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US-based Iconiq Capital, a wealth management firm whose early clients include Silicon Valley figures such as Mark Zuckerberg, intends to boost private equity investing, according to the Wall Street Journal. 

The firm intends to make more buyouts of mature, medium-size technology companies, the report said, citing unnamed sources. Until now, the firm has mostly pursued venture-capital deals in potentially fast-growing start-ups. Iconiq has appointed Arvindh Kumar from tech-focused private-equity firm Thoma Bravo  run the new strategy and expects to make more hiress.

The business, which is based out of San Francisco, offers traditional wealth-management and family-office services to clients. A growing focus for Iconiq involves investing its own and clients’ money itself instead of funds managed by other firms.

Iconiq’s partners Divesh Makan, Chad Boeding, Michael Anders and Will Griffith want to turn the six-year-old firm into a tech-focused investor across a gamut of asset classes, a person familiar with the firm said. Its founders have discussed with Iconiq’s advisory board wanting the firm to be as well-known in technology investing in a decade’s time as Blackstone Group LP, KKR & Co. and TPG are in private equity, the person said.

The report said Iconiq is known for investing in “growth-stage” private companies such as Jessica Alba’s Honest Co, Uber Technologies and Indian e-commerce company Flipkart. It has made private-equity investments in the past such as cloud-based financial software firm BlackLine Inc, but further opportunities exist, the report said.

The WSJ noted that in making larger tech buyout deals, Iconiq could compete for deals with firms such as KKR and TPG whose co-founders, Henry Kravis and David Bonderman, are both clients of Iconiq.