Marc Stad

The businesses in detail

How the main business makes money. Dragoneer invests other people's money. Its clients are university endowments, foundations, sovereign wealth funds and family offices. It charges a yearly management fee on the money it looks after, plus a share of the profits when investments rise. Forbes says most of his wealth is his majority stake in the firm.

Biggest deals.

• August 2014: Dragoneer joined Airbnb's $475M funding round. Its own share of such rounds is not disclosed.
• 2021: its first blank-cheque company merged with CCC Information Services at $6.5B (one account says $7B). The second merged with Cvent at $5.3B.
• 2025: committed more than $1B to OpenAI's $40B funding round, per The Information.
• 21 August 2026: agreed to buy most of Marc Lore's stake in the Timberwolves and Lynx at a $4.5B valuation. Cash price and financing are not disclosed.

Career path

1. 2001

   Graduates from Harvard

2. Early career

   Heads the City and County of San Francisco Finance Corporation; later McKinsey and TPG

3. 2010

   Moves to Hong Kong on the advice of TPG co-founder David Bonderman; meets Alibaba's Joe Tsai there

4. 2012

   Founds Dragoneer with $1M of assets

5. 2018

   Becomes an original minority investor in the Seattle Kraken; named to Fortune's 40 Under 40

6. 2020-2021

   Lists three blank-cheque companies

7. 2021

   Joins the Lore and Rodriguez group as a minority investor

8. 2026

   Ranked No. 42 on Forbes' Midas List; agrees on 21 August to buy control of the Timberwolves and Lynx

Teams and sports assets

Owns now 3

• teamMinnesota Timberwolves (minority stake)NBA · basketball · USSince 2021 · minority; size not disclosed · not found
• teamMinnesota LynxWNBA · basketball · USSince 2021 · minority; control pending in the same deal · Included in the $4.5B valuation
• teamSeattle KrakenNHL · ice hockey · USSince 2018 · minority; percentage not found · not found

Agreed, not yet closed 1

• teamMinnesota Timberwolves (control, most of Lore's stake)NBA · basketball · USSince 2026 · controlling; percentage not disclosed · $4.5B valuation with the Lynx; cash price not disclosed

Other investments and assets

• Companies and funds: Dragoneer's named holdings include OpenAI, Anthropic, Databricks, Snowflake, Spotify, Uber, Airbnb, DoorDash and Alibaba. No personal holdings outside the firm are named.
• Property: Forbes counts property among his assets but names none.
• Family in the business: His wife Elisa Stad is the designated Timberwolves governor, pending approval.

Giving and politics

• He and Elisa pledged $3M in 2022 to UCSF Benioff Children's Hospitals for a centre for children's pain and palliative care.
• Forbes gives him a philanthropy score of 1, its lowest band.
• He donated to Kamala Harris's 2020 presidential campaign, per Forbes; the amount is not given.

How they run their teams

• He does not yet control the team. Marc Lore and Alex Rodriguez are the owners of record, and Lore is governor.
• If the NBA approves, Elisa Stad takes the governor's seat because he intends to keep running Dragoneer.
• The partners say current executives and coaches would stay, including president Tim Connelly and coach Chris Finch.
• He is reported to back a new arena in Minnesota and to oppose relocation.

What they have said

• His first test is whether something is a truly great business that he can buy at a good price.
• Protect capital first and chase returns second; prefer firms with durable advantages and strong cash generation.
• Make a few large bets in companies he knows deeply; great companies are often cheapest when misunderstood.
• With Lore and Rodriguez, he said the deal develops an existing partnership and that titles are the priority.
• The same joint statement said the current executives and coaches stay.

Little-known facts

• He was one of five children and the first in his family to go to university, per Forbes.
• His name was not on the public list of Timberwolves investors before the deal.
• Dragoneer holds stakes in both OpenAI and Anthropic.
• He declined to speak to Forbes for its August 2026 profile.