Venture Firm Disruptive Closes $10 Billion Fund to Concentrate on Late-Stage AI and Defense Startups
Dallas-based Disruptive raised a $10 billion fund, shifting from SPVs to a discretionary model to invest approximately $1 billion each in around 10 late-stage AI and defense companies.
According to Bloomberg, Dallas-based investment firm Disruptive has closed a $10 billion venture fund, roughly doubling its assets under management. The fund will focus on backing startups in artificial intelligence, defense, and software.
This raise marks a significant structural shift for Disruptive. The firm previously relied on deal-by-deal special purpose vehicles (SPVs), which often obscured who was investing. It is now moving to a single pooled fund that it deploys at its own discretion. Disruptive plans to invest about $1 billion each into roughly 10 late-stage companies.
Founder Alex Davis stated that the market dynamics make it difficult to have an impact in companies staying private longer without writing large checks. Its portfolio includes notable AI firms such as ElevenLabs, Databricks, and Reflection AI. Documents reviewed by Bloomberg show that Disruptive returned more than $6 billion on about $1.9 billion invested, with a 94% net internal rate of return after fees as of this summer.