Iconiq Raises $5.75 Billion for Fund to Invest in Startups (1)

Iconiq Capital, an investment firm known for managing the fortunes of Silicon Valley’s elite, said it had raised $5.75 billion for a new venture-focused fund — a significant haul signaling the continued concentration of dollars in a handful of big VC firms.

The fund is Iconiq’s seventh growth fund, and represents a sizable increase over the $4.06 billion committed for its previous fund, according to a spokesperson for the firm.

This year, investors have committed capital to several outsized fundraising rounds, including more than $7 billion to a group of funds at Andreessen Horowitz and $3 billion to Norwest Venture Partners.

Iconiq has ...