Dallas firm Disruptive announces a US$10-billion fund for late-stage bets

Largest cheque per company

1 US$ billion

The fund will back at least 10 late-stage companies, with cheques of up to US$1 billion each. It targets capital-intensive fields such as AI and defence.

It is the firm's first blind-pool fund: investors commit money without knowing which companies it will back. Until now, Disruptive raised money deal by deal.

Its past bets include Palantir, Airbnb and Spotify. The fund is described as the largest venture fund raised in Texas history.