Disruptive Closes $10B Fund, Its First Blind-Pool Vehicle
Dallas-based investment firm Disruptive, whose past bets include Palantir, Airbnb, and Spotify, announced on Tuesday that it has raised a $10 billion fund to back at least 10 late-stage companies, with checks of up to $1 billion, according to a company announcement.
It ranks among the largest fundraises of the year so far, aimed squarely at two capital-intensive fields: AI and defense. The Wall Street Journal first reported earlier this month that the firm was seeking to raise the fund; by then it had already secured at least $7.5 billion in capital commitments.
From Special Purpose Vehicles to a Blind Pool
Technically, this is the firm's first blind-pool fund, meaning investors commit capital without knowing in advance which companies it will back. Until now, Disruptive raised money through deal-by-deal special purpose vehicles.
Even so, the firm has made headlines in recent years by pouring money into companies such as chip startup Groq and AI voice-generation startup ElevenLabs. Bloomberg reported that the firm told LPs it has returned more than $6 billion on the roughly $1.9 billion it has deployed into startups.
Texas's Largest Venture Fund to Date
Disruptive was founded in 2012 by Alex Davis, grandson of billionaire oil magnate Marvin Davis. According to the Dallas Business Journal, the new vehicle is the largest venture fund ever raised in Texas.
As 2026 draws to a close, the close also underscores how concentrated late-stage venture capital has become in AI and defense—sectors where megafunds and billion-dollar checks are increasingly the price of entry.
via TechCrunch AI