Disruptive, a Dallas-based venture capital firm, has secured $7.5 billion in commitments toward a $10 billion fund targeting late-stage technology investments. The firm plans to deploy capital into approximately ten companies over the next two years.
The fundraise reflects a structural shift in how large venture firms deploy capital. Disruptive previously built its strategy around special purpose vehicles, or SPVs—concentrated investments into specific companies outside traditional blind-pool fund structures. That model is eroding.
Startups including Anthropic and OpenAI are now restricting secondary transactions involving SPVs, limiting liquidity for early investors and employees and pushing them toward primary funding rounds or company-sanctioned secondary processes. The restrictions stem from a desire to manage cap tables and prevent fragmented ownership that dilutes strategic control.
Disruptive's pivot to a large traditional fund aligns with this market evolution. Other mega-fund closures this year underscore robust late-stage appetites: Thrive Capital and Andreessen Horowitz have both completed fundraises exceeding $10 billion.
Founder Alex Davis launched Disruptive in 2012 and gained prominence after backing Groq, which later secured a significant deal with Nvidia.
