Dragoneer Plans to Establish a $2 Billion Continuation Fund with Assets like OpenAI, Ultimately Raising $1 Billion

Dragoneer Investment Group initially aimed to create a $2 billion continuation fund using high-quality private equity assets such as OpenAI and SpaceX, but ultimately raised about $1 billion. To facilitate the transaction, Dragoneer considered including its stakes in Databricks and wealth management firm Creative Planning to create liquidity for investors amid a weak exit environment. The core purpose of this continuation fund is to extend the holding period for assets like Amwins Group and health tech company PointClickCare. The transaction discount range is approximately 5%-20%, with some targets not priced at a discount, while the average discount for venture capital and growth-stage secondary transactions in the first half of this year was around 30%-35%.

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