(Bloomberg) -- Dragoneer Investment Group LLC., a growth equity firm known for investments in high-profile technology companies, is the latest investor to join the blank-check company rush.
Dragoneer Growth Opportunities Corp. filed Friday with the U.S. Securities and Exchange Commission for an initial public offering that would raise $600 million. The special purpose acquisition company, or SPAC, plans to sell 60 million units at $10 each, according to the filing.
Dragoneer said in the filing that it’s committed to investing an additional $150 million when the blank-check company identifies a merger target.
SPACs have gained legitimacy after seasoned investors such as Chinh Chu and Michael Klein raised money through them. The largest blank-check firm on record, Bill Ackman’s Pershing Square Tontine Holdings Ltd., began trading this week after raising $4 billion.
Dragoneer Growth will focus on identifying targets in software, internet, media, consumer and retail and health-care IT, as well as financial services and technology, according to the filing. It could also opt for a deal in a different sector.
The SPAC isn’t prohibited from merging with a company that Dragoneer already backs, although such a transaction would be subject to an independent review, the filing shows.
Dragoneer, despite being active in public and private technology investments, flies under the radar in dealmaking. Its previous investments have included Alibaba Holding Ltd., Datadog Inc., Uber Technologies Inc., Slack Technologies Inc. and Snowflake Inc.
Each unit in the offering consists of one share and one-third of a redeemable warrant.
Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co. are leading the IPO. Dragoneer Growth plans to list on the New York Stock Exchange under the symbol DGNR.U.
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