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

ICONIQ Strategic Partners distributed shares of Procore Technologies to its limited partners and related entities, without consideration, representing their pro rata interests.

Summary

• ICONIQ Strategic Partners II, L.P. distributed 571,466 shares of Procore Technologies common stock to its limited partners and ICONIQ Strategic Partners II GP, L.P.
• ICONIQ Strategic Partners II-B, L.P. distributed 447,346 shares of Procore Technologies common stock to its limited partners and ICONIQ Strategic Partners II GP, L.P.
• ICONIQ Strategic Partners II Co-Invest, L.P., P Series distributed 301,058 shares of Procore Technologies common stock to its limited partners and ICONIQ Strategic Partners II GP, L.P.
• ICONIQ Strategic Partners II GP, L.P. distributed 163,836 shares of Procore Technologies common stock received in prior distributions to certain of its partners.
• ICONIQ Strategic Partners III, L.P. distributed 162,696 shares of Procore Technologies common stock to its limited partners and ICONIQ Strategic Partners III GP, L.P.
• ICONIQ Strategic Partners III-B, L.P. distributed 173,843 shares of Procore Technologies common stock to its limited partners and ICONIQ Strategic Partners III GP, L.P.
• ICONIQ Strategic Partners III Co-Invest, L.P. distributed 63,461 shares of Procore Technologies common stock to its limited partners and ICONIQ Strategic Partners III GP, L.P.
• ICONIQ Strategic Partners II Co-Invest, L.P., P Series sold 200 shares at $87.4.
• ICONIQ Strategic Partners III Co-Invest, L.P., Series P sold 200 shares at $82.93.
• These distributions were made in accordance with exemptions afforded by Rules 16a-13 and 16a-9 of the Securities Exchange Act of 1934.
• The reporting persons include ICONIQ Strategic Partners entities, Divesh Makan, and Matthew Jacobson.
• Divesh Makan and Matthew Jacobson disclaim beneficial ownership of the shares held by their respective trusts, except to the extent of their pecuniary interest therein.

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing detailing share distributions, which carries a neutral sentiment. The sales of shares are small and unlikely to have a significant impact.

Positives

• The distributions were conducted in compliance with SEC rules 16a-13 and 16a-9, ensuring regulatory adherence.

Industry Context

This filing reflects routine transactions related to investment fund management and distribution of assets to limited partners, common in the private equity and venture capital industries.

Comparison to Industry Standards

• Distributions of shares to limited partners are a standard practice in the private equity and venture capital industry, often occurring after a lock-up period following an IPO or as part of fund wind-down procedures.
• The reported transactions are similar to those seen with other investment firms like Tiger Global or Coatue Management when they distribute shares of publicly listed companies to their investors.
• The Form 4 filings are consistent with regulatory requirements for reporting changes in beneficial ownership by insiders and significant shareholders.

Stakeholder Impact

• The distribution of shares to limited partners may increase the trading volume of Procore Technologies' stock.
• The distributions do not appear to have a material impact on the company's operations or financial condition.

Key Dates