An under-the-radar San Francisco-based fund that has managed money for prominent billionaire clients including Mark Zuckerberg and Jack Dorsey is betting big on food delivery giant DoorDash . During the second quarter, Iconiq Capital opened a roughly $275 million position in DoorDash while also upping its stake in a slew of beaten-up technology giants. The private fund, which launched in 2011 and is headed by former banker Divesh Makan, manages more than $80 billion in assets and has previously invested in companies such as Snowflake and Robinhood . Previously, Iconiq led funding rounds for Finnish food delivery startup Wolt — which was acquired by DoorDash in June — and public code repository GitLab . Earlier this year, the firm invested in Madison Realty Capital , a real estate private equity firm. At the end of June, the tech-heavy portfolio boasted 65 holdings across industries like cloud, software, financial technology, cybersecurity and big tech. As of the end of the most recent quarter in June, Iconiq beefed up its stake in Alphabet by nearly 528% to $31 million, while also boosting its position in Meta Platform s by more than 15%, according to InsiderScore. Snowflake was Iconiq's biggest holding at the end of the second quarter at roughly $2.42 billion. The company trimmed that holding by nearly 29% during the period, according to InsiderScore. Shares of the cloud company have tumbled about 55% this year and sit about 62% off their highs. The fund also holds sizeable stakes in Datadog and Robinhood.