Dallas-based Disruptive announced a $10 billion blind-pool fund for at least 10 late-stage investments, with individual checks of up to $1 billion.
Dallas-based investment firm Disruptive announced on October 27, 2026, a $10 billion fund intended to back at least 10 late-stage companies. The firm said it may write checks of up to $1 billion, with artificial intelligence and defense among the capital-intensive fields it is targeting.
The vehicle is Disruptive’s first blind-pool fund: investors commit capital before the firm identifies the companies it will support. Previously, the firm raised money through deal-by-deal special purpose vehicles. The Wall Street Journal had reported earlier in October that Disruptive was seeking to raise the fund and had secured at least $7.5 billion in commitments by then.
Founded in 2012 by Alex Davis, Disruptive has backed companies including Palantir, Airbnb and Spotify. More recent investments cited by TechCrunch include chip startup Groq and AI voice-generation company 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 described the new fund as the largest venture fund raised in Texas history.
The fund’s size gives Disruptive room to make substantially large investments in a relatively small number of companies, rather than spreading capital across a broad portfolio. Its stated target of at least 10 companies sets a minimum, not a fixed portfolio size, while checks of up to $1 billion indicate the firm can participate in capital-intensive late-stage financing. The announcement does not name specific recipients or give a timetable for investments. The fund’s planned focus on AI and defense also places it among major pools of private capital seeking exposure to sectors that often require large financing rounds.