The new money manager is organising its first fund, the filing shows. On August 8, it completed the registration process for Iconiq DC Management, the subsidiary setting up private funds to make real estate investments in data centres or "technology connectivity-related assets", according to the SEC filing. While Iconiq primarily helps clients allocate their money to outside hedge and private equity funds, the firm also runs its own proprietary investment vehicles. According to regulatory filings, clients include Sean Parker, the co-founder of Napster Reid Hoffman, the chairman of LinkedIn and Zuckerberg, who at age 32 ranks as the world's fifth-richest person with an estimated net worth of more than $57 billion, mostly in Facebook stock. It had about $16.7 billion of assets under management at the end of last year, including $4.8 billion in discretionary accounts. Makan, Boeding and Anders all worked at Goldman Sachs Group and Morgan Stanley, two of the main underwriters for the Facebook IPO.Īs a multifamily office, Iconiq focuses on providing wealth-management services to Silicon Valley entrepreneurs. Iconiq opened in 2011, the year before Facebook held its $16 billion initial public offering. The firm is owned by Makan along with partners Chad Boeding, Michael Anders and William Griffith. Iconiq referred calls to an outside spokeswoman, who declined to comment. Louis-based company owns 39 data centres. "Historically, they are trading at very robust multiples," said Kent, whose St. "The public REITs in the data-centre space have been the best-performing sector of stocks in the past eight months," Jerald Kent, chairman of TierPoint, a closely held provider of cloud-computing services, said in a telephone interview. That compares with the 7 percent gain by the S&P 500 Index. A basket of seven data-centre stocks, including Digital Realty Trust and Equinix, jumped 31 percent this year through Wednesday, according to data compiled by Bloomberg. The demand for additional capacity has already fuelled a surge in the market value of publicly-traded tech companies and REITs that own and operate data centres. Iconiq, in starting a fund to invest in data centres, "has definitely picked up on a trend." "We are just scratching the surface on the large data centre expansion trend," Srinivasan said. Iconiq provides wealth management from entrepreneurs like Mark Zuckerberg. That spending pales in comparison to the amount of funding that will be required as global corporations turn to the cloud to meet their computing needs. Its holdings will range from direct investments in data centres to securities issued by real estate investment trusts specialising in the sector.įacebook and other technology giants have already spent billions of dollars building data centres to provide cloud-based computer services to individual customers, according to Anand Srinivasan, a senior analyst with Bloomberg Intelligence. Iconiq Capital, the San Francisco-based investment adviser run by Divesh Makan, registered a new subsidiary with the US Securities and Exchange Commission last month that will put client funds into technology-related real estate, according to documents filed with the agency. The wealth manager to Facebook founder Mark Zuckerberg and other technology entrepreneurs is starting a unit to invest in data centres to profit from growing demand for cloud-based services.
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