Overview
For purposes of this Brochure, “we,” “us” and “our” refer to Dragoneer, together (where
the context permits) with its affiliated general partners of the Funds (as defined below) and other
affiliates that provide advisory services to and/or receive advisory fees from the Funds. Such
affiliates may or may not be under common control with Dragoneer, but possess a substantial
identity of personnel and/or equity owners with Dragoneer. These affiliates may be formed for
tax, regulatory or other purposes in connection with the organization of the Funds, or may serve
as general partners of the Funds.
Dragoneer is a Delaware limited liability company that was formed in January 2012 and is
owned by its members and controlled by Marc Stad.
Dragoneer provides discretionary investment advisory services to (i) privately offered
funds or series of privately offered funds for which it acts as sponsor, including funds-of-one (each
such fund or series, a “Fund” and together, the “Funds”) and (ii) persons or entities (including
private funds) on a managed account basis for which Dragoneer does not act as sponsor (each such
arrangement, a “Managed Account,” and the person(s) or entity(ies) funding a Managed Account,
a “Managed Account Client”). For the purposes of this Brochure, a “Client” will refer to a Fund
(and not the investors in a Fund), a Managed Account Client, a future Fund, including funds-of-
one, and/or a future Managed Account Client.
As of December 31, 2023, Dragoneer had approximately $22,663,899,860 in regulatory
assets under management.
Funds.
Dragoneer currently serves as investment adviser to a number of Funds. Each Fund is
exempt from registration as an investment company pursuant to Section 3(c)(7) of
the Investment
Company Act of 1940, as amended (the “1940 Act”). Dragoneer provides investment advice with
respect to both public and private companies. Dragoneer generally seeks to construct concentrated
investment portfolios for the Funds of high-quality securities and other assets of companies
characterized by higher growth, defensible competitive positions and solid financial models.
Some of the Funds are organized in a mini-master feeder structure. The feeder funds are
expected to invest substantially all of their assets in their respective master funds.
From time to time, Dragoneer will form capital around a particular investment strategy or
theme, or establish, on a transaction-by-transaction basis, investment vehicles, funds-of-one,
separately managed accounts or other accounts or arrangements through which certain persons
generally invest alongside or with one or more Funds or other Clients (each, a “Co-Investment
Vehicle”). Where the context requires or is appropriate, the term “Client” may also apply to Co-
Investment Vehicles in this Brochure.
Managed Accounts.
Dragoneer works with each of its Managed Account Clients to develop investment
guidelines based upon the Client’s specific investment objectives. Managed Account advisory
services are governed by written agreements (“Managed Account Agreements”) between
Dragoneer and the Managed Account Client. Managed Account Clients may amend their
investment guidelines as their needs change or impose restrictions on investing in certain securities
or types of securities.
Further details regarding Dragoneer’s management of the Funds and Managed Accounts is
provided below in Item 8.
Dragoneer does not participate in any wrap fee programs.