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Disruptive raises $10B fund to make big bets on at least 10 companies

Policy1 min read

Dallas investment firm Disruptive has announced a $10 billion fund. It plans to make very large bets on at least 10 later-stage companies, mostly in AI and defense.

What happened

Disruptive, a firm based in Dallas, Texas, said it has raised a $10 billion fund. The fund will back at least 10 late-stage companies. It can write checks of up to $1 billion each. The focus is on AI and defense, two fields that need a lot of money to grow.

Key numbers

  • Fund size: $10 billion
  • Minimum number of companies to back: 10
  • Largest single check: up to $1 billion
  • Money already committed before the announcement: at least $7.5 billion, according to an earlier report by The Wall Street Journal
  • Money returned to investors (LPs): more than $6 billion, on about $1.9 billion put into startups, according to Bloomberg

Some background

Disruptive was founded in 2012 by Alex Davis. Until now, the firm raised money one deal at a time using special purpose vehicles (SPVs), which are small funds set up for a single investment. This new fund is a blind-pool fund. That means investors give money before they know which companies it will back. The firm has past bets on well-known companies such as Palantir, Airbnb, and Spotify.

Why it matters

This is one of the biggest fundraises of the year so far. It also shows that investors are willing to put very large sums into AI and defense. According to the Dallas Business Journal, it is the largest venture fund ever raised in Texas.

What to watch

  • Which companies Disruptive chooses to back with its big checks
  • Whether the firm's returns on past investments hold up in the new fund
  • How other large funds spend money on AI and defense

Glossary

Disruptive
A Dallas investment firm that invests in fast-growing companies, including Palantir, Airbnb, and Spotify.
blind-pool fund
A fund where investors give money before knowing which companies it will invest in.
special purpose vehicles
Small funds set up to invest in one specific deal.
LPs
Limited partners, the investors who put money into a fund.

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