Dragoneer Investment Group is a San Francisco-based investment firm founded in 2012, known for its highly concentrated approach to backing category-defining technology companies. The firm operates across private and public markets and has built a reputation for partnering with founders behind some of the most influential consumer and enterprise platforms globally. Dragoneer now manages more than $30 billion in assets, positioning it as one of the most significant growth-oriented investors in the market.
Dragoneer focuses on technology-enabled businesses with strong product-market fit, durable growth, and large global markets. The firm is particularly active in enterprise software, data-driven platforms, consumer internet, and AI-native companies. Dragoneer favors businesses with proven traction and clear paths to long-term category leadership rather than early experimentation.
Dragoneer recently raised $4.3 billion for its seventh venture capital fund, closing above target after only a few months on the market. The fundraise stands out in a slow fundraising environment and brings Dragoneer’s total assets under management to over $30 billion. The new fund follows Dragoneer’s established concentrated model, with an expected portfolio of roughly 15 companies, allowing for significant ownership and long-term support. In parallel, the firm operates a $12 billion evergreen fund that can invest across both private and public companies, giving Dragoneer flexibility to support portfolio companies before and after IPO. The firm previously raised $3.8 billion for its sixth private fund in 2022, highlighting continued LP confidence in its disciplined strategy.
Leadership
Dragoneer was founded and is led by Marc Stad, who serves as Founder and Managing Partner. The firm’s leadership team is known for a data-driven, low-profile approach, with a strong emphasis on long-term partnerships rather than rapid portfolio turnover.
Investment Strategy
Dragoneer runs a highly selective and concentrated investment strategy. The firm invests later than traditional early-stage VCs, typically once companies have demonstrated strong growth, product-market fit, and operational maturity. It writes large checks, builds meaningful ownership positions, and supports companies over long time horizons, often staying invested through IPO and into the public markets.
Notable Investments
Dragoneer has backed many of the world’s most valuable technology companies, including:
The firm has invested more than $3 billion into OpenAI alone, reflecting its conviction-driven approach and willingness to deploy significant capital behind category leaders.
Notable Exits
Dragoneer portfolio companies have gone public through some of the most prominent tech IPOs of the past decade, including Airbnb, DoorDash, Datadog, Spotify, and Uber. The firm has often remained a shareholder well beyond public listings, reinforcing its long-term investment philosophy.
Other
Dragoneer is not a volume investor. It is best suited for companies that have already reached meaningful scale and are preparing for global expansion or public markets. The firm moves quietly, does deep diligence, and seeks long-duration partnerships with leadership teams building enduring platforms.
United States
