SANTA MONICA, CALIFORNIA - APRIL 18: Marc Stad (R) attends the 12th Breakthrough Prize Ceremony at Barker Hangar on April 18, 2026 in Santa Monica, California. (Photo by Taylor Hill/FilmMagic)FilmMagicMarc Stad was little-known outside the world of venture capital until Friday, when news broke that he had struck a deal to become the controlling owner of the Minnesota Timberwolves and the Minnesota Lynx. The deal—which values the pro basketball franchises at a combined $4.5 billion—is sure to thrust Stad into the spotlight.Forbes estimates that 46-year-old Stad, who is the founder of Dragoneer Investment Group—a $37 billion (assets under management) venture capital firm known for its successful investments in giants like OpenAI and Uber—has a net worth of more than $5 billion.Much of that is tied up in his majority ownership of Dragoneer, plus an estimated share of the firm’s funds and personal real estate and investments. He could not be reached for comment for this story.Stad will take controlling power from fellow billionaire Marc Lore, who bought the teams in 2021 in four stages, with the first stage at a $1.5 billion valuation, in partnership with retired Yankees star Alex Rodriguez. The deal wasn’t fully completed until 2025 due to a legal dispute with previous owner Glen Taylor. Rodriguez will serve as co-chairman and governor of the WNBA Lynx team, Stad’s wife Elisa will become governor of the NBA Timberwolves, while Lore is keeping a minority stake, Rodriguez said in a statement on X. Stad had previously been a minority owner of the teams. It’s unclear how large a stake Stad is buying, but NBA rules require a controlling owner to have a stake of at least 15%.Forbes most recently valued the Timberwolves at $3.6 billion and the Lynx at $320 million. The deal follows last week’s surprise announcement that billionaire Josh Kushner and former Disney chief Bob Iger are buying the Los Angeles Lakers from embattled billionaire Mark Walter for a record $12.5 billion.Stad has come a long way since growing up in Montebello, a city in Southern California, as one of five children. He was the first in his family to attend college, graduating from Harvard in 2001 with a degree in government before getting an MBA at Stanford. After stints at McKinsey & Co., TPG and the Investment Group of Santa Barbara, he set out on his own and founded Dragoneer in 2012 with only $1 million in assets. The firm focused on growth investments, raising capital from endowments, foundations, sovereign funds, and family offices, but has since grown into an investment giant in the venture space. Stad cites private equity pioneer David Bonderman as one of his biggest mentors, and the driving force for his temporary move to Hong Kong in 2010, where he met Alibaba founder and chairman Joseph Tsai. Dragoneer has raised seven funds since its founding – the latest being a $4.3 billion fund focused on late-stage venture investing. The San Francisco-based firm previously raised $3.8 billion for its sixth fund in 2022. Stad has invested some of his backers’ cash into several high-profile tech winners, including in two of the most significant tech IPOs of 2020: DoorDash and Airbnb. In 2025, Dragoneer participated in a $8.3 billion funding round for OpenAI, writing one of the largest start-up checks ever, at $2.8 billion. Other portfolio companies to have hit multi-billion dollar valuations include Anthropic, Datadog, Alibaba and Uber. Dragoneer has also been active in the public market through Special Purpose Acquisition Vehicles (SPACs), taking businesses public through the blank-check companies. In 2021, it took insurance software firm CCC Information Services public through its Dragoneer Growth Opportunities Corp company, raising $968 million. It raised $240 million in a similar merger to bring event management software Cvent public in 2021.Stad lives in Santa Barbara, California, with his wife Elisa, who he met at a University of Southern California football game, and their three children. Stad once served in public service as president and commissioner of the City and County of San Francisco Finance Corporation, and donated to Kamala Harris’ 2020 presidential campaign. In 2022, he and his wife pledged $3 million to the University of California, San Francisco’s UCSF Benioff Children’s Hospitals to launch the Stad Center for Pediatric Pain, Palliative and Integrative Medicine at campuses in San Francisco and Oakland. The specialised center treats children for acute and chronic pain.ForbesIndiana Pacers Billionaire Herb Simon Sues Deceased Nephew And His Family Over A “Secret” RestructuringBy Kirk OgunrindeForbesAgentic AI Demand Makes Okta CEO A Billionaire AgainBy Kirk OgunrindeForbesForbes Iconoclast 50: These Mavericks Are Rethinking PhilanthropyBy Kirk Ogunrinde