $5.2 billion. The firm bought shares in 37 new companies and made 60 follow-on investments. Again, just last year, the firm says it returned $5.5 billion to its backers, at a realized gross multiple on invested capital of 8.3x.Much of this story is based on the fundraising materials for that seventh fund. The slides (many of which are included below for Newcomer subscribers) contain ICONIQ’s performance through Dec. 31, 2021.SubscribeIf you want to know how the rich got richer before the world started to unravel, this is the story that explains how.This post is for paid subscribersSubscribeAlready a paid subscriber? Sign inPreviousNext© 2024 Eric NewcomerPrivacy ∙ Terms ∙ Collection notice Start WritingGet the appSubstack is the home for great writing
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ICONIQ Capital is a privately held investment firm dedicated to improving the world by channeling capital, talent, and ideas to initiatives that advance society.
With approximately $83.5 billion in assets under management, we cultivate a community of some of the world’s most influential leaders to drive global impact and change.
ICONIQ is elevated by our ecosystem—a global network of incredible families, entrepreneurs, companies, institutions, and agents of social change. Our firm is proud to act as an extension of this inspiring community.
Through those relationships, we deepen our understanding of the world. Together, we learn about problems, think through how we can help solve them, and then collaborate on efforts to scale those solutions.
Technology matters. Strategy matters. People matter most.
Nothing on this website is intended as marketing of any fund in the United Kingdom or any member state of the European Economic Area within the meaning of the Directive 2011/61/EU on Alternative Investment Fund Managers.
Assets under management are calculated using net asset value plus uncalled capital commitments of all ICONIQ accounts and funds as of a recent date. Such figures are approximate, unaudited and subject to change.
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ICONIQ Capital
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ICONIQ Capital is a global investment firm elevated by an extraordinary community. We seek to build resilient investment portfolios, partner with inspired entrepreneurs transforming industries, manage our clients’ lives and legacies, and create uncommon opportunities across sectors and society. Together, we channel ideas, energy, and capital to strive toward a better future.
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Rob Bernshteyn
Iconiq Growth General Partner | Former Coupa Software CEO & Chairman | Board Director | Robideas.com
Ted Wang
Helping founders and executives grow and thrive
Kamran Zaki
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We’re thrilled to share this Barron's Penta feature on ICONIQ Impact’s Ocean Co-Lab—a $50 million collaborative philanthropy fund supporting organizations that are harnessing the ocean’s power to fight climate change.
Be sure to follow ICONIQ Impact for more updates on the Ocean Co-Lab and all our collaborative philanthropy initiatives.
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We’re excited to share this Barron's Penta feature on the ICONIQ Impact Ocean Co-Lab—a $50 million collaborative philanthropy fund supporting organizations that are harnessing the ocean’s power to fight climate change.
Though the ocean is vulnerable to climate change, it’s also one of our most powerful allies against it. Ocean-based climate solutions—such as mitigation through tidal energy, sequestration through mangrove protection and restoration, or adaptation though coastal resiliency initiatives—are critically important in the fight to protect and preserve our planet.
That’s why the Ocean Co-Lab is providing three-year, unrestricted grants to 20 innovative projects that aim to address the root causes of climate change, all while helping build the resilience of coastal ecosystems and communities.
Read more below
Iconiq Capital’s Philanthropic Arm Launches the Ocean Co-Lab to Tackle Climate Change
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We’re thrilled to share a milestone moment for our firm. As of December 2023, ICONIQ Impact has helped philanthropists in our community mobilize over half a billion dollars for more than 200 grantees around the world.
Please join us in celebrating the grantees, trusted partners, and philanthropists whose ingenuity, guidance, and generosity helped make this possible.
And make sure to follow ICONIQ Impact on LinkedIn to receive updates on our collaborative philanthropy initiatives and news from our incredible grantee organizations.
ICONIQ Impact
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Today, we’re celebrating a milestone moment for ICONIQ Impact and our community. As of December 2023, ICONIQ Impact has helped philanthropists in our network mobilize over half a billion dollars for more than 200 grantees around the world. They deserve every penny and so much more.
When we launched ICONIQ Impact four years ago, our idea was simple. We wanted to quickly, diligently, and effectively mobilize capital toward areas where philanthropy had a unique role to play—whether that meant supporting overlooked and underfunded organizations or backing new climate technology that we believed had huge potential but needed support to get off the ground.
We’re humbled to share what we’ve accomplished since our founding in April 2019:
$519 million in grants advised on
245 grantees served
+100 countries where our grantees operate
We’re so proud of the positive change driven by our community—grantees, trusted partners, and philanthropists alike.
Please join us in celebrating them: https://lnkd.in/dBi4sm43
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We are horrified and heartbroken over the continuing devastation, death, and trauma that began with Saturday’s unprecedented attack on civilians in Israel by the militant group Hamas. Terrorism is never justifiable, cruelty is never acceptable, and the murder of innocent people is never defensible.
ICONIQ stands in solidarity with the people of Israel and all those who are suffering as a result of these deplorable acts of aggression. Our thoughts go out to our friends, family, and partners in the region, and every single person affected by the recent atrocities.
Along with our team, our partners, and the ICONIQ community, we are providing financial support to humanitarian organizations responding to the crisis.
We must never forget that our shared humanity transcends all else. Together, may we strive for a world where peace and understanding prevail.
—ICONIQ
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Roughly 4.5 million women and infants die each year from mostly detectable, treatable complications during pregnancy and childbirth. That amounts to a mother or baby dying every seven seconds.
That’s why ICONIQ Impact—our platform for collaborative philanthropy—along with Lever for Change and The Patchwork Collective are honored to announce the recipients of the Maternal & Infant Health Award—a $12 million grant competition created to help community leaders improve the quality, safety, and accessibility of maternal healthcare.
Please join us in congratulating Lwala Community Alliance, the recipient of the award’s lead $9 million grant!
Lwala operates in Kenya, where nearly 70,000 mothers and infants die each year. Almost 99% of these deaths occur in just 15 of the country's 47 counties. Lwala believes that communities themselves are the best untapped resource for combating maternal and infant mortality. That’s why their model, formed in partnership with Dandelion Africa, trains Community Health Workers on how to deliver high-quality, evidence-based care to mothers and babies, helping to reach over one million women who otherwise would not have access to care.
In recognition of the critical importance of this work, The Patchwork Collective has also awarded $1 million each to Babies and Mothers Alive, which is scaling its NGO/Government health model to reach one million women in Uganda, and Maya Health Alliance | Wuqu' Kawoq , which provides culturally- and linguistically-relevant care to indigenous communities in Guatemala.
To learn more about the award and its recipients, check out our announcement video below or read our press release here: https://lnkd.in/gSRiTtnX
#MaternalInfantHealthAward #MIHA #MaternalHealth #HealthEquity #Philanthropy #CollaborativePhilanthropy
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Every seven seconds, a mother or newborn child dies from pregnancy and childbirth complications, the majority of which are detectable and preventable with proper attention and medical care.
This #MothersDay as we pay tribute to the mothers and maternal figures in our lives, we must reflect on this harrowing reality.
That is why ICONIQ Impact—our platform for collaborative philanthropy—along with Lever for Change and The Patchwork Collective are honored to announce the five finalists of the Maternal & Infant Health Award—a $10M grant competition created to help community leaders, particularly those in lower-resource communities, improve the quality and accessibility of maternal healthcare, making pregnancy and childbirth safer for both mother and child.
The award’s five finalists represent the most innovative, equitable, and community-driven solutions with the potential to scale. Please join us in congratulating them:
Babies and Mothers Alive is training community healthcare workers, connecting adolescents to reproductive health services, and helping transport pregnant women to and from healthcare centers in Uganda.
Jacaranda Health is partnering with the Kenyan Government to deploy a digital health platform that provides women with information on pregnancy, a nurse mentorship program that improves hospital’s quality of care, and a data collection system that helps healthcare workers make informed decisions.
Lwala Community Alliance, in partnership with Dandelion Africa and Village HopeCore International, is training community healthcare workers on how to implement evidenced-based decision making in three counties in Kenya that experience the highest levels of maternal and infant mortality.
Maya Health Alliance | Wuqu' Kawoq is equipping midwives with a checklist-based smartphone application to detect high-risk pregnancies and provide culturally and linguistically relevant care to indigenous communities in Guatemala.
Sinergias ONG is incorporating ethnic and rural ancestral healthcare practices into Colombia’s local healthcare systems to help reduce maternal and infant mortality amongst Indigenous and Afro-Colombian women.
To learn more about the award, check out our announcement:
#MaternalInfantHealthAward #MIHA #MaternalHealth #HealthEquity #Philanthropy #CollaborativePhilanthropy
ICONIQ Impact | Five Finalists Selected for $10 Million Maternal & Infant Health Award
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At ICONIQ, we’re elevated by our inspiring community of employees, clients, business leaders, and visionaries. We’re united by our uncommon care for each other and the world around us. In celebration of Women’s History Month, ICONIQ is grateful for the extraordinary women at the firm and in our community who help us gain fresh perspectives, draw out powerful insights, and forge new paths toward a bright tomorrow. Please meet some of them here:
ICONIQ | Celebrating the Women of ICONIQ
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ICONIQ Capital - Crunchbase Investor Profile & Investments
Search Crunchbase Start Free Trial Chrome ExtensionSolutionsProductsResourcesPricingResourcesLog InInvestment Firm ICONIQ Capital Connect to CRM Save SummaryFinancialsInvestmentsPeopleTechnologySignals & NewsSimilar CompaniesAboutICONIQ Capital is a privately-held investment firm that serves some influential families and organizations. San Francisco, California, United States101-250 Family Investment Office, Private Equity Firm, Venture Capital
Early Stage Venture, Late Stage Venture, Private Equity
iconiqcapital.com 480HighlightsFunds 4Investments 72Diversity Investments 11Exits 11Exits Unlock for free Employee Profiles 35Contacts 433Recent News & ActivityFunding Round•Feb 15, 2024FreeWorld raised an undisclosed amount / Grant from ICONIQ Capital Discover more funding rounds Funding Round•Feb 15, 2024Genesys Works raised an undisclosed amount / Grant from ICONIQ Capital Discover more funding rounds Funding Round•Feb 15, 2024CodePath raised an undisclosed amount / Grant from ICONIQ Capital Discover more funding rounds View All Find More Contacts for ICONIQ CapitalProtected ContentCEO Executive
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1 email found 1 phone number found View contacts for ICONIQ Capital to access new leads and connect with decision-makers. View All Contacts DetailsEdit Details SectionIndustries Finance Internet Real Estate Venture Capital Headquarters Regions San Francisco Bay Area, West Coast, Western USFounded Date 2011Founders Chad Boeding, Divesh Makan, Michael AndersOperating Status ActiveLast Funding Type Private EquityRelated Hubs ICONIQ Capital Portfolio CompaniesHub Tags Crunchbase Venture Program
Investor Type Family Investment Office, Private Equity Firm, Venture Capital
Investment Stage Early Stage Venture, Late Stage Venture, Private Equity
Number of Exits 11Company Type For ProfitPhone Number (415) 967-7763ICONIQ Capital is a privately-held investment firm that serves some influential families and organizations. The firm is a trusted advisor and thought partner, facilitating meaningful strategic relationships across investment opportunities, family governance, and global impact. ICONIQ provides financial advisory and family office services, andmanages direct investments across asset classes, with a specific focus on technology growth equity, venture capital, middle-market buyout, and real estate.Read MoreLists Featuring This CompanyEdit Lists Featuring This Company Section Indian Institute of Technology Bombay (IIT) Alumni Founded Companies 1,017 Number of Organizations • $27.4B Total Funding Amount • 3,152 Number of Investors Track Early Stage Venture Investors with Investments in Greater Los Angeles Area 3,603 Number of Organizations • $70B Total Funding Amount • 938 Number of Investors Track Private Equity Firms with Investments in Hong Kong 279 Number of Organizations • $8.2B Total Funding Amount • 43 Number of Investors Track Western US Companies With Less Than $500M in Revenue (Top 10K) 9,980 Number of Organizations • $1T Total Funding Amount • 85,838 Number of Investors Track Show More Sub-OrganizationsEdit Sub-Organizations SectionNumber of Sub-Orgs 1Which industries do these Sub-Organization operate in? Show ICONIQ Growth Division Unlock even more features with Crunchbase Pro Start Your Free Trial Stay Connected Crunchbase News Subscribe to the Crunchbase Daily Who We Are Company Careers Partners Blog Press Contact Us What We Do Crunchbase Pro Marketplace Crunchbase Enterprise Data Licensing Customer Stories Pricing Helpful Links Create Profile Featured Lists and Searches The Crunchbase Difference Knowledge Center CA Privacy Notice Browse By: Organizations, People, Events Terms of Service | Privacy Policy | Sitemap | © 2024 Crunchbase Inc. All Rights Reserved. (0.1.15088 718) Cookie Settings | Do Not Sell or Share My Personal Info
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揭秘ICONIQ的2021年:给LP分了55亿美元 AUM增至835亿美元_腾讯新闻
揭秘ICONIQ的2021年:给LP分了55亿美元 AUM增至835亿美元
*ICONIQ创始人迪维什·马坎与他的合伙人迈克尔·安德斯(左)、迈克尔·安德斯(右)
在硅谷有一个隐形的“朋友圈”,即围绕家族办公室ICONIQ Capital(简称为“ICONIQ”)形成的硅谷亿万富翁俱乐部。ICONIQ的核心人物为Facebook创始人扎克伯格,因此也有人将其称为“小扎的朋友圈”(Zuck & Friends)。
2021年,对于ICONIQ来说可谓史诗般的一年。在这一年里,ICONIQ对外投资了52亿美元,购买了37家新公司的股票并进行了60次后续投资。值得一提的是,2021年,ICONIQ共向LP分配收益55亿美元,MOIC(回报倍数)达8.3倍。
近期,一份秘密文件显示,截至去年年底,ICONIQ 管理资产总额为835亿美元,ICONIQ Growth第七只新基金也已募集60亿美元。ICONIQ究竟是如何做到的?高举高打背后又隐藏着哪些风险?文本试图揭秘这些问题的答案。
01
创业历程
ICONIQ由迪维什·马坎(Divesh Makan)于2011年成立。此前,他曾先后在埃森哲、高盛和摩根斯坦利从事财富管理工作。
2004年马坎与扎克伯格认识时,马坎是高盛的一名财富顾问,彼时20岁的扎克伯格就读于哈佛大学,与同学在宿舍里,建了一个当时名不见经传的社交网站Facebook。此后数年间,Facebook凶猛生长为全球最大的社交网站,展现出程度空前的全球性影响力。
与扎克伯格结交,直接帮助马坎结识了Facebook的其他重要成员并获得了硅谷互联网与科技公司创始团队的青睐,如谢丽尔·桑德伯格(Sheryl Sandberg)和达斯汀·莫斯科维茨(Dustin Moskovitz)等人。
*扎克伯格夫妇
而在摩根士丹利和高盛任职期间,由于受到公司限制以及销售两家公司金融产品的压力,马坎及团队与高层产生了分歧。
最终在2011年,马坎和他的团队离开了摩根士丹利,成立了ICONIQ,独立担任客户的财富顾问,拥有了更大的自主权。这一时间接近 Facebook IPO的日期,ICONIQ Capital也参与了Facebook IPO。
自成立以来,ICONIQ不断扩大自身的业务范围,目前主要包含四大业务:家族办公室以及ICONIQ Growth、Real Estate、ICONIQ Impact三大直投平台。
具体来看:
· 联合家办,旨在为世界上最有影响力的家族和组织提供建议。
· ICONIQ Growth,与推动全球影响和变革的杰出企业家和领导者建立伙伴关系。ICONIQ Growth的目标是通过利用差异化资本和ICONIQ社群的战略价值,从不同来源获得复合回报。
· 房地产,投资于技术支持的场所和空间,包括数据中心和其他技术驱动的基础设施资产。其中,作为ICONIQ和 Iron Point Partners 的合资企业,IPI Partners 致力于构建数据经济的重要基础。此外,ICONIQ与Sentral共同拥有并经营房地产。
· ICONIQ Impact,寻求打破孤岛慈善事业并通过协作举措,扩大社会变革的捐赠范围。
据一次私募路演表明,目前扎克伯格仍然是ICONIQ的顾问,并且远非唯一与 ICONIQ 有深厚联系的名人。
ICONIQ将世界上一些最富有、关系最密切的亿万富翁视为客户和顾问。从ICONIQ这一名字也能看出其客户的构成:ICON通常是指一个行业中的顶尖风云人物,譬如扎克伯格、强生CEO亚历克斯·高斯基(Alex Gorsky)、雅虎联创杨致远、LinkedIn联创里德·霍夫曼(Reid Hoffman)等;IQ则指的是科技企业的高管、初创公司的创始人、或富有潜力的新贵,譬如苹果公司高级副总裁埃迪·库(Eddy Cue)、Asana首席执行官达斯汀·莫斯科维茨(Dustin Moskovitz)等。
近年来,马坎也开始战略性地扩展ICONIQ的客户群体,瞄准了好莱坞一线明星和名人。消息人士称,好莱坞巨星汤姆汉克斯夫妇、布莱克·莱弗利(Blake Lively)和老公瑞安·雷诺兹(Ryan Reynolds)以及流行歌手兼演员贾斯汀·汀布莱克等人均是ICONIQ的客户。
事实上,加入ICONIQ这个超级俱乐部意味着可以进入一个私人交易、商业联系和VIP特权的世界。因此,有人将ICONIQ形容为——一个强大的、不断扩大的、自我强化的网络,由富有而有影响力的个人互相连接,一个帮助他们变得更加富有的“飞轮”。
此外,对于很多超级富豪而言,加入ICONIQ,财富管理只是一方面,能够进入扎克伯格的社交圈子,与相似身份地位的家族建立联系同样颇具吸引力。
02
2021,ICONIQ“史诗般的一年”
2021年,对于ICONIQ来说可谓是史诗般的一年:
· 根据RIABiz数据显示,ICONIQ管理资产从2015年的125亿美元增长至2021年底的835亿美元。
· 2021年,ICONIQ投资了52亿美元,购买了37家新公司的股票并进行了60次后续投资。
· 2021年,ICONIQ表示已向其LP分配收益55亿美元,MOIC(回报倍数)达8.3倍。(据悉,ICONIQ已向LP分配收益96亿美元,其中2021年分配收益55亿美元,占比达57%。)
· 2021年,ICONIQ的员工人数增长了22%,目前员工达370名。
值得注意的是,ICONIQ在投资的52亿美元中,大部分项目的估值都非常高。这将使ICONIQ的第六只基金难以与其早期基金的丰厚回报相媲美。
在这一点上,ICONIQ的许多竞争对手也陷入相似的境地。集体狂欢是一股强大的力量。2021年,在各国央行史无前例的宽松货币政策与过剩的流动性趋势下,全球风投融资再创纪录。风投数据库CB Insights最新发布的报告显示,2021年全球风投融资达6210亿美元,较2020年的2940亿美元增长逾一倍。
此外,美股标普500指数从2021年初的3756点上涨至年底的4766点,涨幅为26.90%。2021年,大额融资和高估值的背后,蕴含泡沫。
对于ICONIQ第六只规模达41亿美元的基金来说,业绩表现很大程度上取决于投资12亿美元的八家公司的命运。
以下为ICONIQ第六只基金重点投资的八家公司、投资金额,以及投资项目的投前估值(数据来源于Pitch Book):
项目1:Netskope,投资金额1.65亿美元,投前估值72亿美元
项目2:1Password,投资金额1.5亿美元,投前估值62亿美元
项目3:Articulate,投资金额1.5亿美元,投前估值22.5亿美元
项目4:NinjaOne,投资金额1.5 亿美元,投前估值未披露
项目5:Miro,投资金额1.5 亿美元,投前估值171 亿美元(之前ICONIQ基金以较低价格投资)
项目6:Fivetran,投资金额1.46 亿美元,投前估值50 亿美元
项目7:Unite US,投资金额1.4 亿美元,投前估值19 亿美元(基金V在2021年初投资了1.5亿美元)
项目8:Devoted Health,投资金额1 亿美元,投前估值115 亿美元
ICONIQ 要想在其投资中产生可观的回报,这些公司将必须以这些估值的倍数出售或上市。
其中,在ICONIQ帮助提振了其最重要的投资公司——俄罗斯成立的协作服务公司Miro的价格。
ICONIQ第四和第六只基金向 Miro共计投资5.7亿美元。2022年1月,ICONIQ 领投了Miro宣布的一轮融资,该轮融资后Miro估值为175亿美元。据介绍,ICONIQ拥有 Miro 16.2%的股份。然而,在疫情及俄乌战争的影响下,原本计划在未来18个月内上市的Miro,发展则受到一定程度的打击。
此外,自今年年初以来,纳斯达克综合指数已下跌约三分之一。ICONIQ的主要投资组合公司的价值已经下降了一半以上。
尽管如此,诸多LP仍选择继续相信ICONIQ。目前,ICONIQ一直在筹集第七只成长基金。据一位消息人士透露,该基金ICONIQ Strategic Partners VII已经筹集到60亿美元。
03
“投资协同效应”
在投资层面,协同效应是ICONIQ 的基础战略。
ICONIQ为科技亿万富翁和竞争对手科技投资者管理资金,投资于那些要么出售给富人,要么从富人那里筹集资金的公司。
纵观ICONIQ的投资组合,其中不乏阿里巴巴、Airbnb、Uber、Zoom等明星企业,以及手机软件聊天开发平台Send Bird,电子商务公司Flip Kart、开发出《堡垒之夜》、《战争机器》系列的游戏制作公司Epic Games等垂直领域的翘楚。
为了减少家族办公室财富管理业务和投资业务之间的利益冲突,ICONIQ采用混合结构。目前,ICONIQ Growth在ICONIQ内部处于半自治状态,除了与家族办公室共享技术支持外,它的资金也从ICONIQ的客户群独立出来,其资金主要来自于外部,包括顶级的机构投资者,如加拿大退休金计划投资委员会等。
在投资方向上,ICONIO Growth主要投资于云计算和软件业务,此外也涉足金融科技和健康 IT领域的投资。此外,在房地产方向,ICONIQ 则收购了拥有云计算服务器的房产。因此,ICONIO Growth在与房地产方向策略的协同作用下,推动服务需求并确保有充足的保障。
此外,ICONIQ 的关键指标之一是它为投资组合公司介绍了多少资源,并使其投资组合公司成为彼此的客户。
譬如,云计算公司Fastly在2019年IPO,公司CFO阿德里尔·拉雷斯表示,随着公司的成长,ICONIQ帮助他理解不同阶段公司的重要指标。在Fastly上市后,ICONIQ又请拉雷斯为其他被投公司提供上市咨询服务。
“如果我们觉得一家公司值得投资,我们会帮其联系几个大客户,并告诉这家公司我们的出价不一定是最高,但是我们已为公司带来了几个大客户,此外我们还会介绍数十位客户。事实上,极具潜力的公司完全不缺投资人的资金,但通常会欢迎我们的加入,因为我们能为这些公司增加收入。”在抢项目上,马坎颇有心得。
从ICONIQ Growth的路演文件的数据来看,2013年ICONIQ发起了第一只成长基金,规模为5.09亿美元,DPI达2.24倍,Gross MOIC为3.43倍,Gross IRR为26.0%。
在2014年,ICONIQ第二只成长基金规模达10.24亿美元,最终DPI达2.27倍,Gross MOIC为9.38倍,Gross IRR为50.1%,是ICONIQ迄今业绩表现最好的一只成长基金。
04
“高举高打”背后的风险
ICONIQ 在被投项目上市后仍加倍投资,事后看来这一举动相当冒险。
ICONIQ告诉投资人们,它倾向于在被投企业上市“20+”个月后仍选择持有。2021年底,ICONIQ在上市公司中有169亿美元未实现回报。
ICONIQ的一些关键投资,如2015年12月对Datadog的2030万美元的押注,到2021年底仍未完全退出。ICONIQ表示,对Datadog的投资价值10亿美元,增长了47.5倍,但ICONIQ只实现了约一半的头寸。(随着时间的推移,ICONIQ共向Datadog投资了1.55亿美元。)
同样,2017年3月,ICONIQ向Snowflake投资了2620万美元。这项投资增长了93倍,价值24亿美元,但ICONIQ仅实现了约16%的头寸。(ICONIQ继续投资Snowflake,最终已向该公司投资3.61亿美元。)
值得关注的是,自今年年初以来,Datadog的股价已经腰斩,Snowflake股价下降了64%。
投资人加倍下注被投企业往往传达给市场的信号是,这些项目的价值正在飙升,尽管现有投资者正在帮助推高被投企业的估值。随着时间的推移,一旦没有新的投资者接盘,这些公司的真实价值将水落石出。
对于投资人而言,不断加倍押注自己所认为赢家的公司在退出时有望获得超额回报。然而,金融市场并非赢家通吃,大盘的智慧将压倒投资者的赌注。
在某些时候,如果你想赚钱,必须拿起筹码及时离场。2021年,ICONIQ用55亿美元做到了这一点。
*参考文章:《Inside ICONIQ Capital: How the Rich Got Richer》,作者Eric Newcomer。
(《家办新智点》提醒:内容及观点仅供参考,不构成任何投资建议。)