Disruptive, a Dallas-based investment firm whose previous wagers have included Palantir, Airbnb and Spotify, said Tuesday it has closed a $10 billion fund aimed at backing at least 10 late-stage companies, with individual checks of up to $1 billion.
The announcement marks one of the largest fundraises of the year so far, and the new vehicle is intended to target the capital-intensive fields of AI and defense. The Wall Street Journal first reported earlier this month that Disruptive was seeking to raise the fund, and at that time the firm had already secured at least $7.5 billion in capital commitments.
The firm was founded in 2012 by Alex Davis, a grandson of billionaire oil magnate Marvin Davis. The new fund is technically Disruptive's first blind-pool fund, meaning investors commit money without knowing which companies it will back. Up to now, the firm has raised money through deal-by-deal special purpose vehicles.
Disruptive has nonetheless drawn attention in recent years for pouring money into companies such as the chip startup Groq and the AI voice-generation startup ElevenLabs. Bloomberg reported that the firm told its limited partners it has returned more than $6 billion on the roughly $1.9 billion it has put into startups.
According to the Dallas Business Journal, the new vehicle is the largest venture fund raised in Texas history. The fund's AI and defense focus puts it among the firms directing large pools of US capital toward sectors that have drawn heavy investor interest.
The $10 billion fund lands among the year's biggest raises, following the earlier Wall Street Journal account of the firm's fundraising effort and the at least $7.5 billion in commitments it had secured by then. Disruptive's plan calls for checks of up to $1 billion across a minimum of 10 late-stage companies.
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