ICONIQ Capital was founded in December 2011 in San Francisco by Divesh Makan, Michael Anders and Chad Boeding, wealth advisers who left Morgan Stanley and Goldman Sachs to serve their clients with more independence. Makan's early relationships with Facebook's founding circle — one of his first clients was Mark Zuckerberg — meant the firm's launch coincided with the Facebook IPO of May 2012. It now functions as a hybrid family office for ultra-high-net-worth clients from technology, finance and entertainment, with assets under management estimated at US$100 billion in 2026, while the firm's own site describes "over $80B" in assets.

The firm's defining feature is its network: a deliberately secretive client base that has included Zuckerberg, Sheryl Sandberg, Satya Nadella, Jack Dorsey and Dustin Moskovitz, alongside figures from business and entertainment. The hybrid structure — financial advisory, private equity, venture capital, real estate and philanthropy under one roof — was designed to reduce conflicts between the advisory business and the investment platform. In 2020, Blue Owl Capital acquired a 6% stake in the firm.

  • Snowflake, Datadog, CrowdStrike and GitLab — cloud and infrastructure giants backed through ICONIQ Growth
  • Airbnb, Uber, Alibaba, Adyen and Flipkart — global consumer and fintech platforms
  • DocuSign, Zoom, Robinhood, Procore and Epic Games — enterprise and consumer winners
  • Anthropic — ICONIQ led its Series F in 2025 and co-led a $30 billion Series G in 2026, part of over $3 billion the firm put into AI startups in 2025 alone

The venture engine is ICONIQ Growth, launched in 2013 under Will Griffith, a former general partner at TCV. It raised its seventh growth fund of $5.75 billion in 2024 — a sharp step up from the previous $4.06 billion fund — and by its 2025 year-in-review had partnered with more than 140 companies, achieved 27 IPOs and generated over $1.5 trillion in combined portfolio market capitalisation. The arm typically makes its first investment at Series B, when companies are generating around $10 million in annual revenue, and backs them from early growth through IPO and beyond. The firm also runs ICONIQ Impact, its philanthropic platform launched in 2019.

Why it matters for founders

An ICONIQ Growth term sheet comes with something money can't buy: direct access to the founders, executives and billionaires who make up its client network. The firm describes itself as "entrepreneurs backing entrepreneurs", and its playbook — lead at Series B and stay through IPO — suits founders building category leaders who want a long-term, deeply resourced partner rather than a quick flip.