Disruptive raises $10 billion fund for AI and defense bets

Disruptive's new vehicle marks a shift in how the Dallas firm raises money. Until now it relied on deal-by-deal special purpose vehicles, where investors commit to a specific target. The $10 billion fund is its first blind pool, meaning backers put money in before knowing which companies will receive it — a structure that puts more weight on the firm's own sourcing and judgment.

The fund's focus on AI and defense fits the firm's recent track record. Disruptive has drawn attention for backing chip startup Groq and AI voice-generation startup ElevenLabs, and its earlier portfolio included Palantir, Airbnb, and Spotify. According to Bloomberg, the firm told LPs it has returned more than $6 billion on roughly $1.9 billion invested in startups — a track record that likely helped it raise one of the year's largest funds.

The Wall Street Journal first reported earlier this month that the firm was seeking the fund and had already secured at least $7.5 billion in capital commitments by then. The Dallas Business Journal reports the new vehicle is the largest venture fund raised in Texas history.