- Iconiq also counts tech elites Parker, Hoffman as clients
- Firm run by Divesh Makan creates technology real estate unit
The wealth manager to Facebook Inc. founder Mark Zuckerberg and other technology entrepreneurs is starting a unit to invest in data centers to profit from growing demand for cloud-based services.
Iconiq Capital, the San Francisco-based investment adviser run by Divesh Makan, registered a new subsidiary with the U.S. Securities and Exchange Commission last month that will put client funds into technology-related real estate, according to filed with the agency. Its holdings will range from direct investments in data centers to securities issued by real estate investment trusts specializing in the sector.
Facebook, the world’s largest social-media company, and other technology giants have already spent billions of dollars building data centers to provide cloud-based computer services to individual customers, according to Anand Srinivasan, a senior analyst with Bloomberg Intelligence. 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.
“We are just scratching the surface on the large data center expansion...
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