Form 4: ICONIQ Strategic Partners Distributes and Sells Procore Technologies Shares

ICONIQ Strategic Partners distributed shares of Procore Technologies to its limited partners and also sold a portion of its holdings.

Summary

• ICONIQ Strategic Partners II, L.P. distributed 766,624 shares of Procore Technologies common stock to its limited partners on November 2, 2024.
• ICONIQ Strategic Partners II-B, L.P. distributed 571,596 shares of Procore Technologies common stock to its limited partners on November 2, 2024.
• ICONIQ Strategic Partners II Co-Invest, L.P., P Series distributed 284,172 shares of Procore Technologies common stock to its limited partners on November 2, 2024.
• On November 4, 2024, ICONIQ Strategic Partners II-B, L.P. sold 28,516 shares of Procore Technologies common stock at an average price of $66.542 per share.
• The distributions were made pro rata and without consideration, in accordance with exemptions afforded by Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934.
• Divesh Makan and Matthew Jacobson, through trusts, also indirectly hold shares of Procore Technologies common stock.
• The reporting persons disclaim beneficial ownership of the securities except to the extent of their pecuniary interest.

Sentiment

Score: 5

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

Industry Context

This filing reflects ongoing portfolio management activities by ICONIQ Strategic Partners, a common occurrence among investment firms holding significant stakes in publicly traded companies. Distributions to limited partners and occasional sales are typical liquidity management strategies.

Comparison to Industry Standards

• Distributions of shares to limited partners are a standard practice in the private equity and venture capital industries, allowing partners to realize gains or manage their portfolios.
• Sales of shares by investment firms are common and can be compared to similar transactions by firms like Tiger Global or Coatue Management, which also periodically adjust their holdings in publicly listed companies.
• The reported weighted average price falls within a typical range for transactions of this nature, reflecting market conditions at the time of the sale.

Stakeholder Impact

• The distribution of shares may provide liquidity to the limited partners of ICONIQ Strategic Partners.
• The sale of shares could have a minor impact on the market price of Procore Technologies stock, although the volume is relatively small compared to the overall market capitalization.

Key Dates