Dragoneer Raises $1B Continuation Fund Backed by OpenAI, SpaceX Stakes

On August 31, according to Bloomberg, investment firm Dragoneer Investment Group raised approximately $1 billion for a new continuation fund, using its stakes in marquee assets such as OpenAI, SpaceX, Databricks, and wealth management firm Creative Planning as leverage. However, sources revealed that Dragoneer initially targeted $2 billion in fundraising, and it remains unclear which specific assets are included in the final $1 billion fund.

It is understood that Dragoneer aims to extend its holding period for certain existing assets through the continuation fund, allowing them to be held longer to enhance the fund's appeal to investors. This fundraising also reflects that, as valuations of hot private tech companies like OpenAI and SpaceX continue to draw market attention, holding early-stage or private equity in these firms is becoming a key strategy for asset managers to raise capital and restructure portfolios.

[TechFlow]