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

ICONIQ Strategic Partners distributed Procore Technologies shares to its limited partners and general partners on December 12, 2024, with no consideration.

Summary

• ICONIQ Strategic Partners II, L.P. distributed 766,667 shares of Procore Technologies common stock to its limited partners and ICONIQ Strategic Partners II GP, L.P. on December 12, 2024.
• ICONIQ Strategic Partners II GP, L.P. then distributed these shares to its partners, excluding 85,663 shares to be distributed later.
• ICONIQ Strategic Partners II-B, L.P. distributed 600,145 shares of Procore Technologies common stock to its limited partners and ICONIQ Strategic Partners II GP, L.P. on the same date.
• ICONIQ Strategic Partners II GP, L.P. also distributed these shares to its partners, excluding 59,434 shares to be distributed later.
• ICONIQ Strategic Partners II Co-Invest, L.P., P Series distributed 284,188 shares of Procore Technologies common stock to its limited partners and ICONIQ Strategic Partners II GP, L.P. on December 12, 2024.
• ICONIQ Strategic Partners II GP, L.P. distributed these shares to its partners, excluding 18,739 shares to be distributed later.
• These distributions were made in accordance with exemptions under the Securities Exchange Act of 1934.
• The shares are held indirectly through various ICONIQ entities and trusts.
• Divesh Makan and Matthew Jacobson also hold shares through family and estate planning trusts.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing detailing a standard share distribution. It is neutral in tone and does not indicate any positive or negative sentiment.

Positives

• The distribution of shares allows limited partners to directly benefit from their investment in Procore Technologies.
• The distributions were made in accordance with regulatory exemptions, ensuring compliance.
• The structure of the distribution is transparent, with clear explanations of the process.

Risks

• The document does not indicate any specific risks associated with the share distribution.
• The document is a regulatory filing and does not contain any forward looking statements.

Industry Context

This filing reflects the internal operations of a private investment firm and its distribution of shares in a publicly traded company. It is a common practice for investment firms to distribute shares to their limited partners.

Comparison to Industry Standards

• The distribution of shares to limited partners is a standard practice in the private equity and venture capital industry.
• The use of SEC Form 4 is a standard regulatory requirement for reporting changes in beneficial ownership of securities.
• The structure of the ICONIQ funds and their distribution process is similar to other private investment firms.

Stakeholder Impact

• The distribution of shares benefits the limited partners of ICONIQ Strategic Partners by providing them with direct ownership of Procore Technologies stock.
• The distribution has no direct impact on Procore Technologies as it is a transfer of ownership between existing shareholders.

Key Dates

Keywords

Procore Technologies, ICONIQ Strategic Partners, share distribution, beneficial ownership, limited partners, common stock, SEC Form 4