![]() "The public REITs in the data-centre space have been the best-performing sector of stocks in the past eight months," Jerald Kent, chairman of TierPoint, a closely held provider of cloud-computing services, said in a telephone interview. That compares with the 7 percent gain by the S&P 500 Index. A basket of seven data-centre stocks, including Digital Realty Trust and Equinix, jumped 31 percent this year through Wednesday, according to data compiled by Bloomberg. The demand for additional capacity has already fuelled a surge in the market value of publicly-traded tech companies and REITs that own and operate data centres. Iconiq, in starting a fund to invest in data centres, "has definitely picked up on a trend." "We are just scratching the surface on the large data centre expansion trend," Srinivasan said. Iconiq provides wealth management from entrepreneurs like Mark Zuckerberg. That spending pales in comparison to the amount of funding that will be required as global corporations turn to the cloud to meet their computing needs. Its holdings will range from direct investments in data centres to securities issued by real estate investment trusts specialising in the sector.įacebook and other technology giants have already spent billions of dollars building data centres to provide cloud-based computer services to individual customers, according to Anand Srinivasan, a senior analyst with Bloomberg Intelligence. ![]() Iconiq Capital, the San Francisco-based investment adviser run by Divesh Makan, registered a new subsidiary with the US Securities and Exchange Commission last month that will put client funds into technology-related real estate, according to documents filed with the agency. And in 2019, it began buying up thousands of rental apartments across the United States.The wealth manager to Facebook founder Mark Zuckerberg and other technology entrepreneurs is starting a unit to invest in data centres to profit from growing demand for cloud-based services. Its founders have invested in dozens of tech startups around the globe earlier this year, the company launched a new European office. In recent years, Iconiq has increasingly begun acting more as a hybrid firm - focusing on venture capital investing while also still handling clients’ mundane day-to-day financial affairs. Also now clients of Iconiq are folks outside tech’s inner circle - billionaire hedge funders David Bonderman, Henry Kravis, and Tiger Global Management’s Chase Coleman, all of whom sit on the company’s board of directors. Zuckerberg gave fledgling Iconiq a big name in Silicon Valley, and the company’s client roster now includes Facebook’s Sheryl Sandberg and Dustin Moskovitz, LinkedIn’s Reid Hoffman and Twitter’s Jack Dorsey. But their most famous client, and the key to their success, is Mark Zuckerberg, who met Makan in 2004 while Facebook was still in diapers. Today, Iconiq’s client list reads like a who’s-who of Silicon Valley greats. Described by Forbes in 2014 as “an obscure Silicon Valley firm” that’s technically an ordinary registered investment advisory, the 10-year-old company has been transformed by its founders - Divesh Makan, Michael Anders, Chad Boeding and Griffith - into a highly exclusive tech mogul billionaires club that “operates as a cross between a family office and a venture capital fund.” Not many wealth managers can fathom affording their own $20 million house, much less two of them, but then again few wealth managers are as successful as Will Griffith and his San Francisco-based Iconiq Capital.
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