Key Takeaways
- • Dallas-based venture capital firm Disruptive Technology Advisers has raised a $10 billion fund, its largest to date and the largest fund in Texas, according to the firm.
- • The Disruptive Flagship Fund plans to invest up to $1 billion each in about 10 growth or late-stage private technology companies.
- • Target sectors cited by the firm include artificial intelligence, AI infrastructure, and defense and national security, where it sees large capital needs.
- • The pooled structure was created in part at the urging of limited partners, who wanted consistent access to the firm's investments rather than deal-by-deal participation.
- • The firm also made two C-suite hires in 2026: Joy Royal as CFO in July and Ash Spiegelberg as chief strategy officer in May.
Summary
Dallas-based venture capital firm Disruptive Technology Advisers has raised a $10 billion fund, its largest to date, according to the firm. The vehicle, the Disruptive Flagship Fund, plans to invest up to $1 billion each in roughly 10 growth or late-stage private technology companies. The firm cited artificial intelligence, AI infrastructure, and defense and national security as sectors where significant business opportunities require large amounts of capital.
Founder and CEO Alex Davis said in a statement that "the best private technology companies are growing larger, staying private longer and requiring more capital than ever before." He added that the firm has always focused on a small number of exceptional companies and that the new fund "gives us the scale to match the opportunity."
The firm said it created the pooled vehicle in part at the urging of its limited partners. Previously, Disruptive raised capital deal by deal. Investors sought consistent access to the firm's investments. The firm's investor base includes sovereign wealth funds, family offices and institutions, and it has a growing investor base in North Texas.
The raise places Disruptive among a small group of large-scale venture managers. The article notes Menlo Park-based Andreessen Horowitz said in January it had raised more than $15 billion across several funds, and New York-based Thrive Capital raised a $10 billion fund in February that it plans to split between early- and late-stage investments.
Davis, grandson of the late oil and entertainment investor Marvin Davis, founded Disruptive in Los Angeles in 2012. The firm moved to Austin in 2021 and to Dallas in 2024. Its model centers on large investments in late-stage or growth private technology companies. Past and current portfolio companies include Airbnb, Databricks, ElevenLabs, Groq, Palantir, Stripe, Shield AI and Spotify. Alongside the fundraise, the firm hired Joy Royal as CFO in July, after nearly two decades in senior finance roles at Los Angeles-based Oaktree Capital Management, and named Brunswick Group alum Ash Spiegelberg chief strategy officer in May.
Founder and CEO Alex Davis said in a statement that "the best private technology companies are growing larger, staying private longer and requiring more capital than ever before." He added that the firm has always focused on a small number of exceptional companies and that the new fund "gives us the scale to match the opportunity."
The firm said it created the pooled vehicle in part at the urging of its limited partners. Previously, Disruptive raised capital deal by deal. Investors sought consistent access to the firm's investments. The firm's investor base includes sovereign wealth funds, family offices and institutions, and it has a growing investor base in North Texas.
The raise places Disruptive among a small group of large-scale venture managers. The article notes Menlo Park-based Andreessen Horowitz said in January it had raised more than $15 billion across several funds, and New York-based Thrive Capital raised a $10 billion fund in February that it plans to split between early- and late-stage investments.
Davis, grandson of the late oil and entertainment investor Marvin Davis, founded Disruptive in Los Angeles in 2012. The firm moved to Austin in 2021 and to Dallas in 2024. Its model centers on large investments in late-stage or growth private technology companies. Past and current portfolio companies include Airbnb, Databricks, ElevenLabs, Groq, Palantir, Stripe, Shield AI and Spotify. Alongside the fundraise, the firm hired Joy Royal as CFO in July, after nearly two decades in senior finance roles at Los Angeles-based Oaktree Capital Management, and named Brunswick Group alum Ash Spiegelberg chief strategy officer in May.
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