SCHEDULE 13G/A: ICONIQ Entities and Principals Disclose Significant Beneficial Ownership in Procore Technologies

An amendment to Schedule 13G reveals that ICONIQ Capital-affiliated entities and key individuals, including Divesh Makan and William J.G. Griffith, collectively hold substantial beneficial ownership in Procore Technologies, Inc., with Makan and Griffith each controlling over 16% of the common stock as of March 31, 2025.

Summary

• The filing is an Amendment No. 5 to Schedule 13G, reporting beneficial ownership of Procore Technologies, Inc. Common Stock.
• As of March 31, 2025, Procore Technologies, Inc. had 149,104,117 shares of Common Stock outstanding.
• Divesh Makan is deemed to beneficially own 23,818,396 shares, representing 16.0% of the outstanding Common Stock.
• William J.G. Griffith is deemed to beneficially own 24,033,910 shares, representing 16.1% of the outstanding Common Stock.
• Matthew Jacobson is deemed to beneficially own 9,375,271 shares, representing 6.3% of the outstanding Common Stock.
• ICONIQ Strategic Partners III GP, L.P. and ICONIQ Strategic Partners III TT GP, Ltd. each beneficially own 12,499,375 shares, representing 8.4% of the outstanding Common Stock.
• ICONIQ Strategic Partners IV GP, L.P. and ICONIQ Strategic Partners IV TT GP, Ltd. each beneficially own 6,280,324 shares, representing 4.2% of the outstanding Common Stock.
• Various ICONIQ Strategic Partners funds (II, III, IV, V, VI series) and their general partners hold significant, though smaller, direct or deemed beneficial ownership percentages, ranging from 0.0% to 3.6% individually.
• ICONIQ Capital, LLC, ICONIQ Capital Group, L.P., and ICONIQ Capital Group GP, LLC each beneficially own 1,266 shares, representing 0.0% of the outstanding Common Stock, primarily through managed accounts where ICONIQ Capital, LLC serves as investment adviser without pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain information that would indicate a positive or negative sentiment regarding the company's performance or outlook.

Future Outlook

NA

Industry Context

This filing is a routine disclosure of beneficial ownership by institutional investors and their principals, common in the financial industry for publicly traded companies. It reflects the ongoing investment positions of ICONIQ Capital and its associated funds in Procore Technologies, Inc.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership stakes, which can influence market perception and trading activity.

Key Dates

Keywords

Procore Technologies, ICONIQ Capital, Beneficial Ownership, Schedule 13G, SEC Filing, Common Stock, Institutional Investor, Investment Fund, Shareholding Disclosure