Dragoneer Investment Group
North AmericaUnclaimedAt a Glance
- Check Size
- $25M – $500M
- Stage
- Series B+
- AUM
- $30B+ (Dec 2025)
- Sectors
- Enterprise, SaaS, AI +2
- Founded
- 2012
- HQ
- San Francisco, CA
About Dragoneer Investment Group
Dragoneer is a growth-stage investor rather than an early-stage venture firm. It buys concentrated positions in technology companies that already have scale, and it holds many of them through and after their public listings. The firm runs long-only public equity funds alongside its private growth funds, which lets it stay invested as a company moves from private to public ownership. Its capital comes mainly from endowments, foundations, sovereign wealth funds and family offices, which the firm describes as long-duration capital.
Marc Stad founded the firm in 2012 after working at TPG Capital, McKinsey & Company and the Investment Group of Santa Barbara. Dragoneer is based at the Letterman Digital Arts Center in San Francisco. Its assets grew from more than $10 billion in mid-2020 to $22.6 billion in 2024 and past $30 billion after its most recent fundraise.
The portfolio reads like a list of the last decade's largest technology listings: Airbnb, Uber, Spotify, Snowflake, DoorDash, Datadog, Atlassian, Slack, Klarna, Nubank and UiPath. Private holdings include Databricks and Discord.
Investment Thesis
“Dragoneer takes concentrated, long-horizon positions in growth-stage technology companies with durable differentiation and large addressable markets, treating revenue growth as the main driver of returns. It invests across private and public markets so it can hold companies through the IPO and beyond.”
Sector Focus
Investment Stage
Notable Portfolio Companies
View full portfolio →
Key Team (4)
Marc Stad
Founder and CEO
Pat Robertson
Co-founding Partner, President and COO
Christian Jensen
Partner
Eric Jones
Partner
Fund History (1 fund)
| Fund | Vintage | Size | Status |
|---|---|---|---|
| Dragoneer Opportunities Fund VII | 2025 | $4.3B | Investing |
Fund History
Dragoneer raised a $3.8 billion growth fund in 2022. Its successor, Dragoneer Opportunities Fund VII, closed at $4.3 billion in December 2025, above target after a few months on the market, in a year when overall venture fundraising hit a decade low. Firm assets now exceed $30 billion.
SEC Fund Filings
- Vehicles filed, last 24 months
- 12
- Latest filing
Dragoneer Investment Group filed a Form D for 12 fund vehicles between Sep 26, 2024 and Sep 25, 2026. The 8 most recent:
| Fund vehicle | Source |
|---|---|
| Dragoneer Opportunities IV Connection3 Fund, LP | SEC Form D, filed |
| Dragoneer Connection3-BL 2026, LP | SEC Form D, filed |
| Dragoneer Connection3-UBL 2026, LP | SEC Form D, filed |
| Dragoneer Connection2 2026, LP | SEC Form D, filed |
| Dragoneer Connection1-BL 2026, LP | SEC Form D, filed |
| Dragoneer Alternatives Fund III, LP | SEC Form D, filed |
| Dragoneer Alternatives Fund II, LP | SEC Form D, filed |
| Dragoneer Select Opportunities Fund, LP | SEC Form D, filed |
A Form D is the notice a fund files with the SEC when it raises money in a private offering. Feeder funds, parallel funds and SPVs each file their own, so the count measures filing activity, not the number of flagship funds.
Source: SEC EDGAR Form D filings for pooled investment funds, original filings only (amendments excluded). Our filing data starts Jul 1, 2024. Vehicles are matched to Dragoneer Investment Group by fund name and checked against the sponsor address and named principals on each filing; offering amounts are not shown. Each “SEC Form D” link opens an EDGAR full-text search for that vehicle’s exact name, where the filing itself is listed. See every new fund filing on the Form D Radar.
Investment Timeline (2 deals)
2026
ClickHouse
Series D+$400MWaymo
Growth$16BFrequently Asked Questions
What stage does Dragoneer Investment Group invest at?
Dragoneer Investment Group primarily invests at the Series B+ stage. This means they focus on companies that are at various stages of growth.
Where is Dragoneer Investment Group located?
Dragoneer Investment Group is headquartered in San Francisco, CA. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does Dragoneer Investment Group focus on?
Dragoneer Investment Group focuses on investments in Enterprise, SaaS, AI, Fintech, Consumer. Their portfolio reflects deep expertise and networks within these sectors.
What is Dragoneer Investment Group's typical check size?
Dragoneer Investment Group's typical investment check size ranges from $25M to $500M. Actual amounts may vary based on the stage, sector, and specific opportunity.
How much does Dragoneer Investment Group have under management?
Dragoneer Investment Group manages approximately $30B+ (Dec 2025) in assets under management (AUM) across their funds.
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