Form 4: ICONIQ Strategic Partners Distributes Braze, Inc. Shares to Limited Partners

ICONIQ Strategic Partners III, L.P. and ICONIQ Strategic Partners III-B, L.P. distributed shares of Braze, Inc. Class A Common Stock to their limited partners on April 12, 2024.

Summary

• On April 12, 2024, ICONIQ Strategic Partners III, L.P. ('ICONIQ III') distributed 725,159 shares of Braze, Inc.'s Class A Common Stock to its limited partners and ICONIQ Strategic Partners III GP, L.P. ('ICONIQ III GP').
• ICONIQ III GP then distributed the shares it received from ICONIQ III to its partners.
• ICONIQ Strategic Partners III-B, L.P. ('ICONIQ III-B') also distributed 774,841 shares of Braze, Inc.'s Class A Common Stock to its limited partners and ICONIQ III GP on the same date.
• ICONIQ III GP subsequently distributed the shares it received from ICONIQ III-B to its partners.
• These distributions were made without consideration and in accordance with exemptions under the Securities Exchange Act of 1934.
• Following these transactions, ICONIQ III directly holds 2,118,013 shares of Class A Common Stock, and ICONIQ III-B directly holds 2,263,120 shares.
• Various other entities and individuals, including ICONIQ Strategic Partners VI, L.P., ICONIQ Strategic Partners VI-B, L.P., Divesh Makan, William J.G. Griffith, and Matthew Jacobson, also hold shares indirectly through trusts and partnerships.

Sentiment

Score: 5

Explanation: The document is a standard SEC filing related to share distributions, indicating a neutral sentiment. It reflects routine portfolio management activities.

Positives

• The distributions were made in accordance with exemptions afforded by Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934, as amended.

Industry Context

This filing reflects the ongoing management of equity positions by investment firms like ICONIQ Strategic Partners, which is a common practice in the venture capital and private equity space. Distributions to limited partners are a typical mechanism for returning capital and gains.

Comparison to Industry Standards

• Distributions of shares to limited partners are a standard practice in the private equity and venture capital industries, similar to distributions made by firms like Sequoia Capital or Andreessen Horowitz.
• The reporting requirements under Section 16 of the Securities Exchange Act are consistently followed by major investment firms, ensuring transparency in ownership changes.

Stakeholder Impact

• The distribution of shares may have a minor impact on the trading volume and price of Braze, Inc. stock in the short term.
• Limited partners of ICONIQ Strategic Partners will receive shares of Braze, Inc., increasing their direct exposure to the company.

Key Dates