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

ICONIQ Strategic Partners distributed Procore Technologies shares to its limited partners and related entities on November 21, 2024, with no consideration.

Summary

• ICONIQ Strategic Partners II, L.P. distributed 766,624 shares of Procore Technologies common stock to its limited partners and ICONIQ Strategic Partners GP II, L.P.
• ICONIQ Strategic Partners II-B, L.P. distributed 600,112 shares of Procore Technologies common stock to its limited partners and ICONIQ Strategic Partners GP II, L.P.
• ICONIQ Strategic Partners II Co-Invest, L.P., P Series distributed 284,172 shares of Procore Technologies common stock to its limited partners and ICONIQ Strategic Partners GP II, L.P.
• These distributions were made on November 21, 2024, with no consideration, and were done to reflect each partner's pro rata interest.
• The distributions were made in accordance with exemptions under Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934.
• The report also details the indirect ownership of Procore Technologies shares by various ICONIQ Strategic Partners entities, including ICONIQ Strategic Partners III, IV, V, and VI and their related entities.
• Divesh Makan and Matthew Jacobson also reported indirect ownership of shares through family trusts.

Sentiment

Score: 7

Explanation: The document is a routine filing detailing share distributions, which is neither positive nor negative. The sentiment is neutral to slightly positive due to the pro-rata distribution to partners.

Positives

• The distribution of shares to limited partners reflects a pro-rata allocation of their investment.
• The distributions were made in accordance with SEC regulations, specifically Rules 16a-13 and 16a-9.

Risks

• The document does not explicitly state any risks, but the large distribution of shares could potentially increase the supply of shares in the market.

Industry Context

This filing is a routine disclosure of share ownership changes by a major investment firm, ICONIQ Strategic Partners, and is typical for firms with significant holdings in publicly traded companies. It reflects the internal management of their investment portfolio and distribution of assets to their investors.

Comparison to Industry Standards

• The distribution of shares to limited partners is a common practice in private equity and venture capital firms.
• The reporting of beneficial ownership changes via SEC Form 4 is a standard requirement for individuals and entities with significant holdings in publicly traded companies, such as Procore Technologies.
• The structure of ICONIQ Strategic Partners with multiple funds and co-investment vehicles is typical of large investment firms.

Stakeholder Impact

• The distribution of shares impacts the limited partners of ICONIQ Strategic Partners by providing them with direct ownership of Procore Technologies shares.
• The distribution may have a minor impact on the overall supply of Procore Technologies shares in the market.

Key Dates

Keywords

Procore Technologies, ICONIQ Strategic Partners, share distribution, beneficial ownership, SEC Form 4, limited partners, equity securities