Dallas-based investment firm Disruptive has announced a $10 billion fund to back at least 10 late-stage companies, with individual checks of up to $1 billion. The firm said Tuesday that the capital will target the capital-intensive fields of AI and defense. The Wall Street Journal reported earlier this month that the firm was seeking to raise the fund and had already secured at least $7.5 billion in capital commitments at that point.

The new vehicle is technically Disruptive‘s first blind-pool fund, meaning investors commit money without knowing which specific companies it will back. Previously, the firm raised money through deal-by-deal special purpose vehicles. Despite that structure, Disruptive has made headlines in recent years for investments in chip startup Groq and AI voice-generation startup ElevenLabs.

Bloomberg reported that Disruptive told limited partners it has returned more than $6 billion on the roughly $1.9 billion it has put into startups. According to the Dallas Business Journal, the new fund is the largest venture fund raised in Texas history. The firm was founded in 2012 by Alex Davis, grandson of billionaire oil magnate Marvin Davis. Past bets include Palantir, Airbnb, and Spotify.