Dragoneer raised $1 billion using equity from star assets like OpenAI and SpaceX as "chips."
According to Bloomberg, investment firm Dragoneer Investment Group is raising approximately $1 billion for a new continuation fund using equity from its star assets such as OpenAI, SpaceX, Databricks, and wealth management firm Creative Planning as "chips." However, sources indicate that Dragoneer's initial fundraising target was $2 billion, and it is currently unclear what specific assets are included in the final $1 billion fund raised.It is reported that Dragoneer hopes to enhance the fund's appeal to investors by establishing a continuation fund that allows for the continued holding of some existing assets for a longer period. This fundraising also reflects that, as the valuations of popular private tech companies like OpenAI and SpaceX continue to attract market attention, holding early or private equity in these companies is becoming an important chip for asset management firms in fundraising and asset restructuring.
