Dallas-based investment firm Disruptive stated on Tuesday that it has announced the establishment of a $10 billion fund to support at least 10 late-stage companies, with each check amounting up to $1 billion. The firm's past investments include Palantir, Airbnb, and Spotify.

This is also one of the largest fundraising efforts of the year so far, with the goal of betting on “what else is there?” – AI and capital-intensive sectors such as national defense.Wall Street JournalEarlier this month, reports indicated that the company was seeking to raise funds for this fund and had already received capital commitments of at least $7.5 billion.

The company was founded in 2012 by Alex Davis, who is the grandson of billionaire oil tycoon Marvin Davis.

Strictly speaking, this is also the company's first blind pool fund, which means that investors commit to contributing capital without knowing which companies the funds will be invested in. Previously, Disruptive mainly raised funds through special purpose vehicles for individual transactions. In recent years, the company has gained attention for its investments in chip startups Groq and AI, as well as in voice generation startup ElevenLabs.BloombergThe report states that the company informed its limited partners ( LPs ) that it has recouped over $6 billion from its investment in a startup company worth approximately $1.9 billion.

According to the Dallas Business Journal, this new fund is the largest venture capital investment in Texas' history.