Form 4: ICONIQ Capital Distributes Procore Technologies Shares to Limited Partners

William J.G. Griffith, a director and 10% owner of Procore Technologies, reports the distribution of common stock by ICONIQ Capital's affiliated funds to their respective limited partners.

Summary

• On February 19, 2025, ICONIQ Strategic Partners and its affiliates distributed shares of Procore Technologies (PCOR) common stock to their limited partners.
• These distributions were made pro rata, representing each partner's interest in the shares.
• The distributions were conducted without consideration and are exempt under Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934.
• William J.G. Griffith, a director and 10% owner of Procore Technologies, reported these transactions.
• The report details both direct and indirect ownership changes following the distributions.
• Griffith disclaims beneficial ownership of the securities except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing stock distributions, with no inherent positive or negative sentiment. It reflects routine operational activities within investment funds.

Positives

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

Management Comments

• The Reporting Person disclaims beneficial ownership of the securities reported herein for purposes of Section 16 of the Exchange Act, except to the extent of his pecuniary interest therein, if any.
• This report shall not be deemed an admission that the Reporting Person is a beneficial owner of such securities for the purpose of Section 16 of the Exchange Act, or for any other purpose.

Industry Context

This filing reflects routine transactions related to the management and distribution of assets within investment funds, which is a common practice in the venture capital and private equity industry.

Comparison to Industry Standards

• Similar distributions are common among venture capital and private equity firms like Sequoia Capital, Andreessen Horowitz, and Tiger Global Management when returning capital to their limited partners.
• These firms often distribute shares of publicly listed companies to their investors, allowing them to manage their own positions.
• The pro rata distribution method ensures fair allocation based on each partner's investment.

Stakeholder Impact

• Shareholders may see a slight increase in trading volume due to the distribution of shares.
• Limited partners of ICONIQ Capital funds receive shares of Procore Technologies, allowing them to manage their investment directly.

Key Dates