Dragoneer leverages star assets like OpenAI and SpaceX to raise $1 billion

Odaily News - Investment firm Dragoneer Investment Group has raised approximately $1 billion for a new continuation fund, using its stakes in star assets such as OpenAI, SpaceX, Databricks, and wealth management firm Creative Planning as leverage. However, sources familiar with the matter revealed that Dragoneer's initial fundraising target was $2 billion, and it remains unclear which specific assets are included in the final $1 billion fund.

It is understood that Dragoneer aims to hold some of its existing assets for a longer period through the continuation fund, thereby enhancing the fund's appeal to investors. This fundraising effort also reflects that, as the valuations of popular private tech companies like OpenAI and SpaceX continue to attract market attention, holding early-stage or private equity in these companies is becoming a key bargaining chip for asset management institutions in fundraising and asset restructuring. (Bloomberg)