Dragoneer Investment Group seeks $2B for new fund using stakes in OpenAI and SpaceX

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....