Dallas VC firm raises $10 billion fund

Dallas-based venture capital firm Disruptive Technology Advisers has closed a $10 billion fund, the largest raised in Texas. The firm stated it intends to invest up to $1 billion in approximately 10 growth or late-stage companies. Target sectors include artificial intelligence, AI infrastructure, defense, and national security.

Founder and CEO Alex Davis said the fund responds to a shift in the private technology market. “The best private technology companies are growing larger, staying private longer and requiring more capital than ever before,” Davis said in a statement. He noted that the new pooled structure allows the firm to match the scale of these opportunities.

The firm transitioned from raising capital on a deal-by-deal basis to creating a pooled fund at the request of its limited partners. Investors sought consistent access to the firm’s portfolio. Disruptive’s investor base includes sovereign wealth funds, family offices, and institutions, with a growing presence in North Texas.

While $10 billion is a large raise, it fits a recent trend among major venture capital firms. In January, Andreessen Horowitz of Menlo Park, California, reported raising more than $15 billion across several funds. In February, Thrive Capital of New York City raised a $10 billion fund, which it plans to split between early and late-stage investments.

Davis, the grandson of the late Marvin Davis, founded Disruptive in Los Angeles in 2012. The firm relocated to Austin in 2021 and moved to Dallas in 2024. Its model focuses on large investments in private technology companies at the late or growth stage. Portfolio companies include Airbnb, Databricks, ElevenLabs, Groq, Palantir, Stripe, Shield AI, and Spotify.

The firm recently made two executive hiring changes. In July, Disruptive hired Joy Royal as chief financial officer. Royal had spent nearly two decades in senior finance roles at Oaktree Capital Management in Los Angeles. In May, the firm named Ash Spiegelberg, a former Brunswick Group employee, as chief strategy officer.