总部位于达拉斯、成立15年的投资公司Disruptive已募集一只100亿美元基金，用于支持更多的人工智能、国防和软件初创企业。
Disruptive, a 15-year-old investment firm based in Dallas, has raised a $10 billion fund to back more AI, defense and software startups.
这只新的超大型基金实际上使Disruptive的管理资产总额翻倍。它还标志着该公司从按交易为其有限合伙人募集单一特殊目的载体（SPV），转变为管理一只单一基金，以自主决定支持初创企业。
The new megafund effectively doubles Disruptive’s total assets under management. It also shifts the firm from raising single special-purpose vehicles from its limited partners on a deal-by-deal basis to managing a single fund to back startups at its own discretion.
Disruptive创始人亚历克斯·戴维斯（Alex Davis）表示，他在注意到初创企业高管对特殊目的载体往往不披露其背后出资人的做法感到沮丧的情况日益增多后，决定做出这一改变。“世界上最好的公司基本上都在挑选他们想让谁投资，”他说。
Disruptive founder Alex Davis said he wanted to make the change after noticing an uptick in startup executives frustrated with the way special purpose-vehicles often fail to disclose who’s backing them. “The best companies in the world are basically picking who they want to have invest in them,” he said.
虽然Thrive Capital和Andreessen Horowitz今年也募集了数十亿美元规模的新投资超大型基金，但Disruptive因其规模较小且位于主要初创企业中心之外而显得与众不同。该公司雇佣了约30名员工。
While Thrive Capital and Andreessen Horowitz have also raised megafunds of billions of new investment capital this year, Disruptive is an outlier both because of its small size and its location outside of major startup hubs. The firm employs a staff of around 30 people.
Disruptive表示，有了这只新基金，公司计划支持10家后期初创企业，每家投资约10亿美元。公司旨在将大部分资金投入一级融资，但也会参与一些二级交易。
With the new fund, Disruptive said it plans to back 10 later-stage companies, investing around $1 billion into each. The firm aims to mostly pour its capital into primary raises, although it will participate in some secondary offerings as well.
他说：“市场形势是这样的，要在这些私有化时间更长的公司中产生影响，我们无法开出小额支票。你也可以，但我们就需要介入得早得多，而这不是我们选择的业务模式。”作为石油大亨、亿万富翁马文·戴维斯（Marvin Davis）的孙子，戴维斯于2012年创立了该公司。Disruptive的出资方包括主权财富基金、捐赠基金和大学。
“The market is getting such that to make an impact in some of these companies staying private longer, we can’t write small checks,” he said. “You could, but we’d just need to be much earlier and that’s not the business we’ve chosen.”Davis, the grandson of oil tycoon and billionaire Marvin Davis, founded the firm in 2012. Disruptive’s backers are sovereign wealth funds, endowments and universities.
其投资组合公司包括语音AI初创企业ElevenLabs、企业数据公司Databricks Inc.以及开放权重模型制造商Reflection AI，彭博新闻此前报道称，Reflection AI正在与Nvidia Corp.讨论投资或收购交易。
Its portfolio companies include voice AI startup ElevenLabs, enterprise data company Databricks Inc. and open-weight model maker Reflection AI, which is discussing an investment or acquisition deal with Nvidia Corp., Bloomberg News previously reported.
去年底，英伟达与 Disruptive 投资组合公司 Groq 达成了一项价值 200 亿美元的许可协议，并聘用了其大部分人才，为这家风投公司带来了早期回报。Disruptive 在一项重组过程中支持了剩余公司，该重组将 Groq 估值为 35 亿美元。根据彭博新闻社看到的文件，在今年早些时候发送给有限合伙人的一封信中，该公司表示，在向初创企业投资约 19 亿美元的基础上，已返还超过 60 亿美元资本。
Late last year, Nvidia struck a $20 billion licensing deal with Disruptive portfolio company Groq and hired much of its talent, netting an early return for the VC firm. Disruptive backed the remaining company in a recapitalization process that valued Groq at $3.5 billion. In a letter to limited partners sent earlier this year, the firm stated that it had returned more than $6 billion in capital on about $1.9 billion invested into startups, according to documents seen by Bloomberg News.
根据文件，截至今夏，该公司扣除费用后的净内部收益率为 94%。Disruptive 拒绝就回报情况置评。
The firm had a net internal rate of return of 94% after fees as of this summer, according to the documents. Disruptive declined to comment on returns.