Dec 15, 2025 - Business

Scoop: Dragoneer raises $4.3 billion for new VC fund

Dan Primack

Illustration of a dragon in a top hat and monocle. — Illustration: Aïda Amer/Axios

Dragoneer has raised $4.3 billion for its seventh venture capital fund, Axios has learned.

Why it matters: It's an outlier in what has been an exceptionally slow year for VC fundraising, closing above its target after just a few months in market.

By the numbers: Dragoneer now has over $30 billion in assets under management, including a $12 billion evergreen fund that can back both private and public companies.

The San Francisco-based firm raised $3.8 billion for its sixth private fund in 2022, and employs a concentrated investment model. Expect around 15 portfolio companies in the new fund.

The bottom line: Dragoneer has invested more than $3 billion into OpenAI, while other portfolio companies have included Airbnb, Datadog, DoorDash, Spotify, and Uber.

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Scoop: Dragoneer raises $4.3 billion for new VC fund

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