Silicon Valley wealth adviser Iconiq sets up European outpost

[LONDON] Iconiq Capital, the multifamily office that has managed money for tech billionaires like Mark Zuckerberg, has set up an European entity.

Iconiq Capital (UK) was set up at the end of last year and categorises its nature of business as fund management activities, according to Companies House filings. Iconiq founder Divesh Makan, a former Goldman Sachs Group banker, is the controlling shareholder of the London-based firm.

Iconiq made its name by managing the wealth of such Silicon Valley figures as Facebook's Mr Zuckerberg and Sheryl Sandberg, Twitter's Jack Dorsey and LinkedIn co-founder Reid Hoffman. The San Francisco-based firm, which has about US$54 billion in assets under management, has backed companies including Snowflake, which went public in September, as well as Robinhood Markets and Epic Games, the creator of Fortnite.

Iconiq is looking for a new investment partner to oversee its European investments, Business Insider reported earlier on Monday, citing people familiar with the matter without identifying them. The move shows the growing appetite for European startups, which typically command far lower valuations than their US counterparts.

Iconiq, now an institutional asset manager, also counts entities like the Canada Pension Plan Investment Board (CPPIB) among its fund investors. CPPIB said in August that it had committed US$100 million to Iconiq Strategic Partners V, a late-stage venture capital and growth-focused technology fund.

Iconiq didn't immediately respond to a request for comment.

BLOOMBERG