Dallas investment firm Disruptive said on Tuesday it is raising a $10 billion fund that will place checks of up to $1 billion in at least ten late-stage companies.
The raise, one of the year's biggest, is aimed at capital-intensive sectors such as artificial intelligence and defense. The Wall Street Journal first reported earlier this month that Disruptive was seeking capital and had already secured at least $7.5 billion in commitments.
Founded in 2012 by Alex Davis, the grandson of billionaire oil magnate Marvin Davis, the firm has previously backed Palantir, Airbnb and Spotify.
This is Disruptive's first blind-pool vehicle, where investors commit without knowing the specific targets. Historically the firm used deal-by-deal special purpose vehicles. Recent headlines note its investments in chip maker Groq and AI voice-generation startup ElevenLabs. Bloomberg reported that Disruptive told limited partners it has returned more than $6 billion on roughly $1.9 billion invested in startups.
The Dallas Business Journal says the new fund is the largest venture fund ever raised in Texas history.
