A semi analytical model for the drag coefficient of a swarm of two-phase bubbles, condensing in direct contact with an immiscible sub cooled liquid, has been developed. The analysis used a cellular model configuration, assuming potential (but not inviscid) flow around the reference two-phase bubble in the cell. The effect of the condensation ratio within the two-phase bubbles was included using an approximate relation. The drag coefficient for a wide range of Reynolds numbers (0.1 <= Re <= 1000) has been found using the viscous dissipation integral method, and the effect of the liquid content within the two-phase bubble or the half opening angle (beta), and the system void fraction (alpha) were examined. The drag coefficient has been found to increase with the condensation ratio and with the void fraction of the system. The present model agrees well with previously available experimental data and theoretical predictions for single bubbles or particles. (C) 2015 Elsevier Ltd. All rights reserved.