Disruptive launches $10 billion blind‑pool fund targeting AI and defence startups

What Happened

Disruptive has launched a $10 billion fund to back at least ten late‑stage companies, with checks of up to $1 billion. The Dallas‑based firm, founded in 2012 by Alex Davis, grandson of oil magnate Marvin Davis, says the vehicle targets capital‑intensive AI and defence fields. The Wall Street Journal earlier reported the fund already secured at least $7.5 billion in commitments. This is Disruptive’s first blind‑pool fund; previously it raised money through deal‑by‑deal special purpose vehicles.

Reaction

Past investments include Palantir, Airbnb, Spotify, chip startup Groq and AI voice‑generation firm ElevenLabs. Bloomberg said the firm told limited partners it has returned more than $6 billion on roughly $1.9 billion it invested. The Dallas Business Journal called the new fund the largest venture fund ever raised in Texas history. The size puts the raise among the biggest venture funds announced this year.

Context

Large venture funds are uncommon in Texas, and AI or defence startups often need huge upfront spending. A blind‑pool structure lets investors commit capital before any specific company is chosen, shifting risk to the manager.