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Iconiq Capital, the multifamily office that has managed money for tech billionaires including Mark Zuckerberg, has formed a European entity as buoyant valuations propel the region’s startup scene.

Iconiq Capital (UK) was set up at the end of last year, according to Companies House filings. Iconiq founder Divesh Makan, a former Goldman Sachs Group Inc. banker, is the controlling shareholder of the London-based firm.

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Makan co-founded Iconiq in 2011 and quickly assembled some of Silicon Valley’s most powerful people as clients, including Facebook Inc.’s Zuckerberg and Sheryl Sandberg as well as Twitter Inc.’s Jack Dorsey and LinkedIn co-founder Reid Hoffman. The firm caters to financial and family office needs, such as arranging real estate purchases, private jets or tax planning.

The San Francisco-based firm, which now has about $54 billion in assets under management, uses its network to invest in startups globally. It has backed companies such as Snowflake Inc., Epic Games Inc., the creator of Fortnite, and online trading app Robinhood Markets. In Europe, the firm put money into fintech Adyen in 2015, scoring a huge win for its investors and has more recently backed Finnish food delivery startup Wolt.

Iconiq is now looking for a new investment partner to oversee its European investments, Business Insider reported earlier Monday, citing people familiar with the matter without identifying them. The move shows the growing appetite for European startups, which have typically commanded lower valuations than their U.S. counterparts.

Payments business Checkout.com became Europe’s largest startup last month after a fundraising round nearly tripled its valuation to $15 billion and U.K. food-delivery startup Deliveroo is said to be exploring a IPO this year, thanks to the popularity of takeout meals amid coronavirus-induced lockdowns.

Iconiq has moved well beyond just serving the ultra wealthy. It’s now an institutional asset manager with pension funds such as the Canada Pension Plan Investment Board among its fund investors. Last year, Dyal Capital Partners bought a roughly 6% stake in the firm.

Iconiq didn’t immediately respond to a request for comment.

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