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20 - ORGANIZATIONS/PRIVATE/ICONIQ Capital.md
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---
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category: "Private Organization"
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aliases:
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- "ICONIQ Capital, LLC"
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- "Iconiq"
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- "Iconiq Capital"
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tags:
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- Organization
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- FamilyOffice
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- VentureCapital
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- SiliconValley
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- MarkZuckerberg
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- DustinMoskovitz
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summary: "Investment adviser run by Divesh Makan since 2011, built on managing Mark Zuckerberg's money, which advises billionaire families and runs private funds, with about 117.5 billion dollars under management in 2025."
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start: 2011
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relations:
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- type: member_of
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with: "[[Michael Anders]]"
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reverse: true
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role: "principal"
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fn: 1
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- type: member_of
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with: "[[Will Griffith]]"
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reverse: true
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role: "principal"
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fn: 1
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- type: member_of
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with: "[[Matthew Jacobson]]"
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reverse: true
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role: "principal"
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fn: 1
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- type: owned
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with: "[[Blue Owl Capital]]"
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reverse: true
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role: "passive minority equity stake, through an affiliate"
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fn: 1
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- type: partner_of
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with: "[[Iron Point Partners]]"
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role: "joint venture in IPI Partners"
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fn: 1
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- type: contractor_to
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with: "[[Ajax Health Management Company]]"
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reverse: true
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role: "expected sub-advisor to an ICONIQ private fund"
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start: 2026
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fn: 1
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- type: represented
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with: "[[Mark Zuckerberg]]"
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role: "investment adviser"
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fn: 2
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- type: represented
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with: "[[Dustin Moskovitz]]"
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role: "investment adviser"
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fn: 2
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- type: represented
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with: "[[Sheryl Sandberg]]"
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role: "investment adviser"
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fn: 2
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- type: represented
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with: "[[Jack Dorsey]]"
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role: "investment adviser"
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fn: 2
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- type: represented
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with: "[[Reid Hoffman]]"
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role: "investment adviser"
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fn: 2
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- type: member_of
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with: "[[Henry Kravis]]"
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reverse: true
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role: "director"
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start: 2014
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fn: 2
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- type: member_of
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with: "[[David Bonderman]]"
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reverse: true
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role: "director"
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start: 2014
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fn: 2
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- type: member_of
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with: "[[Chase Coleman]]"
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reverse: true
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role: "director"
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start: 2014
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fn: 2
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- type: member_of
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with: "[[Aditya Mittal]]"
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reverse: true
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role: "director"
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start: 2014
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fn: 2
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- type: funded
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with: "[[Sprinklr]]"
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role: "led 40-million-dollar Series D round"
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start: 2014-05
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fn: 2
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- type: funded
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with: "[[Pluralsight]]"
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role: "participant in 135-million-dollar Series B round"
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start: 2014
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fn: 2
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created: 2026-09-23
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updated: 2026-09-23
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---
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ICONIQ Capital, LLC, is a [[Delaware]] limited liability company registered with the [[Securities and Exchange Commission]] as an investment adviser, CRD number 159198 and SEC file number 801-72878. Its registration took effect on December 1, 2011. Its brochure of March 26, 2026, states that it "has been in business as an investment adviser since 2011 and our partners include [[Divesh Makan]], [[Michael Anders]], [[Will Griffith]] and [[Matthew Jacobson]] (our 'Principals')."[^1]
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### The Zuckerberg Client Base
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In December 2014 *[[Forbes]]* wrote that Makan had "turned his otherwise run-of-the-mill registered investment advisory into an exclusive members-only [[Silicon Valley]] billionaires club that operates as a cross between a family office and a venture capital fund. His most famous client and the key to his success is billionaire Facebook founder [[Mark Zuckerberg]], whom Makan met in 2004 when he was a broker at [[Goldman Sachs]]." The magazine named among the firm's other clients "[[Facebook]]'s [[Dustin Moskovitz]] and [[Sheryl Sandberg]], [[Twitter]]'s [[Jack Dorsey]] and [[LinkedIn]]'s [[Reid Hoffman]]," and wrote that the real-estate billionaires [[Sam Zell]] and [[Li Ka-shing]] had gained access through it to startups that "Makan & Co. advertise as being 'approved by Zuckerberg.'" The firm then had "full discretion over $1.4 billion in client funds" and advised "on another $7.6 billion."[^2]
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*Forbes* described Makan's board of directors in 2014 as "another power list, with nontech titans like [[Henry Kravis]] and [[David Bonderman]], [[Chase Coleman]] and steel tycoon [[Lakshmi Mittal]]'s son Aditya" ([[Aditya Mittal]]). "The centerpiece of this action is Iconiq's $500 million Strategic Partners fund, Makan's flagship among 39 private investment vehicles, which total about $1 billion. The firm claims only 100 family office clients, but regulatory forms report some 300 investors, who put pre-IPO money into such companies as [[Alibaba]] and India's e-commerce giant [[Flipkart]]." ICONIQ had led a 40-million-dollar Series D round for [[Sprinklr]] in May 2014, whose founder [[Ragy Thomas]] said: "When someone like Iconiq wants to invest, you can't say no. They can probably connect to anyone in the world." It also took part in a 135-million-dollar Series B round for [[Pluralsight]], whose cofounder [[Aaron Skonnard]] said: "They don't want operational involvement. They just want to connect and network and give more access."[^2]
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Makan is listed as an unpaid director of the [[Good Ventures|Good Ventures Foundation]] of Moskovitz and [[Cari Tuna]], alongside the couple, on the foundation's returns filed from 2023 to 2026; the foundation, which funds [[Open Philanthropy]], reported total assets of 10.1 billion dollars on its return filed in May 2026.[^3]
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### Scale and Fees
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As of December 31, 2025, ICONIQ reported regulatory assets under management of "approximately $85.8 billion, all on a discretionary basis and approximately $31.7 billion on a non-discretionary basis," together about 117.5 billion dollars. Its managed-account clients are "family offices; individuals and high net worth individuals; trusts, estates or charitable organizations; corporations, limited liability companies and/or other business types; and private pooled investment vehicles," and it "generally work[s] with Managed Account Clients with net worths of $25,000,000 or more." Managed-account fees "can range up to 1.5%" of assets a year; its private funds, open to accredited investors from a minimum of 10,000 dollars, generally charge a management fee of 2 percent a year and a performance allocation of "as much as 20% of the net profits" and "in some cases up to 30%." The brochure states that the firm uses "tools powered by artificial intelligence" in its analysis and that clients may trade in "cryptocurrency and other digital asset accounts."[^1]
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### Ownership and Affiliates
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"An affiliate of [[Blue Owl Capital]] Inc. owns a passive minority equity stake in ICONIQ Capital," the 2026 brochure states. "In addition, in late 2024, Blue Owl effectively acquired the assets of [[IPI Partners]], LLC, a digital infrastructure fund manager that was previously a joint venture of ICONIQ Capital and [[Iron Point Partners]], and many former IPI Partners personnel are now employed by Blue Owl Digital Infrastructure." The same document discloses that ICONIQ expects to engage [[Ajax Health Management Company]], LLC, as a sub-advisor to one of its private funds, that Ajax "will be entitled to a portion of the carried interest and management fees," and that "certain affiliates of ICONIQ hold an economic interest in Ajax," creating "a financial incentive to appoint and retain Ajax." It reports that "ICONIQ Capital has no disclosable disciplinary information."[^1]
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### Footnotes
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[^1]: ICONIQ Capital, LLC. Form ADV Part 2A, Firm Brochure, March 26, 2026, CRD 159198, SEC file 801-72878, via the SEC Investment Adviser Public Disclosure system. https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1027115 ; firm record https://adviserinfo.sec.gov/firm/summary/159198
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[^2]: Solomon, Brian. "The Spider Of Silicon Valley: Inside 'Zuck & Friends' Secret Billionaire Fund." *Forbes,* December 1, 2014 (print issue December 15, 2014), archived December 1, 2014. http://web.archive.org/web/20141201154053/http://www.forbes.com/sites/briansolomon/2014/12/01/the-spider-of-silicon-valley-inside-zuck-friends-secret-billionaire-fund/
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[^3]: ProPublica Nonprofit Explorer, "Good Ventures Foundation," EIN 46-1008520, Form 990-PF data, 990-PF filed May 15, 2026, and earlier returns. https://projects.propublica.org/nonprofits/organizations/461008520
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