Disruptive raises $10 billion for first formal fund

Disruptive, a Dallas-based growth equity firm, has raised $10 billion for its first flagship fund.Why it matters: This reflects startup ecosystem pushback against special purpose vehicles (SPVs), which is how Disruptive had invested since being founded in 2012.What they're saying: "The minute I heard SpaceX would go public, my fear was all the people who put $200,000 into this thing through a friend or another friend 10 years ago and now are going to find out the guy doesn't exist anymore," Disruptive founder Alex Davis tells Axios."All of a sudden it's going to be a shitshow for SPVs and we don't want to get lumped into it. So we got the docs ready right as the summer ended and got a really quick, good response from our investors."Zoom in: The firm's active investments include Databricks, Groq, ElevenLabs, Helsing, Reflection AI, and Shield AI.Prior portfolio companies include Airbnb and Spotify.

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