ICONIQ Capital

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

The Zuckerberg Client Base

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

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

Makan is listed as an unpaid director of the 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

Scale and Fees

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

Ownership and Affiliates

"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