- EPIQ to manage clients with net worth above $100 mln
- Will provide direct investment opportunities to clients
- Will collect up to 20 pct carry for direct investments
Chad Boeding, co-founder of ICONIQ Capital, has left to start a multifamily office, EPIQ Capital Group.
Based in San Francisco, EPIQ intends to provide investment advice to senior executives and founders of high-profile companies that have a net worth of more than $100 million.
Several ICONIQ employees, from analysts to vice presidents, left to join Boeding’s new venture. These include EPIQ’s chief of staff, Ruth Robinson, and Vice Presidents Rick Withers, McKenzie Sullivan and Henry Woodruff.
Prior to ICONIQ, Boeding worked at Morgan Stanley and Goldman Sachs, his LinkedIn account shows.
In 2011, Boeding co-founded ICONIQ with Divesh Makan and Michael Anders, his ex-colleagues from Morgan Stanley and Goldman, and Will Griffith of Technology Crossover Ventures.
Often referred to as Facebook Founder Mark Zuckerberg’s family office, ICONIQ soon became an exclusive Silicon Valley billionaire’s club and counted among clients Facebook’s Dustin Moskovitz, Sheryl Sandberg, her late husband Dave Goldberg, Twitter’s Jack Dorsey and LinkedIn’s Reid Hoffman.
ICONIQ advises clients on potential investments and deals. It also invests client money in its own private investment vehicles. For instance, ICONIQ’s $500 million Strategic Partners fund invested pre-IPO in Alibaba and Walmart’s recent Indian acquisition, Flipkart.
But in a significant strategy departure from ICONIQ, Boeding’s EPIQ will not own proprietary products or internal funds. It will provide asset management, financial planning and/or consulting services to its clients, according to a Form ADV filed with the SEC.
EPIQ will charge a 1 percent annual management fee and carry of up to 20 percent for direct investments, the form shows.
EPIQ did not respond to emails.
Action Item: Read EPIQ’s Form ADV: http://bit.ly/2Gopn81
Chad Boeding’s photo sourced from his LinkedIn account