Disruptive raises $10 billion fund to back at least 10 companies

Dallas-based investment firm Disruptive has announced a $10 billion fund to invest in at least 10 late-stage companies. The firm said it could write checks of up to $1 billion. TechCrunch reported the announcement on Tuesday.

The fund is aimed at capital-intensive fields including artificial intelligence and defense. The Wall Street Journal reported earlier this month that Disruptive was seeking to raise the fund and had secured at least $7.5 billion in capital commitments by then.

Founded in 2012 by Alex Davis, Disruptive previously raised money through deal-by-deal special purpose vehicles. The new fund is its first blind-pool fund, where investors commit capital without knowing in advance which companies it will back.

The firm’s past investments include Palantir, Airbnb, Spotify, chip startup Groq and AI voice-generation startup ElevenLabs. Bloomberg reported that Disruptive told limited partners it had returned more than $6 billion on roughly $1.9 billion invested in startups. The Dallas Business Journal reported that the new fund is the largest venture fund raised in Texas history.