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 Strategic Partners to its limited partners.

Summary

• William J.G. Griffith, a director and 10% owner of Procore Technologies, filed a Form 4 detailing changes in beneficial ownership.
• The report indicates distributions of Procore Technologies common stock by various ICONIQ Strategic Partners funds to their respective limited partners and ICONIQ Strategic Partners GP II, L.P.
• These distributions were made on May 6, 2024, without consideration, representing each partner's pro rata interest in the shares.
• The distributions are exempt under Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934.
• Griffith disclaims beneficial ownership of the securities except to the extent of his pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing a distribution of shares, indicating a neutral sentiment.

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 the ongoing portfolio management activities of ICONIQ Capital, a multi-family office and investment firm with significant holdings in technology companies. Distributions of this nature are common as funds mature and return capital to investors.

Comparison to Industry Standards

• Similar distributions are often seen with other large investment firms like Tiger Global Management or Coatue Management as they manage their portfolios and return capital to limited partners.
• The pro rata distribution to limited partners is a standard practice in the private equity and venture capital industry, ensuring fair allocation of returns.
• The use of exemptions under Rules 16a-13 and 16a-9 is typical for these types of distributions, aligning with regulatory requirements for insider reporting.

Stakeholder Impact

• The distribution of shares may have a minor impact on the short-term trading volume of Procore Technologies stock.
• Limited partners of ICONIQ Strategic Partners funds will receive shares of Procore Technologies, potentially diversifying their investment portfolios.

Key Dates