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Dragoneer Investment Group, the San Francisco-based growth equity shop managing roughly $15 billion in assets, is raising a $2 billion continuation fund built around its stakes in some of the most coveted private companies on Earth. The portfolio includes positions in OpenAI, SpaceX, Databricks, and Creative Planning.
For Dragoneer, the strategy centers on retaining high-value holdings including insurance distributor Amwins Group and healthcare technology firm PointClickCare. The fund’s pricing tells a compelling story about demand. Discounts on the continuation fund’s assets reportedly ranged from just 5% to 20%, with some assets offered at zero discount. That’s remarkably tight compared to the broader secondary market, where venture and growth stakes have been trading at 30% to 35% discounts on average during the first half of 2026.
Why OpenAI and SpaceX change the calculus
Dragoneer’s relationship with OpenAI runs deep. The firm committed more than $1 billion to OpenAI during 2025, making it one of the more substantial backers of the AI company during its rapid scaling phase. On the SpaceX side, recent 13F filings reveal Dragoneer holds a new position valued at approximately $1.37 billion as of the second quarter of 2026.
A market built on patience
Dragoneer, founded in 2012 by Marc Stad, operates with a somewhat unusual hybrid model. The firm invests across both public and private equity, targeting a 2:1 ratio of public to private holdings.
Despite targeting $2 billion, the fund ultimately closed at around $1 billion as of late August 2026. The pricing dynamics could have ripple effects across the private equity secondary market. If managers see that continuation funds holding premier tech and AI assets can clear at 5% to 20% discounts instead of the market-standard 30% to 35%, expect more firms to explore similar structures.
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