Private Equity Firm Software

Dragoneer Investment Group

San Francisco, California, United States

Dragoneer Investment Group is a growth-oriented investment firm with a flexible mandate to invest in high-quality businesses in both public and private markets, partnering with management teams to grow companies with sustainable differentiation and strong economic models.

Focus Areas
Technology and growth investments, Cloud & SaaS, Insurtech / insurance software

Tracked deals

12

12 tracked deals across 2019-2026.

Recent pace

1

1 tracked deal announced in the last 12 months.

Deal mix

Growth capital

5 growth capital · 4 buyout · 3 recapitalization

Dragoneer Investment Group Acquisition Volume by Year

Last 7 years

Acquisition volume by year Annual acquisition counts for the last 7 years for Dragoneer Investment Group. 2 2019 3 2020 2 2021 1 2023 2 2024 1 2025 ~1 est. 1 2026
Actual Full-year estimate

Supporting Data

Recent Transactions

  • Buyer
    KKR, Dragoneer Investment Group, Amwins Group, Starboard BidCo (backed by Dragoneer and KKR), KKR and Dragoneer-backed bidder
    Target
    Steadfast Group, Steadfast underwriting agency business, Steadfast broking operations
    Industry
    Insurance
    Location
    New South Wales, Australia
    Type
    Buyout

    Steadfast Group has entered into a binding scheme implementation deed under which a consortium backed by KKR, together with Dragoneer Investment Group and Amwins Group, will acquire the Australian insurance distribution company for an enterprise value of approximately A$7.7 billion. Steadfast shareholders will receive A$6.00 per share in cash, with the deal subject to shareholder, court, and regulatory approvals and targeted to be implemented in December 2026.

  • Buyer
    Dragoneer Investment Group
    Target
    Teamworks
    Industry
    Cloud & SaaS

    Teamworks, the Durham-based operating system for sports, raised $235 million in an oversubscribed Series F led by returning investor Dragoneer Investment Group at a pre-money valuation above $1.0 billion. The primary and secondary financing will fund expansion of Teamworks' AI and data science capabilities and accelerate product development across its talent, performance, coaching and operations suites.

  • Buyer
    KKR, Dragoneer Investment Group
    Target
    Instructure Holdings, Inc.
    Seller
    Thoma Bravo
    Industry
    Cloud & SaaS
    Type
    Buyout

    Instructure Holdings has entered into a definitive agreement to be acquired in an all-cash deal by investment funds managed by KKR, with participation from Dragoneer Investment Group, at $23.60 per share. The transaction was completed on Nov. 13, 2024, after which Instructure ceased trading and is no longer listed on the NYSE.

  • Buyer
    SkyKnight Capital, Dragoneer Investment Group
    Target
    Simplicity Group Holdings, Inc.
    Seller
    Funds managed by Lee Equity Partners

    SkyKnight Capital and Dragoneer Investment Group have agreed to make a majority investment in Simplicity Group Holdings, providing liquidity to employee partners and acquiring interests held by funds managed by Lee Equity Partners. The recapitalization is expected to close by the end of 2024, subject to regulatory approvals; financial terms were not disclosed.

  • Buyer
    Dragoneer Investment Group, Genstar Capital, SkyKnight Capital, L.P., Amwins employee shareholders
    Target
    Amwins Group, Inc.
    Seller
    More than 375 Amwins employee shareholders, Public Sector Pension Investment Board (PSP)

    Amwins Group completed a $1.0 billion recapitalization in which Dragoneer Investment Group, Genstar Capital, SkyKnight Capital and participating employee shareholders purchased equity from more than 375 employee shareholders and the Public Sector Pension Investment Board (PSP). PSP rolled roughly 80% of its position forward and the Amwins employee shareholder group will remain the largest single owner with approximately 40% ownership, providing liquidity while preserving long-term employee ownership.

  • Buyer
    Dragoneer Growth Opportunities Corp., Dragoneer Investment Group (affiliate)
    Target
    CCC Information Services Inc.
    Industry
    Cloud & SaaS
    Type
    Buyout

    Dragoneer Growth Opportunities Corp. has entered into a definitive business combination with CCC Information Services Inc., creating CCC Intelligent Solutions Holdings Inc. The transaction will take CCC public via the SPAC, provide approximately $968 million of net proceeds (assuming no redemptions), and is intended to accelerate CCC's product innovation and growth in the P&C insurance economy.

  • Buyer
    Hellman & Friedman, Dragoneer Investment Group
    Target
    PointClickCare Technologies
    Seller
    JMI Equity
    Industry
    Cloud & SaaS
    Location
    Ontario, Canada

    PointClickCare Technologies, a Mississauga-based leader in cloud-based healthcare software for long-term and post-acute care, has received a minority strategic investment from affiliates of Hellman & Friedman and an increased investment from Dragoneer Investment Group. The financing will support expansion of PointClickCare's product offerings and accelerate growth; JMI Equity, an existing investor, participated in or sold a portion of its stake as part of the transaction.

  • Buyer
    Permira, Warburg Pincus, Dragoneer Investment Group, Durable Capital Partners
    Target
    Clearwater Analytics
    Industry
    Cloud & SaaS

    Clearwater Analytics, the Boise-based SaaS provider of investment accounting and analytics, announced a new growth investment led by Permira, Warburg Pincus, Dragoneer and Durable Capital, with Welsh, Carson, Anderson & Stowe remaining the majority shareholder. The capital will support Clearwater's international expansion (including Europe and Asia-Pacific), continued R&D and pursue transformative M&A opportunities.

  • Buyer
    Kayne Anderson Rudnick Investment Management, Whale Rock Capital Management, Dragoneer Investment Group, Insight Partners, Neuberger Berman Investment Advisers LLC, Temasek, Apax Partners
    Target
    Duck Creek Technologies
    Seller
    Certain existing investors (unnamed)
    Industry
    Cloud & SaaS

    Duck Creek Technologies, a Boston-based provider of SaaS core systems for the property & casualty insurance industry, received a $230 million investment commitment from Kayne Anderson Rudnick and Whale Rock alongside prior investors including Dragoneer, Insight Partners, Neuberger Berman and Temasek. The capital will fund product development and international expansion of Duck Creek OnDemand and enable the company to repurchase equity from certain existing investors; J.P. Morgan served as sole placement agent.

  • Buyer
    SkyKnight Capital, L.P., Dragoneer Investment Group, Aquiline Capital Partners LLC
    Target
    StarStone U.S. Holdings, Inc.
    Seller
    Enstar Group Limited
    Industry
    Insurance

    Enstar has agreed to a recapitalization of StarStone U.S. led by SkyKnight Capital, Dragoneer Investment Group and Aquiline Capital Partners, with the investors committing $610 million of new equity and management contributing over $20 million, increasing StarStone U.S.'s equity to more than $850 million. Enstar will roll over part of its ownership and receive cash and shares; a new leadership team headed by Jeff Consolino (CEO) and Ed Noonan (Executive Chairman) and a refreshed Board will be appointed to support a push into specialty property & casualty and E&S lines.

  • Buyer
    Dragoneer Investment Group, Neuberger Berman (funds advised), Insight Partners, Temasek
    Target
    Duck Creek Technologies
    Seller
    Certain existing investors
    Industry
    Cloud & SaaS

    Duck Creek Technologies received a $120 million growth investment from Dragoneer Investment Group, funds advised by Neuberger Berman, Insight Partners, and Temasek. The capital will be used to fund product development, accelerate international expansion, and to repurchase equity from certain existing investors; J.P. Morgan served as sole placement agent.

  • Buyer
    Swander Pace Capital, Dragoneer Investment Group, Katy Perry, Orlando Bloom, Hayden Slater
    Target
    Bragg Live Food Products
    Type
    Buyout

    Bragg Live Food Products, the historic apple cider vinegar and health-focused foods brand headquartered in Santa Barbara, California, has been acquired by an investor group led by private equity firm Swander Pace Capital alongside Dragoneer Investment Group and co-investors Katy Perry, Orlando Bloom, and Hayden Slater. The investors plan to partner with Bragg's leadership to expand distribution and bring the brand to more consumers across retail and e-commerce channels.

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