UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Fundrise Growth Tech Fund, LLC
Investment Company Act file number 811-23708
11 Dupont Circle NW, 9th Floor
Washington, D.C. 20036
(Address of Principal Executive Offices)
(202) 584-0550
(Registrant’s Area Code and telephone number)
Michelle A. Mirabal
Rise Companies Corp.
11 Dupont Circle NW, 9th Floor
Washington, D.C. 20036
(Name and Address of Agent for Service)
Copies to:
Elizabeth J. Reza
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199
Date of fiscal year end: March 31
Date of reporting period: April 1, 2023 through March 31, 2024
Item 1. Reports to Stockholders
Fundrise
Growth
Tech
Fund,
LLC
Annual
Report
For
the
Year
Ended
March
31,
2024
TABLE
OF
CONTENTS
Management
Discussion
of
Fund
Performance
(Unaudited)
3
Portfolio
Composition
5
Schedule
of
Investments
6
Statement
of
Assets
and
Liabilities
8
Statement
of
Operations
9
Statements
of
Changes
in
Net
Assets
10
Statement
of
Cash
Flows
11
Financial
Highlights
12
Notes
to
Financial
Statements
13
Report
of
Independent
Registered
Public
Accounting
Firm
26
Additional
Information
(Unaudited)
27
Fundrise
Growth
Tech
Fund,
LLC
MANAGEMENT
DISCUSSION
OF
FUND
PERFORMANCE
(UNAUDITED)
March
31,
2024
3
Dear
Fellow
Shareholders,
We
are
pleased
to
present
the
annual
report
of
the
Fundrise
Growth
Tech
Fund,
LLC
(the
“Fund”).
After
the
Fund’s
first
full
year
of
operations,
we
are
excited
about
the
progress
we’ve
made
to
date
and
how
the
Fund
is
positioned
going
forward.
In
the
last
twelve
months,
we’ve
built
a
portfolio
of
market
leading
private
technology
companies
which
we
believe
will
be
accretive
to
future
returns.
We
started
the
year
with
just
two
private
investments
totaling
$6.0
million
and
a
defensive
position
in
order
to
capitalize
on
the
potentially
attractive
opportunities
we
anticipated
coming
to
market
in
the
short
term.
That
patience
and
large
cash
balance
paid
off.
We
finished
the
year
with
$100.0
million
deployed
in
private
technology
across
14
companies
and
one
venture
fund.
We
believe
these
companies
are
among
the
top
private
technology
companies
in
the
world,
including
seven
companies
on
the
Forbes/Bessemer
Top
100
Cloud
Companies
Rankings
-
and
four
of
the
top
five.
We
expect
the
category
leading
nature
of
these
companies
to
drive
attractive
returns
going
forward,
but
with
the
illiquid
nature
of
the
asset
class,
that
is
not
immediately
reflected
in
the
Fund’s
performance.
The
Fund
returned
+1.53%
during
the
year
ended
March
31,
2024.
The
Cambridge
Associates
LLC
U.S.
Venture
Capital
Index
returned
-2.53%
in
the
third
calendar
quarter
of
2023
and
-0.47%
in
the
second
calendar
quarter
of
2023.
The
Fund
returned
2.31%
and
-0.80%
in
those
respective
quarters.
The
Cambridge
Associates
LLC
U.S.
Venture
Capital
Index
(the
“Index”)
tracks
thousands
of
U.S.-based
venture
capital
funds.
The
private
nature
of
these
funds,
the
lag
in
reporting
and
aggregation
of
their
data
precludes
it
as
a
formal
benchmark,
but
given
our
focus
on
the
private
markets,
we
believe
the
Index
is
the
most
relevant
comparison.
While
we
do
not
have
Index
data
for
the
first
calendar
quarter
of
2024
or
the
fourth
calendar
quarter
of
2023
and
the
third
calendar
quarter
of
2023
data
is
only
preliminary,
we
anticipate
that
our
deliberate
approach
to
deployment
allowed
us
to
outperform
the
Index
by
a
significant
margin.
We
launched
the
Fund
in
late
2022
just
as
the
market
started
to
shift
and
valuations
for
most
tech
companies
were
falling
rapidly.
There
was
an
enormous
amount
of
uncertainty
and
sentiment
had
become
deeply
negative.
This
allowed
us
to
lean
in
while
most
others
in
the
venture
world
were
leaning
out.
However,
with
uncertainty
high
and
valuations
falling
the
market
for
new
venture
rounds
was
essentially
frozen.
The
best
companies
had
more
than
enough
money
on
their
balance
sheets
and
therefore
did
not
need
to
raise
any
additional
capital.
At
the
same
time
the
IPO
market
had
effectively
shut
down,
creating
a
challenge
for
those
investors/shareholders
who
had
been
assuming
a
relatively
near-term
exit.
In
many
instances
these
groups
either
wanted
(or
needed)
liquidity
in
order
to
fund
other
requirements
or
satisfy
their
own
LPs.
Either
way,
their
needs
created
our
opportunity.
We
were
early
to
recognize
this
trend
and
began
aggressively
pursuing
secondary
opportunities
through
a
variety
of
different
channels.
And
while
we
did
participate
in
a
number
of
primaries,
our
foresight
around
secondaries
allowed
us
to
get
into
arguably
some
of
the
best
companies
in
the
world
at
incredibly
attractive
valuations.
The
Fund
is
now
substantially
deployed,
with
key
investments
in
category
leading
companies
across
our
main
thematic
focus
areas
including
AI,
data
infrastructure,
and
vertical
/
horizontal
software.
We
believe
the
combination
of
market
leading
businesses
at
compelling
valuations
should
position
the
Fund
for
attractive
long-
term
returns.
Overall,
we
could
not
be
more
excited
about
the
position
the
Fund
is
in
today.
As
we
stated
when
we
first
launched,
we
believe
venture
capital
is
one
of
the
most
attractive
asset
classes
and
has
arguably
the
best
potential
to
produce
outsized
returns
over
the
next
several
decades.
With
the
advent
of
AI,
this
is
more
true
than
ever
before.
Opening
access
to
the
venture
asset
class
therefore
could
not
be
more
fundamental
to
the
long
term
mission
of
Fundrise.
Onward,
Ben
Miller
Chief
Executive
Officer
Fundrise
Advisors,
LLC
Fundrise
Growth
Tech
Fund,
LLC
MANAGEMENT
DISCUSSION
OF
FUND
PERFORMANCE
(UNAUDITED)
March
31,
2024
4
Performance
Chart
and
Analysis
The
following
reflects
the
change
in
the
value
of
a
hypothetical
$10,000
investment,
including
reinvested
dividends
and
distributions,
in
the
Fundrise
Growth
Tech
Fund,
LLC
compared
with
the
performance
of
the
benchmarks,
NASDAQ
Composite
Index
and
the
BVP
NASDAQ
Emerging
Cloud
Index,
for
the
period
July
25,
2022*
through
March
31,
2024.
\
*Fundrise
Growth
Tech
Fund,
LLC
commenced
investment
operations
on
July
25,
2022.
The
NASDAQ
Composite
Index
is
an
unmanaged
stock
market
index
which
includes
almost
all
stocks
listed
on
the
NASDAQ
stock
exchange
and
includes
the
reinvestment
of
all
dividends.
Investors
cannot
invest
directly
in
an
index
or
benchmark.
The
BVP
NASDAQ
Emerging
Cloud
Index
is
an
unmanaged
index
that
tracks
the
performance
of
emerging
public
companies
primarily
involved
in
providing
cloud
software
to
their
customers
and
includes
the
reinvestment
of
all
dividends.
Investors
cannot
invest
directly
in
an
index
or
benchmark.
The
performance
data
quoted
is
historical.
Past
performance
is
no
guarantee
of
future
results.
The
performance
table
and
graph
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
The
investment
return
and
principal
value
of
an
investment
will
fluctuate.
An
investor’s
shares,
when
repurchased,
may
be
worth
more
or
less
than
the
original
cost.
Total
returns
are
calculated
using
closing
Net
Asset
Value
as
of
March
31,
2024
and
are
calculated
assuming
reinvestment
of
all
dividends
and
distributions.
The
Fund’s
distribution
policy
is
to
declare
and
make
distributions
on
a
quarterly
basis,
or
more
or
less
frequently
as
determined
by
the
Board,
in
arrears.
A
portion
of
the
distribution
may
include
a
return
of
capital.
Shareholders
should
not
assume
that
the
source
of
a
distribution
from
the
Fund
is
net
profit.
Although
return
of
capital
distributions
are
not
currently
taxable,
such
distributions
will
have
the
effect
of
lowering
a
shareholder’s
tax
basis
in
the
shares
which
will
result
in
a
higher
tax
liability
when
the
shares
are
repurchased,
even
if
they
have
not
increased
in
value,
or,
in
fact,
have
lost
value.
Distributions
are
not
guaranteed.
The
Fund’s
most
recent
annualized
distribution
rate
as
of
March
31,
2024,
was
0.25%
(1)
.
All
distributions
made
during
the
year
ended
March
31,
2024
were
deemed
to
be
a
return
of
capital.
Average
Annual
Total
Returns
One
Year
Since
Inception*
Fundrise
Growth
Tech
Fund,
LLC
1.53%
1.20%
NASDAQ
Composite
Index
34.02%
21.59%
BVP
NASDAQ
Emerging
Cloud
Index
17.97%
11.56%
(1)
Distribution
rate
is
based
on
an
annualization
of
the
distributions
per
share
for
the
31
days
of
March
2024.
Fundrise
Growth
Tech
Fund,
LLC
PORTFOLIO
COMPOSITION
March
31,
2024
5
PORTFOLIO
HOLDINGS
The
following
chart
provides
a
visual
breakdown
of
the
Fund,
by
the
industry
sectors
that
the
underlying
securities
represent,
as
a
percentage
of
the
total
investments.
Fundrise
Growth
Tech
Fund,
LLC
Schedule
of
Investments
March
31,
2024
6
See
accompanying
notes
to
financial
statements.
(Amounts
in
thousands)
Value
as
of
%
of
Net
Description
Par/Shares
Security
Type
March
31,
202
4
Assets
Technology
Private
Equity
Data
Infrastructure
Databricks,
Inc.
(1)(2)(3)
382
Common
Stock
(4)
$
29,192
22.9%
dbt
Labs,
Inc.
(1)(2)(5)
441
Preferred
Stock
15,000
11.7
%
Databricks,
Inc.
(1)(2)(5)
122
Common
Stock
9,355
7.3
%
Vanta,
Inc.
(1)(2)(5)
555
Preferred
Stock
5,000
3.9%
Immuta,
Inc.
(1)(2)(5)
80
Common
Stock
1,021
0.8%
Total
Data
Infrastructure
(Cost
$54,914
)
$
59,568
46.
6
%
Vertical/Horizontal
Software
ServiceTitan,
Inc.
(1)(2)(5)
154
Common
Stock
$
10,000
7.8%
Canva,
Inc.
(1)(2)(5)
6
Common
Stock
6,220
4.9%
Total
Vertical/Horizontal
Software
(Cost
$16,220
)
$
16,220
12.7%
Artificial
Intelligence
Anthropic,
PBC
(1)(2)(5)
218
Preferred
Stock
(4)
$
7,072
5.5%
8VC
ANSE
SPV,
LP
(1)(2)(5)
N/A
Private
Fund
6,021
4.7%
HOF
Capital
AP
Growth,
LLC
(1)(2)(5)(6)
N/A
Private
Fund
5,250
4.1%
AI-LLM,
LLC
(1)(2)(5)(7)
N/A
Common
Stock
1,597
1.
3
%
Anyscale,
Inc.
(1)(2)(5)
300
Common
Stock
1,494
1.2%
Theory
Ventures,
LP
(1)(2)(3)(8)
N/A
Private
Fund
1,258
1.0%
Luminos,
Inc.
(1)(2)(5)
N/A
Simple
Agreement
for
Future
Equity
100
0.1%
Total
Artificial
Intelligence
(Cost
$24,
347)
$
22,792
17.
9
%
Property
Technology
Inspectify,
Inc.
(1)(2)(5)(9)
N/A
Simple
Agreement
for
Future
Equity
$
4,000
3.1%
Jetty
National,
Inc.
(1)(2)(5)
611
Preferred
Stock
2,000
1.6%
Total
Property
Technology
(Cost
$6,000
)
$
6,000
4.7%
Total
Technology
Private
Equity
(Cost
$101,481)
$
104,580
81.9%
Technology
Fixed
Income
ZoomInfo
Technologies,
LLC/ZoomInfo
Finance
Corp.,
3.88%,
02/01/29
(10)
$
3,000
Corporate
Non-Convertible
Bond
$
2,704
2.1%
Elastic
NV,
4.13%,
07/15/29
(10)
2,250
Corporate
Non-Convertible
Bond
2,027
1.6%
Twilio,
Inc.,
3.63%,
03/15/29
2,000
Corporate
Non-Convertible
Bond
1,801
1.4%
Uber
Technologies,
Inc.,
6.25%,
01/15/28
(10)
1,000
Corporate
Non-Convertible
Bond
1,005
0.8%
Splunk,
Inc.,
1.13%,
06/15/27
(10)
1,000
Corporate
Convertible
Bond
1,002
0.8%
Match
Group
Holdings
II,
LLC,
5.63%,
02/15/29
(10)
1,000
Corporate
Non-Convertible
Bond
970
0.8%
Block,
Inc.,
2.75%,
06/01/26
(10)
1,000
Corporate
Non-Convertible
Bond
941
0.7%
Jamf
Holding
Corp.,
0.13%,
09/01/26
(10)
1,000
Corporate
Convertible
Bond
897
0.7%
Twilio,
Inc.,
3.88%,
03/15/31
1,000
Corporate
Non-Convertible
Bond
874
0.7%
Total
Technology
Fixed
Income
(Cost
$12,041)
$
12,221
9.6%
Short-Term
Investments
Allspring
Government
Money
Market
Fund,
Select
Class,
5.38%
(11)
9,943
Money
Market
Fund
$
9,943
7.8%
Northern
Institutional
U.S.
Government
Select
Portfolio,
5.14%
(11)(12)
1
Money
Market
Fund
1
0.0%
Total
Short-Term
Investments
(Cost
$9,944)
$
9,944
7.8%
Total
investments,
at
value
(Cost
$123,466)
$
126,745
99.3%
Other
assets
in
excess
of
liabilities
957
0.7%
Total
Net
Assets
$
127,702
100.0%
LLC
Limited
Liability
Company
LP
Limited
Partnership
(1)
Non-income
producing
investment.
(2)
Restricted
security.
The
aggregate
value
of
restricted
securities
at
March
31,
2024
is
approximately
$104,580
(amount
in
thousands)
and
represents
81.9%
of
net
assets.
See
Note
2,
Summary
of
Significant
Accounting
Policies
for
additional
information.
(3)
Investment
valued
using
net
asset
value
per
share
(or
its
equivalent)
as
a
practical
expedient.
See
Note
2,
Summary
of
Significant
Accounting
Policies
-
Fair
Value
Measurement
for
additional
information.
(4)
Shares
held
through
a
private
fund.
(5)
Investments
classified
as
Level
3
within
the
three-tier
fair
value
hierarchy.
See
the
accompanying
notes
to
the
financial
statements
for
an
explanation
of
this
hierarchy,
as
well
as
a
list
of
significant
unobservable
inputs
used
in
the
valuation
of
these
instruments.
Fundrise
Growth
Tech
Fund,
LLC
Schedule
of
Investments
(Continued)
March
31,
2024
7
See
accompanying
notes
to
financial
statements.
(6)
HOF
Capital
AP
Growth,
LLC,
through
a
related
Single
Purpose
Vehicle
(SPV),
holds
an
investment
in
a
leading
US-based
AI
and
large
language
model
provider.
(7
)
AI-LLM,
LLC
holds
an
investment
in
a
leading
private
North
American-based
artificial
intelligence
and
large
language
model
provider
(leading
defined
as
top
5
in
capital
raised
as
of
the
reporting
date
among
North
American-based
companies
primarily
focused
on
building
and
serving
foundation
models).
(8)
Limited
partnership
with
a
10-year
term.
Redemptions
are
not
permitted.
There
are
unfunded
commitments
of
$
3,650
(amount
in
thousands)
as
of
March
31,
2024.
(9)
If
there
is
an
equity
financing,
this
SAFE
will
convert
into
preferred
shares
equal
to
the
Fund’s
cost
of
investment
divided
by
conversion
price
where
the
conversion
price
means
either:
(1)
the
SAFE
price
or
(2)
the
discount
price,
whichever
calculation
results
in
a
greater
number
of
shares
of
SAFE
preferred
stock.
(10)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
to
qualified
institutional
buyers
in
transactions
exempt
from
registration.
The
aggregate
value
of
these
securities
at
March
31,
2024
is
approximately
$9,546
(amount
in
thousands)
and
represents
7.5%
of
net
assets.
(11)
Rate
disclosed
is
representative
of
the
seven-day
effective
yield
as
of
March
31,
2024.
(12)
Value
is
less
than
0.05%
of
Total
Net
Assets.
Fundrise
Growth
Tech
Fund,
LLC
STATEMENT
OF
ASSETS
AND
LIABILITIES
March
31,
2024
8
See
accompanying
notes
to
financial
statements.
(Amounts
in
thousands,
except
share
and
per
share
data)
Assets
Investments
in
unaffiliated
investments,
at
fair
value
(Cost
$123,466)
$
126,745
Cash
and
cash
equivalents
1,886
Prepaid
expenses
206
Interest
and
dividend
receivable
114
Total
Assets
$
128,951
Liabilities
Settling
subscriptions
827
Accounts
payable
and
accrued
expenses
263
Management
fees
payable
109
Distributions
payable
50
Total
Liabilities
$
1,249
Total
Net
Assets
$
127,702
Components
of
Net
Assets
Paid-in
capital
$
125,147
Distributable
e
arnings
2,
555
Total
Net
Assets
$
127,702
Net
Asset
Value
Net
assets
$
127,702
Common
shares
outstanding
as
of
March
31,
2024;
unlimited
shares
authorized
12,522,393
Net
Asset
Value
Per
Share
$
10.20
Fundrise
Growth
Tech
Fund,
LLC
STATEMENT
OF
OPERATIONS
FOR
THE
YEAR
ENDED
MARCH
31,
2024
9
See
accompanying
notes
to
financial
statements.
(Amounts
in
thousands)
Investment
Income
Interest
income
$
1,399
Dividend
income
1,150
Total
Investment
Income
$
2,549
Expenses
Management
fees
1,873
Professional
fees
672
Miscellaneous
expenses
371
Fund
services
fees
211
Directors'
fees
and
expenses
138
Offering
costs
99
Custody
fees
69
Transfer
agent
fees
36
Total
Expenses
$
3,469
Fees
waived
(432)
Net
Expenses
$
3,037
Net
Investment
Income
(Loss)
before
Income
Tax
Expense
(488)
Income
tax
expense
(74)
Net
Investment
Income
(Loss)
$
(562)
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Net
realized
gain
(loss)
on
investments
(668)
Net
change
in
unrealized
appreciation/depreciation
on
investments
3,112
Total
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
$
2,444
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
1,882
Fundrise
Growth
Tech
Fund,
LLC
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
10
See
accompanying
notes
to
financial
statements.
(Amounts
in
thousands)
For
the
Year
Ended
March
31,
2024
For
the
Period
May
11,
2022
(1)
to
March
31,
2023
Operations:
Net
investment
income
(loss)
$
(562)
$
198
Net
realized
gain
(loss)
on
investments
(668)
–
Net
change
in
unrealized
appreciation/depreciation
on
investments
3,112
167
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
1,882
$
365
Distributions
to
Common
Shareholders
From:
Return
of
capital
(50)
–
Net
Decrease
in
Net
Assets
from
Distributions
to
Common
Shareholders
$
(50)
$
–
Capital
Share
Transactions:
Proceeds
from
sale
of
shares
58,289
73,124
Repurchase
of
shares
(5,551)
(457)
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
$
52,738
$
72,
6
67
Net
Increase
(Decrease)
in
Net
Assets
$
54,570
$
73,
0
32
Net
Assets:
Beginning
of
Period
$
73,132
$
100
End
of
Period
$
127,702
$
73,132
(1)
Effective
date
of
the
Fund’s
Registration
Statement
.
Fundrise
Growth
Tech
Fund,
LLC
STATEMENT
OF
CASH
FLOWS
FOR
THE
YEAR
ENDED
MARCH
31,
2024
11
See
accompanying
notes
to
financial
statements.
(Amounts
in
thousands)
Operating
Activities:
Net
increase
in
net
assets
resulting
from
operations
$
1,882
Adjustments
to
reconcile
net
increase
(decrease)
in
net
assets
resulting
from
operations
to
net
cash
provided
by
(used
in)
operating
activities:
Investments
in
long-term
investments
(100,487)
Net
change
in
investments
in
short-term
investments
34,685
Accretion
of
discounts
(766)
Net
realized
(gain)
loss
on
investments
668
Net
change
in
unrealized
appreciation/depreciation
on
investments
(3,112)
Proceeds
from
sale
of
long-term
investments
14,063
Changes
in
assets
and
liabilities:
Net
(increase)
decrease
in
prepaid
expenses
(10)
Net
(increase)
decrease
in
interest
and
dividend
receivable
210
Net
increase
(decrease)
in
settling
subscriptions
827
Net
increase
(decrease)
in
payable
to
Advisor
(515)
Net
increase
(decrease)
in
management
fees
payable
109
Net
increase
(decrease)
in
accounts
payable
and
accrued
expenses
82
Net
cash
provided
by
(used
in)
operating
activities
$
(52,364)
Financing
Activities:
Proceeds
from
issuance
of
common
shares
$
58,289
Cash
paid
for
shares
repurchased
(5,551)
Net
cash
provided
by
(used
in)
financing
activities
$
52,738
Net
increase
(decrease)
in
cash
and
cash
equivalents
$
374
Cash
and
cash
equivalents,
beginning
of
year
1,512
Cash
and
cash
equivalents,
end
of
year
$
1,886
Supplemental
Disclosure
of
Cash
Flow
Information:
Income
tax
expense
paid
$
74
Fundrise
Growth
Tech
Fund,
LLC
FINANCIAL
HIGHLIGHTS
12
See
accompanying
notes
to
financial
statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
period.
For
the
Year
Ended
For
the
Period
July
25,
2022
(1)
to
March
31,
2024
March
31,
2023
Net
Asset
Value,
Beginning
of
Period
$
10.05
$
10.00
Income
from
Investment
Operations
Net
investment
income
(loss)
(2)
$
(0.06)
$
0.05
Net
realized
and
unrealized
gain
(loss)
on
investments
0.21
0.00
(3)
Total
Income
(Loss)
from
Investment
Operations
$
0.15
$
0.05
Distributions
to
Common
Shareholders
From:
Return
of
capital
$
(0.00)
(3)
$
–
Total
Distributions
to
Common
Shareholders
$
(0.00)
$
–
Net
Asset
Value,
End
of
Period
$
10.20
$
10.05
Total
Investment
Return
Based
on
Net
Asset
Value
(4)
1.5
3
%
(5)
0.50%
(5)(6)
Ratios
and
Supplemental
Data
Net
assets
at
end
of
period
(thousands)
$
127,702
$
73,132
Ratio
of
gross
expenses
to
average
net
assets
(7)(8)
3.50%
(9)
6.18%
(10)
Ratio
of
net
expenses
to
average
net
assets
(8)
3.07%
(11)
2.74%
(10)
Ratio
of
net
investment
income
(loss)
to
average
net
assets
(8)
(0.55)%
(12)
0.68%
(10)
Portfolio
turnover
rate
18%
–%
(6)
(1)
Commencement
of
investment
operations.
(2)
Based
on
average
shares
outstanding
during
each
period.
(3)
Less
than
$0.01
per
share.
(4)
Total
investment
return
based
on
net
asset
value
is
based
upon
the
change
in
net
asset
value
per
share
between
the
opening
and
ending
net
asset
values
per
share
in
the
period
indicated
and
assumes
that
dividends
are
reinvested
in
accordance
with
the
Fund’s
dividend
reinvestment
policy.
Returns
shown
do
not
reflect
the
deduction
of
taxes
that
a
Shareholder
would
pay
on
Fund
distributions
or
the
repurchase
of
Fund
shares.
(5)
Total
investment
returns
for
the
period
would
have
been
lower
had
certain
expenses
not
been
waived
or
borne
by
the
Adviser
during
the
period.
The
Expense
Limitation
Agreement
remains
in
effect
through
July
31,
2024.
See
Note
6,
Investment
Manager
Fees
and
Other
Related
Party
Transactions
for
further
information.
(6)
Not
annualized.
(7)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
(8)
Excludes
acquired
fund
fees
and
expenses
of
underlying
investment
companies.
(9)
The
ratio
of
gross
expenses
to
average
net
assets
includes
income
tax
expense.
The
ratio
excluding
income
tax
expense
is
3.43%
for
the
year
ended
March
31,
2024.
(10)
Annualized.
(11)
The
ratio
of
net
expenses
to
average
net
assets
includes
income
tax
expense.
The
ratio
excluding
income
tax
expense
is
3.00%
for
the
year
ended
March
31,
2024.
(12)
The
ratio
of
net
investment
income
(loss)
to
average
net
assets
includes
income
tax
expense.
The
ratio
excluding
income
tax
expense
is
(0.48)%
for
the
year
ended
March
31,
2024.
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
March
31,
2024
13
1.
Formation
and
Organization
Fundrise
Growth
Tech
Fund,
LLC
(the
“Fund”
or
the
“Registrant”)
is
a
Delaware
limited
liability
company
and
has
elected
to
be
taxed
as
a
C
corporation.
The
Fund
intends
to
elect
to
be
taxed
as
a
regulated
investment
company
(“RIC”)
under
the
Internal
Revenue
Code
of
1986,
as
amended
(the
“Code”),
in
a
future
taxable
year,
following
such
time
as
the
Fund
determines
that
it
meets
the
requirements
to
qualify
as
a
RIC.
Until
such
time,
the
Fund
expects
to
be
taxed
as
a
C
corporation.
The
Fund
is
organized
as
a
continuously
offered,
non-diversified,
closed-end
management
investment
company
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”).
The
Fund’s
registration
statement
was
declared
effective
on
May
11,
2022.
The
Fund
commenced
investment
operations
on
July
25,
2022.
The
Fund’s
investment
objective
is
to
provide
total
return
primarily
through
long-term
capital
appreciation.
The
Fund
seeks
to
achieve
its
investment
objective
by
investing
in
technology
companies,
with
a
primary
focus
on
the
equity
securities
(e.g.,
common
stock,
preferred
stock,
and
convertible
debt)
of
certain
privately
held,
mid-to-late-stage,
growth
companies
(“Portfolio
Companies”),
or
other
investments
(including
derivatives
and
debt)
that
have
economic
characteristics
similar
to
investments
in
technology
companies.
Generally,
the
Fund’s
investment
strategy
is
to
invest
at
least
80%
of
its
net
assets
(plus
the
amount
of
any
borrowings
for
investment
purposes)
in
the
securities
of
private
and
public
technology
and
technology-related
companies
(referred
to
herein
as
“technology
companies”)
and
other
investments
(including
derivatives
and
debt)
that
have
economic
characteristics
similar
to
investments
in
technology
companies.
The
investment
adviser
to
the
Fund
is
Fundrise
Advisors,
LLC
(the
“Adviser”),
an
investment
adviser
registered
with
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
under
the
Investment
Advisers
Act
of
1940,
as
amended.
The
Adviser
is
a
wholly-
owned
subsidiary
of
Rise
Companies
Corp.
(“Rise
Companies”
or
the
“Sponsor”),
the
Fund’s
sponsor.
Subject
to
the
supervision
of
the
Board
of
Directors
of
the
Fund
(the
“Board”),
the
Adviser
is
responsible
for
directing
the
management
of
the
Fund’s
business
and
affairs,
managing
the
Fund’s
day-to-day
affairs,
and
implementing
the
Fund’s
investment
strategy.
2.
Summary
of
Significant
Accounting
Policies
Basis
of
Presentation
The
accompanying
financial
statements
of
the
Fund
are
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
(“U.S.
GAAP”).
The
Fund
is
an
investment
company
and
follows
the
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
(“ASC”)
Topic
946,
Financial
Services
-
Investment
Companies
(“ASC
946”).
The
Fund
maintains
its
financial
records
in
U.S.
dollars
and
follows
the
accrual
basis
of
accounting.
The
estimates
and
assumptions
underlying
these
financial
statements
are
based
on
information
available
as
of
March
31,
2024,
including
judgments
about
the
financial
market
and
economic
conditions
which
may
change
over
time.
Estimates
The
preparation
of
financial
statements
in
conformity
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
revenues
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Cash
and
Cash
Equivalents
Cash
and
cash
equivalents
may
consist
of
demand
deposits
and
highly
liquid
investments
with
original
maturities
of
three
months
or
less.
The
Fund
may
invest
its
cash
in
an
institutional
money
market
fund,
valued
at
the
net
asset
value
(“NAV”)
as
of
the
close
of
each
business
day.
The
Fund’s
uninvested
cash
is
maintained
with
a
high
credit
quality
financial
institution.
To
date,
the
Fund
has
not
experienced
any
losses
with
respect
to
cash
and
cash
equivalents.
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(continued)
March
31,
2024
14
Valuation
Oversight
Pursuant
to
SEC
Rule
2a-5
under
the
1940
Act,
the
Board
has
approved
the
Adviser
as
the
Fund’s
Valuation
Designee
(“Valuation
Designee”),
to
provide
administration
and
oversight
of
the
Fund’s
valuation
policies
and
procedures.
The
Fund
values
its
investments
in
accordance
with
such
procedures.
Generally,
portfolio
securities
and
other
assets
for
which
market
quotations
are
readily
available
are
valued
at
market
value,
which
is
ordinarily
determined
on
the
basis
of
official
closing
prices
or
the
last
reported
sales
prices.
If
market
quotations
are
not
readily
available
or
are
deemed
unreliable,
the
Fund
will
use
the
fair
value
of
the
securities
or
other
assets
as
determined
by
the
Adviser
in
good
faith,
taking
into
consideration
all
available
information
and
other
factors
that
the
Adviser
deems
pertinent,
in
each
case
subject
to
the
overall
supervision
and
responsibility
of
the
Board.
In
calculating
the
Fund’s
net
asset
value,
the
Adviser,
subject
to
the
oversight
of
the
Board,
uses
various
valuation
methodologies.
To
the
extent
practicable,
the
Adviser
generally
endeavors
to
maximize
the
use
of
observable
inputs
and
minimize
the
use
of
unobservable
inputs
by
requiring
that
the
most
observable
inputs
are
to
be
used
when
available.
The
availability
of
valuation
techniques
and
observable
inputs
can
vary
from
investment
to
investment
and
are
affected
by
a
wide
variety
of
factors.
When
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment,
and
may
involve
alternative
methods
to
obtain
fair
values
where
market
prices
or
market-based
valuations
are
not
readily
available.
As
a
result,
the
Adviser
may
exercise
a
higher
degree
of
judgment
in
determining
fair
value
for
certain
securities
or
other
assets.
Fair
Value
Measurement
The
following
is
a
summary
of
certain
methods
generally
used
currently
to
value
investments
of
the
Fund
under
the
Fund’s
valuation
procedures:
The
Fund
applies
FASB
ASC
Topic
820,
Fair
Value
Measurement,
as
amended,
which
establishes
a
framework
for
measuring
fair
value
in
accordance
with
U.S.
GAAP
and
required
disclosures
of
fair
value
measurement.
U.S.
GAAP
defines
the
fair
value
as
the
price
that
the
Fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Fund
determines
the
fair
value
of
certain
investments
in
accordance
with
the
fair
value
hierarchy
that
requires
an
entity
to
maximize
the
use
of
observable
inputs.
The
fair
value
hierarchy
includes
the
following
three
levels
based
on
the
objectivity
of
the
inputs,
which
were
used
for
categorizing
the
assets
or
liabilities
for
which
fair
value
is
being
measured
and
reported:
Level
1
–
Quoted
market
prices
in
active
markets
for
identical
assets
or
liabilities.
Level
2
–
Significant
other
observable
inputs
(e.g.,
quoted
prices
for
similar
items
in
active
markets,
quoted
prices
for
identical
or
similar
items
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
such
as
interest
rate
and
yield
curves,
and
market-corroborated
inputs).
Level
3
–
Valuation
generated
from
model-based
techniques
that
use
inputs
that
are
significant
and
unobservable
in
the
market.
These
unobservable
assumptions
reflect
estimates
of
inputs
that
market
participants
would
use
in
pricing
the
asset
or
liability.
Valuation
techniques
may
include
use
of
discounted
cash
flow
methodologies
or
similar
techniques,
which
incorporate
management’s
own
estimates
of
assumptions
that
market
participants
would
use
in
pricing
the
instrument
or
other
valuation
assumptions
that
require
significant
management
judgment
or
estimation.
Investments
in
registered
investment
companies,
including
money
market
funds,
are
valued
at
the
NAV
as
of
the
close
of
each
business
day.
To
the
extent
these
securities
are
actively
traded,
they
are
categorized
in
Level
1
of
the
fair
value
hierarchy.
Fixed
income
securities
are
valued
by
an
outside
pricing
service
overseen
by
the
Valuation
Designee.
The
pricing
service
employs
a
pricing
model
that
takes
into
account,
among
other
things,
bids,
yield
spreads
and/or
other
market
data
and
specific
security
characteristics.
In
the
event
prices
or
quotations
are
not
readily
available
or
that
the
application
of
these
valuation
methods
results
in
a
price
for
an
investment
that
is
deemed
to
be
not
representative
of
the
fair
value
of
such
investment,
fair
value
will
be
determined
in
good
faith
by
the
Valuation
Designee,
in
accordance
with
the
valuation
policy
and
procedures
approved
by
the
Board.
To
the
extent
these
securities
are
actively
traded,
they
are
categorized
in
Level
2
of
the
fair
value
hierarchy.
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(continued)
March
31,
2024
15
The
majority
of
the
Fund’s
investments
have
no
readily
available
market
quotations
and,
as
such,
are
valued
at
fair
value
in
good
faith.
There
is
no
single
standard
for
determining
the
fair
value
of
a
security.
Rather,
fair
value
calculations
will
involve
significant
professional
judgment
in
the
application
of
both
observable
and
unobservable
attributes.
For
mid-to-late
growth
Portfolio
Companies,
traditional
valuation
methods
(e.g.,
discounted
cash
flow)
are
often
a
less
useful
tool
for
valuing
investments
in
accordance
with
ASC
820.
As
such,
until
the
Portfolio
Companies
grow
to
a
point
where
traditional
valuation
methods
apply,
the
Fund
may
deem
it
more
appropriate
to
utilize
other
valuation
methodologies.
Late-stage
private
companies
or
“pre-IPO
companies”
traditionally
raise
capital
from
investors
in
organized
funding
rounds.
During
such
funding
rounds,
a
pre-IPO
company
will
seek
a
lead
investor
who
will,
to
their
best
effort,
define
a
valuation
of
the
company.
Therefore,
the
valuation
of
the
Fund’s
Portfolio
Companies
may
be
adjusted
when
a
new
valuation
is
set
by
the
lead
investor
in
the
next
funding
round.
As
such,
the
Fund
may
use
the
market
approach
to
estimate
the
fair
value
of
its
Portfolio
Companies
by
adjusting
the
valuation
of
its
Portfolio
Companies
with
each
new
funding
round.
However,
while
the
valuation
as
of
the
latest
funding
round
is
a
prominent
factor
in
the
Fund’s
valuation
process,
it
is
not
the
only
factor
that
the
Fund
considers
when
valuing
its
portfolio
investments.
The
Fund
invests
in
Portfolio
Companies
by
purchasing
securities
directly
from
such
Portfolio
Companies,
including
through
simple
agreements
for
future
equity
(“SAFEs”).
SAFEs
represent
a
contractual
right
to
future
equity
of
a
company,
in
exchange
for
which
the
holder
of
the
SAFE
contributes
capital
to
the
company.
SAFEs
enable
investors
to
convert
their
investment
to
equity
upon
the
occurrence
of
triggering
events
set
forth
in
the
applicable
SAFE.
For
investments
in
companies
that
are
not
considered
“pre-IPO
companies”,
valuation
methods
utilized
may
include,
but
are
not
limited
to
the
following:
sales
comparison
approach;
discounted
cash
flow
method;
hypothetical
sales
method;
and
appraisals
received
from
one
or
more
pricing
services.
In
addition,
the
Fund
may
utilize:
an
analysis
of
financial
ratios
and
valuation
metrics
of
the
portfolio
companies
that
issued
private
equity
securities
to
peer
companies
that
are
public;
an
analysis
of
the
Portfolio
Companies’
most
recent
financial
statements
and
forecasts;
an
analysis
of
the
markets
in
which
the
Portfolio
Company
does
business;
and
other
relevant
factors.
With
respect
to
any
portion
of
the
Fund’s
assets
that
are
invested
in
one
or
more
investment
funds,
the
fair
value
may
be
calculated
based
upon
the
NAVs
of
those
investment
funds
as
a
practical
expedient,
where
such
valuation
methodologies
employed
by
the
investment
funds
reflects
fair
value
pricing
and
the
effects
of
using
fair
value
pricing.
The
Fund
may
establish
certain
thresholds
or
triggers
that
intend
to
capture
fundamental
changes
in
the
value
of
the
Portfolio
Company
that
would
affect
the
anticipated
return
on
the
Fund’s
investment.
Examples
of
certain
thresholds
or
triggers
may
include,
an
unexpected
business
or
technology
breakthrough,
faster
than
anticipated
revenue
growth,
a
fundamental
failure
of
the
technology,
the
loss
of
a
key
customer,
or
the
success
of
a
competitor
in
the
same
industry.
Additionally,
the
Fund
may
consider
several
additional
factors
(if
present),
including
but
not
limited
to
the
implied
valuation
of
the
asset
as
reflected
by
stock
purchase
contracts
reported
in
private
markets,
fundamental
analytical
data
relating
to
the
investment
in
the
security,
the
nature
and
duration
of
any
restriction
on
the
disposition
of
the
security,
the
cost
of
the
security
at
the
date
of
purchase,
or
the
liquidity
of
the
market
for
the
security.
The
Fund
may
also
consider
periodic
financial
statements
(audited
and
unaudited)
or
other
information
provided
by
the
Portfolio
Companies
to
investors
or
prospective
investors,
to
the
extent
that
it
is
available.
Due
to
the
inherent
uncertainty
of
determining
the
fair
value
of
investments
that
do
not
have
a
readily
available
market
value,
the
fair
value
of
the
Fund’s
investments
may
differ
significantly
from
the
values
that
would
have
been
used
had
a
readily
available
market
value
existed
for
such
investments,
and
the
differences
could
be
material.
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(continued)
March
31,
2024
16
The
following
is
a
summary
of
the
inputs
used
as
of
March
31,
2024
,
in
valuing
the
Fund’s
investments
carried
at
fair
value
(amounts
in
thousands)
:
The
following
is
a
summary
of
quantitative
information
about
the
significant
unobservable
inputs
of
the
Fund’s
Level
3
investments
as
of
March
31,
2024
(amounts
in
thousands)
.
The
tables
are
not
intended
to
be
all-inclusive
but
instead
capture
the
significant
unobservable
inputs
relevant
to
the
Fund’s
determination
of
fair
value.
The
following
is
a
reconciliation
of
investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
(amounts
in
thousands)
:
Level
1
Level
2
Level
3
Practical
Expedient
(1)
Total
Common
Stock
$
–
$
–
$
29,687
$
–
$
29,687
Preferred
Stock
–
–
22,000
–
22,000
Private
Funds
–
–
18,343
30,450
48,793
Corporate
Non-Convertible
Bonds
–
10,322
–
–
10,322
Short-Term
Investments
9,944
–
–
–
9,944
Simple
Agreement
for
Future
Equity
–
–
4,100
–
4,100
Corporate
Convertible
Bonds
–
1,899
–
–
1,899
Total
Investments
$
9
,
944
$
12,
221
$
7
4
,
130
$
30
,
450
$
12
6
,
745
(1)
As
a
practical
expedient,
certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
have
not
been
categorized
in
the
fair
value
hierarchy.
The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Schedule
of
Investments.
Investment
Fair
Value
Valuation
Technique
(1)
Unobservable
Input
Range
Impact
to
Valuation
from
an
Increase
in
Input
(2)
Preferred
Stock
$
22,000
Recent
Transaction
Transaction
Price
N/A
Increase
Common
Stock
20,332
Recent
Transaction
Transaction
Price
N/A
Increase
Common
Stock
9,355
Market
Transaction
Transaction
Price
N/A
Increase
Private
Funds
11,271
Recent
Transaction
Transaction
Price
N/A
Increase
Private
Funds
7,072
Market
Transaction
Transaction
Price
N/A
Increase
Simple
Agreement
for
Future
Equity
4,100
Recent
Transaction
Transaction
Price
N/A
Increase
Total
$
74,130
(1)
Recent
transaction
represents
investments
held
at
cost
based
on
the
purchase
price
,
either
from
the
Portfolio
Company’s
funding
round
or
a
secondary
seller,
and
other
relevant
market
data.
Market
transaction
represents
investments
valued
using
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
(2)
Represents
the
expected
directional
change
in
the
fair
value
of
the
Level
3
investments
that
would
result
from
an
increase
in
the
corresponding
input.
A
decrease
to
the
unobservable
input
would
have
the
opposite
effect.
Significant
changes
in
these
inputs
could
result
in
significantly
higher
or
lower
fair
value
measurements.
Common
Stock
Preferred
Stock
Private
Funds
Simple
Agreement
for
Future
Equity
Total
Balance
as
of
March
31,
2023
$
1,022
$
5,000
$
–
$
–
$
6,022
Purchases
28,184
17,000
19,806
4,100
69,090
Realized
gain
(loss)
–
–
–
–
–
Net
change
in
unrealized
appreciation/depreciation
481
–
(1,463)
–
(982)
Sales
–
–
–
–
–
Transfers
into
Level
3
–
–
–
–
–
Transfers
out
of
Level
3
–
–
–
–
–
Balance
as
of
March
31,
2024
$
29,687
$
22,000
$
18,343
$
4,100
$
74,130
Net
change
in
unrealized
appreciation/depreciation
for
the
year
ended
March
31,
2024
related
to
Level
3
investments
held
at
March
31,
2024
$
481
$
–
$
(1,463)
$
–
$
(982)
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(continued)
March
31,
2024
17
Restricted
Investments
The
Fund
may
purchase
securities
for
which
there
is
a
limited
trading
market
or
which
are
subject
to
restrictions
on
resale
to
the
public.
Restricted
securities
and
securities
for
which
there
is
a
limited
trading
market
may
be
significantly
more
difficult
to
value
due
to
the
unavailability
of
reliable
market
quotations
for
such
securities,
and
investment
in
such
securities
may
have
an
adverse
impact
on
NAV.
The
Fund
may
purchase
Rule
144A
securities
for
which
there
may
be
a
secondary
market
of
qualified
institutional
buyers
as
contemplated
by
Rule
144A
under
the
Securities
Act.
Rule
144A
provides
an
exemption
from
the
registration
requirements
of
the
Securities
Act
for
the
resale
of
certain
restricted
securities
to
qualified
institutional
buyers.
The
following
are
the
restricted
investments
held
by
the
Fund
as
of
March
31,
2024
(amounts
in
thousands)
:
Organizational
and
Offering
Costs
Organizational
costs
may
include,
among
other
things,
the
cost
of
organizing
as
a
Delaware
limited
liability
company,
the
cost
of
certain
legal
services
and
other
fees
pertaining
to
the
Fund’s
organization.
These
costs
are
expensed
as
incurred
by
the
Fund.
Offering
costs
may
include,
among
other
things,
legal,
printing
and
other
expenses
pertaining
to
offering
the
Fund’s
shares.
Any
offering
costs
paid
by
the
Adviser
prior
to
commencement
of
investment
operations
were
recorded
as
a
Payable
to
Adviser.
Thereafter,
these
offering
costs
were
amortized
over
12
months
on
a
straight-line
basis.
Ongoing
offering
costs
will
be
expensed
as
incurred.
All
organizational
and
offering
costs
of
the
Fund
paid
by
the
Adviser
are
subject
to
reimbursement
pursuant
to
the
Expense
Limitation
Agreement
as
described
in
Note
6,
Investment
Manager
Fees
and
Other
Related
Party
Transactions.
Income
Taxes
As
a
limited
liability
company,
the
Fund
has
elected
to
be
taxed
as
a
C
corporation.
The
Fund
intends
to
elect
to
be
taxed
as
a
RIC
under
the
Code,
in
a
future
taxable
year.
To
qualify
as
a
RIC,
the
Fund
must
meet
certain
organizational
and
operational
requirements,
including
a
requirement
to
distribute
at
least
90%
of
the
Fund’s
annual
investment
company
taxable
income
to
the
shareholders
of
the
Fund
(“Shareholders”)
(which
is
computed
without
regard
to
the
dividends
paid
deduction
and
generally
equals
the
Fund’s
ordinary
income
plus
the
excess
of
its
net
short-term
capital
gains
over
its
net
long-term
capital
losses,
minus
deductible
expenses).
Once
the
Fund
qualifies
as
a
RIC,
it
generally
will
not
be
subject
to
U.S.
federal
income
tax
to
the
extent
it
distributes
qualifying
dividends
to
its
Shareholders.
Even
if
the
Fund
qualifies
for
taxation
as
a
RIC,
it
may
be
subject
to
certain
state
and
local
taxes
on
its
income
and
property,
and
federal
income
and
excise
taxes
on
its
undistributed
income.
The
tax
period
for
the
taxable
year
ending
March
31,
2023
and
all
tax
periods
following
remain
open
to
examination
by
the
major
taxing
authorities
in
all
jurisdictions
where
we
are
subject
to
taxation.
Description
Initial
Acquisition
Date
Shares
Cost
Value
as
of
March
31,
2024
%
of
Net
Assets
Databricks,
Inc.
07/14/23
382
$
25,019
$
29,192
22.9%
dbt
Labs,
Inc.
09/22/23
441
15,000
15,000
11.7%
ServiceTitan,
Inc.
06/26/23
154
10,000
10,000
7.8%
Databricks,
Inc.
11/20/23
122
8,874
9,355
7.
3
%
Anthropic,
PBC
12/06/23
218
8,535
7,072
5.5%
Canva,
Inc.
09/15/23
6
6,220
6,220
4.9%
8VC
ANSE
SPV,
LP
10/27/23
N/A
6,021
6,021
4.7%
HOF
Capital
AP
Growth,
LLC
12/29/23
N/A
5,250
5,250
4.1%
Vanta,
Inc.
09/07/22
555
5,000
5,000
3.9%
Inspectify,
Inc.
06/30/23
N/A
4,000
4,000
3.1%
Jetty
National,
Inc.
08/09/23
611
2,000
2,000
1.6%
AI-LLM,
LLC
08/31/23
N/A
1,597
1,597
1.
3
%
Anyscale,
Inc.
10/18/23
300
1,494
1,494
1.2%
Theory
Ventures,
LP
04/28/23
N/A
1,350
1,258
1.0%
Immuta,
Inc.
03/28/23
80
1,021
1,021
0.8%
Luminos,
Inc.
11/09/23
N/A
100
100
0.1%
Total
$
101,481
$
104,580
81.9%
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(continued)
March
31,
2024
18
As
a
result
of
being
taxed
as
a
C
corporation,
we
are
subject
to
federal
and
applicable
state
corporate
income
taxes
on
our
taxable
ordinary
income
and
capital
gains.
In
addition,
while
we
are
subject
to
taxation
as
a
C
corporation,
we
will
not
be
required
to
fulfill
the
annual
distribution,
investment
diversification
or
gross
income
composition
requirements
applicable
to
RICs.
The
Fund
accounts
for
income
taxes
under
the
asset
and
liability
method,
which
requires
the
recognition
of
deferred
tax
assets
and
liabilities
for
the
expected
future
tax
consequences
of
events
that
have
been
included
in
the
financial
statements.
Under
this
method,
deferred
tax
assets
and
liabilities
are
recognized
temporary
differences
between
the
financial
statement
carrying
amounts
of
existing
assets
and
liabilities
and
their
respective
tax
bases,
as
well
as
net
operating
loss
and
tax
credit
carryforwards.
Deferred
tax
assets
and
liabilities
are
measured
using
enacted
tax
rates
in
effect
for
the
year
in
which
the
differences
are
expected
to
reverse.
The
effect
of
a
change
in
tax
rates
on
deferred
tax
assets
and
liabilities
is
recognized
in
income
in
the
period
that
includes
the
enactment
date.
The
Fund
recognizes
interest
and
penalties
accrued
on
any
unrecognized
tax
benefits
as
a
component
of
provision
for
income
tax
in
the
statement
of
operations.
As
of
March
31,
2024,
no
unrecognized
tax
benefits
have
been
recorded.
Issuance
of
Shares
The
Fund
offers
its
shares
on
a
continuous
basis
through
the
Fundrise
Platform,
an
investment
platform
available
both
online
at
www.fundrise.com
and
through
various
mobile
applications
owned
and
operated
by
the
Sponsor.
The
price
a
Shareholder
pays
for
shares
is
based
on
the
Fund’s
NAV.
The
NAV
of
the
Fund’s
shares
is
calculated
daily
on
each
day
that
the
New
York
Stock
Exchange
is
open
for
business.
Cash
received
for
investor
subscriptions
is
recorded
as
Settling
Subscriptions
in
the
Statement
of
Assets
and
Liabilities
until
settlement
occurs
and
shares
are
issued.
Distributions
To
Shareholders
The
Fund
has
made,
and
intends
to
continue
to
make,
distributions
necessary
to
qualify
to
be
taxed
as
a
RIC
and,
once
qualified,
maintain
its
qualification
for
taxation
as
a
RIC.
The
Fund
expects
that
it
will
declare
and
pay
distributions
on
a
quarterly
basis,
or
more
or
less
frequently
as
determined
by
the
Board,
in
arrears.
Notwithstanding
the
foregoing,
it
is
likely
that
many
of
the
Portfolio
Companies
in
whose
securities
the
Fund
invests
will
not
pay
any
dividends,
and
this,
together
with
the
Fund’s
expenses,
means
that
there
can
be
no
assurance
the
Fund
will
have
substantial
income
or
pay
dividends.
The
Board
may
authorize
distributions
in
shares
or
in
excess
of
those
required
for
the
Fund
to
qualify
or
maintain
RIC
tax
status
depending
on
the
Fund’s
financial
condition
and
such
other
factors
as
the
Board
may
deem
relevant.
The
distribution
rate
may
be
modified
by
the
Board
from
time
to
time.
The
Board
reserves
the
right
to
change
or
suspend
the
distribution
policy
from
time
to
time.
Distributions
to
shareholders
of
the
Fund
are
recorded
on
the
ex-dividend
date.
Until
such
time
as
the
Fund
meets
the
requirements
to
qualify
as
a
RIC,
or
if
the
Fund
fails
to
qualify
as
a
RIC
in
any
taxable
year,
it
will
be
taxed
as
an
ordinary
corporation
on
its
taxable
income
(even
if
such
income
is
distributed
to
its
shareholders)
and
all
distributions
out
of
earnings
and
profits
will
generally
be
taxed
to
certain
noncorporate
U.S.
shareholders
(including
individuals)
as
“qualified
dividend
income”
eligible
for
reduced
maximum
tax
rates.
Dividend
Reinvestment
The
Fund
operates
under
a
dividend
reinvestment
policy
administered
by
the
Adviser.
Pursuant
to
the
policy,
a
Shareholder’s
income
dividends,
capital
gains
or
other
distributions,
net
of
any
applicable
U.S.
withholding
tax,
can
be
reinvested
in
the
shares
of
the
Fund,
provided
that,
if
a
Shareholder
participates
in
an
investment
plan
offered
by
the
Adviser,
such
distributions
will
be
reinvested
in
accordance
with
such
investment
plan.
Unless
a
Shareholder
elects
to
“opt
in”
to
the
Fund’s
dividend
reinvestment
policy,
any
dividends
and
other
distributions
paid
to
the
Shareholder
by
the
Fund
will
not
be
reinvested
in
additional
shares
of
the
Fund
under
the
policy.
When
the
Fund
declares
a
distribution
payable
in
cash,
the
Shareholders
enrolled
in
the
dividend
reinvestment
plan
will
receive
an
equivalent
amount
in
shares
from
the
Fund
either
newly
issued
or
repurchased
from
Shareholders
by
the
Fund
or
according
to
their
investment
plan,
if
applicable.
The
number
of
shares
to
be
received
when
distributions
are
reinvested
will
be
determined
by
dividing
the
amount
of
the
distribution
(or
the
percentage
of
the
distribution
allocable
to
the
Fund
under
the
terms
of
the
investment
plan,
if
applicable)
by
the
Fund’s
NAV
per
share
next
computed
after
the
distribution
is
paid.
Shareholders
who
do
not
participate
in
the
Fund’s
dividend
reinvestment
policy
will
receive
all
dividends
in
cash.
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(continued)
March
31,
2024
19
Investment
Income
and
Securities
Transactions
Securities
transactions
are
accounted
for
on
the
date
the
securities
are
purchased
or
sold
(trade
date).
Realized
gains
and
losses
on
sales
of
investments
are
determined
on
a
specific
identification
basis.
Dividend
income
and
distributions
are
reported
on
the
ex-
dividend
date,
and
interest
income
is
recorded
on
an
accrual
basis.
Amortization
of
premiums
and
accretion
of
discounts
on
fixed
income
securities
is
calculated
using
the
effective
interest
method,
or
straight-line
method
when
appropriate,
over
the
holding
period
of
the
investment
and
are
included
in
interest
income.
Distributions
received
from
investments
generally
are
comprised
of
ordinary
income
and
return
of
capital.
The
Fund
estimates
the
allocation
of
distributions
between
investment
income
and
return
of
capital
based
on
historical
information
or
regulatory
filings.
These
estimates
may
subsequently
be
revised
based
on
actual
allocations
received
from
investments
after
their
tax
reporting
periods
are
concluded,
as
the
actual
character
of
these
distributions
is
not
known
until
after
the
reporting
period
of
the
Fund.
3.
Concentration
of
Risk
Investing
in
the
Fund
involves
risks,
including,
but
not
limited
to,
those
set
forth
below.
The
risks
described
below
are
not,
and
are
not
intended
to
be,
a
complete
enumeration
or
explanation
of
the
risks
involved
in
an
investment
in
the
Fund.
For
a
more
complete
discussion
of
the
risks
of
investing
in
the
Fund,
see
the
section
entitled
“Principal
Risks”
in
the
Fund’s
Prospectus
and
Statement
of
Additional
Information
filed
on
August
1,
2023
(as
revised
September
12,
2023),
and
the
Fund’s
other
filings
with
the
SEC.
Non-Listed
Closed-End
Fund;
Liquidity
Risk.
The
Fund
is
a
non-diversified,
closed-end
management
investment
company
designed
primarily
for
long-term
investors.
Closed-end
funds
differ
from
open-end
management
investment
companies
(commonly
known
as
mutual
funds)
because
investors
in
a
closed-end
fund
do
not
have
the
right
to
redeem
their
shares
on
a
daily
basis.
Unlike
many
closed-end
funds,
which
typically
list
their
shares
on
a
securities
exchange,
the
Fund
does
not
currently
intend
to
list
the
shares
for
trading
on
any
securities
exchange,
and
the
Fund
does
not
expect
any
secondary
market
to
develop
for
the
shares
in
the
foreseeable
future.
Therefore,
an
investment
in
the
Fund,
unlike
an
investment
in
a
typical
closed-end
fund,
is
not
a
liquid
investment.
The
Fund
is
not
intended
to
be
a
typical
traded
investment.
Shareholders
are
also
subject
to
transfer
restrictions
and
there
is
no
guarantee
that
they
will
be
able
to
sell
their
shares.
If
a
secondary
market
were
to
develop
for
the
shares
in
the
future,
and
a
Shareholder
is
able
to
sell
his
or
her
shares,
the
Shareholder
will
likely
receive
less
than
the
purchase
price
and
the
then-current
NAV
per
share.
The
Fund
from
time
to
time
may
offer
to
repurchase
shares
pursuant
to
written
tenders
by
the
Shareholders.
The
Fund
intends,
but
is
not
obligated,
to
conduct
quarterly
repurchase
offers
in
the
sole
discretion
of
the
Board;
provided,
that
it
is
not
expected
that
such
repurchase
offers
will
be
for
more
than
5%
of
the
Fund’s
net
assets.
Non-Diversification
Risk.
As
a
“non-diversified”
fund,
the
Fund
may
invest
more
than
5%
of
its
total
assets
in
the
securities
of
one
or
more
Portfolio
Companies
.
Therefore,
the
Fund
may
be
more
susceptible
than
a
diversified
fund
to
being
adversely
affected
by
events
impacting
a
single
borrower,
geographic
location,
security
or
investment
type.
Investment
and
Market
Risk.
An
investment
in
the
Fund
is
subject
to
investment
risk,
including
the
possible
loss
of
the
entire
amount
that
a
Shareholder
invests.
The
value
of
the
Fund’s
investments
may
move
up
or
down,
sometimes
rapidly
and
unpredictably.
At
any
point
in
time,
shares
may
be
worth
less
than
the
original
investment,
even
after
taking
into
account
the
reinvestment
of
Fund
dividends
and
distributions.
Market
risk
also
includes
the
risk
that
geopolitical
and
other
events,
such
as
war,
terrorism,
market
manipulation,
government
defaults,
government
shutdowns,
political
changes,
diplomatic
developments
or
the
imposition
of
sanctions
and
other
similar
measures,
public
health
emergencies
(such
as
the
spread
of
infectious
diseases,
pandemics
and
epidemics)
and
natural/environmental
disasters
negatively
impact
the
securities
markets,
which
may
adversely
affect
the
Fund’s
business,
results
of
operations
and
financial
condition
and
cause
the
Fund
to
lose
value.
Risks
of
Investing
in
Portfolio
Companies.
The
Portfolio
Companies
may
have
limited
financial
resources
and
may
be
unable
to
meet
their
obligations
with
their
existing
working
capital,
which
may
lead
to
equity
financings,
possibly
at
discounted
valuations,
in
which
the
Fund’s
holdings
could
be
substantially
diluted
if
the
Fund
does
not
or
cannot
participate,
bankruptcy
or
liquidation
and
consequently
the
reduction
or
loss
of
the
Fund’s
investment.
The
Adviser
expects
that
the
Fund’s
holdings
of
Portfolio
Companies
may
require
several
years
to
appreciate,
and
the
Adviser
can
offer
no
assurance
that
such
appreciation
will
occur.
Portfolio
Companies
typically
have
limited
operating
histories,
less
established
and
comprehensive
product
lines
and
smaller
market
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(continued)
March
31,
2024
20
shares
than
larger
businesses,
which
tend
to
render
them
more
vulnerable
to
competitors’
actions,
market
conditions
and
consumer
sentiment
in
respect
of
their
products
or
services,
as
well
as
general
economic
downturns.
Because
Portfolio
Companies
are
privately
owned,
there
is
usually
little
publicly
available
information
about
these
businesses.
Therefore,
the
Adviser
may
not
be
able
to
obtain
all
of
the
material
information
that
would
be
generally
available
for
public
company
investments,
including
financial
information,
current
performance
metrics,
operational
details
and
other
information
regarding
the
Portfolio
Companies
in
which
the
Fund
invests.
Portfolio
Companies
are
more
likely
to
depend
on
the
management
talents
and
efforts
of
a
small
group
of
persons.
Therefore,
the
death,
disability,
resignation
or
termination
of
one
or
more
of
these
persons
could
have
a
material
adverse
impact
on
a
Portfolio
Company
and,
in
turn,
on
the
Fund.
Portfolio
Companies
generally
have
less
predictable
operating
results,
may
from
time
to
time
be
parties
to
litigation,
may
be
engaged
in
rapidly
changing
businesses
with
products
subject
to
a
substantial
risk
of
obsolescence,
and
may
require
substantial
additional
capital
to
support
their
operations,
finance
expansion
or
maintain
their
competitive
position.
Portfolio
Companies
may
have
substantial
debt
loads.
In
such
cases,
the
Fund
would
typically
be
last
in
line
behind
any
creditors
in
a
bankruptcy
or
liquidation
and
would
likely
experience
a
complete
loss
on
its
investment.
Private
companies
are
generally
not
subject
to
SEC
reporting
requirements,
are
not
required
to
maintain
their
accounting
records
in
accordance
with
generally
accepted
accounting
principles,
and
are
not
required
to
maintain
effective
internal
controls
over
financial
reporting.
As
a
result,
timely
or
accurate
information
about
the
business,
financial
condition
and
results
of
operations
of
the
private
companies
in
which
the
Fund
invests
may
not
be
available.
Private
companies
in
which
the
Fund
may
invest
may
have
limited
financial
resources,
shorter
operating
histories,
more
asset
concentration
risk,
narrower
product
lines
and
smaller
market
shares
than
larger
businesses,
which
tend
to
render
such
private
companies
more
vulnerable
to
competitors’
actions
and
market
circumstances,
as
well
as
general
economic
downturns.
These
companies
generally
have
less
predictable
operating
results,
may
from
time
to
time
be
parties
to
litigation,
may
be
engaged
in
rapidly
changing
businesses
with
products
subject
to
a
substantial
risk
of
obsolescence,
and
may
require
substantial
additional
capital
to
support
their
operations,
finance
expansion
or
maintain
their
competitive
position.
These
companies
may
have
difficulty
accessing
the
capital
markets
to
meet
future
capital
needs,
which
may
limit
their
ability
to
grow
or
to
repay
their
outstanding
indebtedness
upon
maturity.
Technology
Sector
(Concentration)
Risk.
The
Fund’s
portfolio
will
be
concentrated
in
securities
issued
by
technology
companies
and
other
investments
that
provide
economic
exposure
to
technology
companies
and
as
such,
it
may
be
subject
to
more
risks
than
if
it
were
broadly
diversified
across
additional
sectors
and
industries
of
the
economy.
The
market
prices
of
technology
stocks
historically
have
exhibited
a
greater
degree
of
market
risk
and
price
volatility
than
other
types
of
investments.
These
stocks
may
fall
in
and
out
of
favor
with
investors
rapidly,
which
may
cause
sudden
selling
and
dramatically
lower
market
prices.
These
stocks
also
may
be
affected
adversely
by
changes
in
technology,
consumer
and
business
purchasing
patterns,
short
product
cycles,
falling
prices
and
profits,
government
regulation,
lack
of
standardization
or
compatibility
with
existing
technologies,
intense
competition,
aggressive
pricing,
dependence
on
copyright
and/or
patent
protection
and/or
obsolete
products
or
services.
Certain
technology
companies
may
face
special
risks
that
their
products
or
services
may
not
prove
to
be
commercially
successful.
Technology
companies
are
also
strongly
affected
by
worldwide
scientific
or
technological
developments,
and
as
a
result,
their
products
may
rapidly
become
obsolete.
In
addition,
because
of
rapid
technological
change,
the
average
selling
prices
of
products
and
some
services
provided
by
technology-related
sectors
have
historically
decreased
over
their
productive
lives.
As
a
result,
the
average
selling
prices
of
products
and
services
offered
by
the
companies
that
operate
in
technology-related
sectors
may
decrease
over
time,
which
could
adversely
affect
their
operating
results.
Technology
companies
are
also
often
subject
to
governmental
regulation
and
may,
therefore,
be
adversely
affected
by
governmental
policies.
In
addition,
a
rising
interest
rate
environment
tends
to
negatively
affect
technology
companies.
In
such
an
environment,
those
companies
with
high
market
valuations
may
appear
less
attractive
to
investors,
which
may
cause
sharp
decreases
in
the
companies’
market
prices.
Further,
technology
companies
seeking
to
finance
their
expansion
would
have
increased
borrowing
costs,
which
may
negatively
impact
their
earnings.
Technology
companies
are
often
smaller
companies
with
less
experienced
management
teams
and
they
may
be
subject
to
greater
risks
than
larger
companies,
such
as
limited
product
lines,
markets
and
financial
and
managerial
resources.
These
risks
may
be
heightened
for
technology
companies
in
foreign
markets.
The
foregoing
factors
may
negatively
impact
the
value
of
any
equity
securities
that
the
Fund
may
hold,
which
could
in
turn
materially
adversely
affect
the
Fund’s
business,
financial
condition
and
results
of
operations.
Valuation
Risk.
The
Fund
is
subject
to
valuation
risk,
which
is
the
risk
that
one
or
more
of
the
assets
in
which
the
Fund
invests
are
priced
incorrectly,
due
to
factors
such
as
incomplete
data,
market
instability
or
human
error.
If
the
Fund
ascribes
a
higher
value
to
assets
and
their
value
subsequently
drops
or
fails
to
rise
because
of
market
factors,
returns
on
the
Fund’s
investment
may
be
lower
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(continued)
March
31,
2024
21
than
expected
and
could
experience
losses.
The
Fund’s
portfolio
investments
are
generally
privately
traded
securities
(unless
one
of
the
Portfolio
Companies
goes
public
and
then
only
to
the
extent
the
Fund
has
not
yet
liquidated
its
securities
holdings
therein)
that
are
fair
valued
by
the
Adviser
in
accordance
with
the
Fund’s
valuation
procedures.
Valuations
of
the
Portfolio
Companies
are
inherently
uncertain
and
may
be
based
on
estimates,
and
the
Fund’s
determinations
of
fair
market
value
may
differ
materially
from
the
values
that
would
be
assessed
if
a
readily
available
market
for
these
securities
existed.
This
risk
is
particularly
exaggerated
for
mid-stage
growth
Portfolio
Companies,
given
their
limited
history
and
significant
change
in
cash
flow
generation
over
time.
Restricted
and
Illiquid
Securities
Risk.
Illiquid
securities
are
securities
that
are
not
readily
marketable.
These
securities
may
include
restricted
securities,
which
cannot
be
resold
to
the
public
without
an
effective
registration
statement
under
the
Securities
Act
of
1933,
as
amended
(the
“1933
Act”),
or,
if
they
are
unregistered,
may
be
sold
only
in
a
privately
negotiated
transaction
or
pursuant
to
an
exemption
from
registration.
Many
private
company
securities
may
be
restricted
securities
and/or
considered
illiquid.
The
Fund
may
not
be
able
to
readily
dispose
of
such
securities
at
prices
that
approximate
those
at
which
the
Fund
could
sell
such
securities
if
they
were
more
widely
traded
and,
as
a
result
of
such
illiquidity,
the
Fund
may
have
to
sell
other
investments
or
engage
in
borrowing
transactions
if
necessary
to
raise
cash
to
meet
its
obligations.
Limited
liquidity
can
also
affect
the
market
price
of
securities,
thereby
adversely
affecting
the
Fund’s
net
asset
value
and
ability
to
make
dividend
distributions.
The
financial
markets
in
general
have
in
recent
years
experienced
periods
of
extreme
secondary
market
supply
and
demand
imbalance,
resulting
in
a
loss
of
liquidity
during
which
market
prices
were
suddenly
and
substantially
below
traditional
measures
of
intrinsic
value.
During
such
periods,
some
securities
could
be
sold
only
at
arbitrary
prices
and
with
substantial
losses.
Periods
of
such
market
dislocation
may
occur
again
at
any
time.
Privately
issued
debt
securities
are
often
of
below
investment
grade
quality,
frequently
are
unrated
and
present
many
of
the
same
risks
as
investing
in
below
investment
grade
public
debt
securities.
Interest
Rate
Risk.
Changes
in
interest
rates,
including
changes
in
expected
interest
rates
or
“yield
curves,”
may
affect
the
Fund’s
business
in
a
number
of
ways.
Changes
in
the
general
level
of
interest
rates
can
affect
the
Fund’s
net
interest
income,
which
is
the
difference
between
the
interest
income
earned
on
the
Fund’s
interest-earning
assets
and
the
interest
expense
incurred
in
connection
with
its
interest-bearing
borrowings
and
hedges.
Common
Stock
Risk.
Common
stock
of
an
issuer
in
the
Fund’s
portfolio
may
be
volatile,
and
prices
may
fluctuate
based
on
changes
in
a
company’s
financial
condition
and
overall
market
and
economic
circumstances.
Although
common
stocks
have
historically
generated
higher
average
total
returns
than
fixed
income
securities
over
the
long-term,
common
stocks
also
have
experienced
significantly
more
volatility
in
those
returns
and,
in
certain
periods,
have
significantly
under-performed
relative
to
fixed
income
securities.
4.
Share
Transactions
Below
is
a
summary
of
transactions
with
respect
to
the
Fund’s
common
shares
for
the
year
ended
March
31,
2024
and
for
the
period
May
11,
2022
(effective
date
of
the
Fund’s
Registration
Statement)
to
March
31,
202
3
(all
tabular
amounts
are
in
thousands
except
share
data)
:
As
of
March
31,
2024,
the
Fund
has
issued
10,000
common
shares
to
the
Sponsor.
For
the
year
ended
March
31,
2024,
total
distributions
declared
to
this
related
party
was
less
than
$1,000.
For
the
Year
Ended
March
31,
2024
For
the
Period
May
11,
2022
(1)
to
March
31,
2023
Common
Shares
Shares
Amount
Shares
Amount
Gross
proceeds
from
offering
5,794,597
$
58,289
7,312,285
$
73,124
Reinvestment
of
distributions
–
–
–
–
Total
gross
proceeds
5,794,597
$
58,289
7,312,285
$
73,124
Less:
shares
repurchased
(
548,745
)
(
5,551
)
(45,744)
(457)
Net
Proceeds
from
Common
Shares
5
,
245
,
852
$
52,738
7,266,541
$
72,667
(1)
Effective
date
of
the
Fund’s
Registration
Statement.
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(continued)
March
31,
2024
22
5.
Repurchase
Offers
The
Fund
from
time
to
time
may
offer
to
repurchase
shares
pursuant
to
written
tenders
by
the
Shareholders.
The
Fund
intends,
but
is
not
obligated,
to
conduct
quarterly
repurchase
offers
in
the
sole
discretion
of
the
Board;
provided,
that
it
is
not
expected
that
such
repurchase
offers
will
be
for
more
than
5%
of
the
Fund’s
net
assets.
Any
repurchases
of
shares
will
be
made
to
all
holders
of
shares,
at
such
times
and
on
such
terms
as
may
be
determined
by
the
Board
from
time
to
time
in
its
sole
discretion.
The
Board
will
determine
that
the
Fund
will
offer
to
repurchase
shares
pursuant
to
written
tenders
only
on
terms
that
the
Board
determines
to
be
fair
to
the
Fund
and
Shareholders.
The
value
of
shares
being
repurchased
will
be
determined
as
of
a
date,
determined
by
the
Board,
in
its
sole
discretion,
which
is
approximately
one
to
seven
days
after
the
expiration
of
the
repurchase
offer
(the
“Valuation
Date”),
and
any
such
repurchase
will
be
effective
as
of
the
Valuation
Date
(the
“Repurchase
Date”).
The
amount
due
to
any
Shareholder
whose
shares
are
repurchased
will
be
equal
to
the
value
of
the
Shareholder’s
shares
being
repurchased,
based
on
the
Fund’s
NAV
per
share
as
of
the
Valuation
Date.
The
Fund
may
not
condition
a
repurchase
offer
upon
the
tender
of
any
minimum
number
of
shares.
The
Fund
does
not
currently
charge
a
repurchase
fee,
and
it
does
not
currently
expect
to
impose
a
repurchase
fee.
However,
the
Fund
may
in
the
future
charge
a
repurchase
fee
of
up
to
2.00%,
subject
to
approval
of
the
Board.
The
following
table
presents
the
repurchase
offers
that
were
completed
during
the
year
ended
March
31,
2024
(all
tabular
amounts
are
in
thousands
except
share
data)
:
6.
Investment
Manager
Fees
and
Other
Related
Party
Transactions
The
Fund
entered
into
an
Investment
Management
Agreement
with
the
Adviser.
Pursuant
to
the
Investment
Management
Agreement,
and
in
consideration
of
the
services
provided
by
the
Adviser
to
the
Fund,
the
Adviser
is
entitled
to
a
management
fee
(the
“Management
Fee”)
of
1.85%
of
the
Fund’s
average
daily
net
assets.
The
Management
Fee
will
be
calculated
and
accrued
daily
and
payable
monthly
in
arrears.
Repurchase
Offers
Fourth
Quarter
Repurchase
Commencement
Date
February
28,
2023
Repurchase
Request
Deadline
March
31,
2023
Repurchase
Pricing
Date
April
3,
2023
Amount
Repurchased
$
569
Shares
Repurchased
56,616
Repurchase
Offers
First
Quarter
Repurchase
Commencement
Date
May
26,
2023
Repurchase
Request
Deadline
June
30,
2023
Repurchase
Pricing
Date
July
3,
2023
Amount
Repurchased
$
806
Shares
Repurchased
80,825
Repurchase
Offers
Second
Quarter
Repurchase
Commencement
Date
August
28,
2023
Repurchase
Request
Deadline
September
30,
2023
Repurchase
Pricing
Date
October
2,
2023
Amount
Repurchased
$
1,468
Shares
Repurchased
143,886
Repurchase
Offers
Third
Quarter
Repurchase
Commencement
Date
November
29,
2023
Repurchase
Request
Deadline
December
29,
2023
Repurchase
Pricing
Date
January
2,
2024
Amount
Repurchased
$
2,709
Shares
Repurchased
267,418
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(continued)
March
31,
2024
23
The
Adviser
and
the
Fund
have
entered
into
an
Expense
Limitation
Agreement
pursuant
to
which
the
Adviser
has
contractually
agreed
to
waive
its
Management
Fee
and/or
pay
or
reimburse
the
ordinary
annual
operating
expenses
of
the
Fund
(including
organization
and
offering
costs,
but
excluding
interest
payments,
taxes,
brokerage
commissions,
fees
and
expenses
incurred
by
the
Fund’s
use
of
leverage,
acquired
fund
fees
and
expenses
and
extraordinary
or
non-routine
expenses,
including
with
respect
to
reorganizations
or
litigation
affecting
the
Fund)
(the
“Operating
Expenses”)
to
the
extent
necessary
to
limit
the
Fund’s
Operating
Expenses
to
3.00%
of
the
Fund’s
average
daily
net
assets.
The
Adviser
is
entitled
to
seek
recoupment
from
the
Fund
of
fees
waived
or
expenses
paid
or
reimbursed
to
the
Fund
for
a
period
ending
three
years
after
the
date
of
the
waiver,
payment
or
reimbursement,
subject
to
the
limitation
that
the
recoupment
will
not
cause
the
Fund’s
Operating
Expenses
to
exceed
the
lesser
of
(a)
the
expense
limitation
amount
in
effect
at
the
time
such
fees
were
waived
or
expenses
paid
or
recouped,
or
(b)
the
expense
limitation
amount
in
effect
at
the
time
of
the
recoupment.
The
Expense
Limitation
Agreement
will
remain
in
effect
at
least
through
July
31,
2024,
unless
and
until
the
Board
approves
its
modification
or
termination.
For
the
year
ended
March
31,
2024,
the
Adviser
contractually
waived
Management
Fees
of
approximately
$432,000
and
no
expenses
were
voluntarily
reimbursed.
As
of
March
31,
2024,
the
Fund
had
remaining
expense
waivers
and/or
reimbursement
subject
to
recoupment
by
the
Adviser
and
respective
dates
of
expiration
as
follows
(amounts
in
thousands)
:
For
the
year
ended
March
31,
2024,
the
Adviser
did
not
seek
recoupment
for
any
fees.
The
Adviser
or
its
affiliates
may
be
entitled
to
certain
fees
as
permitted
by
the
1940
Act
or
as
otherwise
permitted
by
applicable
law
and
regulation
fees
and
expenses
associated
with
the
selection,
acquisition,
or
origination
of
investments
(including,
but
not
limited
to,
reimbursement
of
non-ordinary
expenses
and
employee
time
required
to
special
service
a
non-performing
asset)
whether
or
not
the
Fund
ultimately
acquires
or
originates
the
investment,
and
the
sale
of
investments.
No
such
fees
were
incurred
or
paid
by
the
Fund
to
the
Adviser
or
its
affiliates
for
the
year
ended
March
31,
2024
.
The
Adviser
and
Rise
Companies
entered
into
a
Shared
Services
Agreement
where
Rise
Companies
will
provide
the
Adviser
with
the
personnel,
services
and
resources
necessary
for
the
Adviser
to
comply
with
its
obligations
and
responsibilities
under
the
Second
Amended
and
Restated
Operating
Agreement
(“Operating
Agreement”)
and
Investment
Management
Agreement,
which
includes
responsibility
for
operations
of
the
Fund
and
performance
of
such
services
and
activities
relating
to
the
investments
and
operations
of
the
Fund
as
may
be
appropriate,
including
without
limitation
those
services
and
activities
listed
in
the
Operating
Agreement
and
Investment
Management
Agreement.
The
Fund
will
reimburse
the
Adviser
for
out-of-pocket
expenses
paid
to
third
parties
in
connection
with
providing
services
to
the
Fund.
This
does
not
include
the
Adviser’s
overhead,
employee
costs
borne
by
the
Adviser,
or
utilities
costs.
Expense
reimbursements
payable
to
the
Adviser
also
may
include
expenses
incurred
by
the
Sponsor
in
the
performance
of
services
pursuant
to
a
shared
services
agreement
between
the
Adviser
and
the
Sponsor,
including
any
increases
in
insurance
attributable
to
the
management
or
operation
of
the
Fund.
During
the
year
ended
March
31,
2024,
there
were
approximately
$42,000
of
expenses
reimbursed
to
the
Adviser
pursuant
to
the
shared
services
agreement.
7.
Investments
The
Fund
invests
in
technology
companies,
with
a
primary
focus
on
the
equity
securities
(e.g.,
common
stock,
preferred
stock
and
convertible
debt)
of
certain
privately
held,
mid-to-late-stage,
growth
companies,
or
other
investments
(including
derivatives)
that
have
economic
characteristics
similar
to
investments
in
technology
companies.
The
cost
of
purchases
and
proceeds
from
the
sale
of
investments,
other
than
short-term
securities,
for
the
year
ended
March
31,
2024
amounted
to
$100,487
and
$14,063,
respectively
(amounts
in
thousands)
.
Recoupment
expiration
Expenses
remaining
Expires
during
the
year
ended
March
31,
2025
$
–
Expires
during
the
year
ended
March
31,
2026
1,003
Expires
during
the
year
ended
March
31,
2027
432
Total
Fee
Waiver/Expense
Reimbursement
Subject
to
Recoupment
$
1,435
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(continued)
March
31,
2024
24
8.
Income
Taxes
The
timing
and
characterization
of
certain
income,
capital
gains,
and
return
of
capital
distributions
are
determined
annually
in
accordance
with
federal
tax
regulations,
which
may
differ
from
GAAP.
As
a
result,
the
net
investment
income
(loss)
and
net
realized
gain
(loss)
on
investment
transactions
for
a
reporting
period
may
differ
significantly
from
distributions
during
such
period.
These
book/tax
differences
may
be
temporary
or
permanent
in
nature.
To
the
extent
these
differences
are
permanent,
they
are
charged
or
credited
to
paid-in
capital,
accumulated
net
investment
income/loss
or
accumulated
net
realized
gain/loss,
as
appropriate,
in
the
period
in
which
the
differences
arise.
As
of
March
31,
2024,
the
tax
basis
of
distributable
earnings
(accumulated
deficit)
was
as
follows
(amounts
in
thousands)
:
As
of
March
31,
2024
,
the
unrealized
appreciation
and
depreciation
of
investments,
based
on
cost
for
federal
income
tax
purposes,
were
as
follows
(amounts
in
thousands)
:
As
of
March
31,
2024
,
the
capital
loss
carryforwards
were
as
follows
(amounts
in
thousands)
:
The
Fund
does
not
yet
qualify
as
a
regulated
investment
company
pursuant
to
Subchapter
M
of
the
Internal
Revenue
Code,
therefore
it
is
taxed
as
a
corporation.
Income
tax
and
related
interest
and
penalties
would
be
recognized
by
the
Fund
as
tax
expense
in
the
Statement
of
Operations
if
the
tax
positions
were
deemed
to
not
meet
the
more-likely-than-not
threshold.
As
of
March
31,
2024,
the
Fund
had
no
uncertain
tax
positions.
As
of
March
31,
2024,
the
Fund
did
not
record
any
cumulative
unrecognized
tax
benefits
on
its
balance
sheet.
9.
New
Accounting
Pronouncements
In
June
2022,
FASB
issued
Accounting
Standards
Update
No.
2022-03
(“ASU
2022-03”),
“Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions”
(“Topic
820”).
ASU
2022-03
clarifies
the
guidance
in
Topic
820,
related
to
the
measurement
of
the
fair
value
of
an
equity
security
subject
to
contractual
sale
restrictions,
where
it
eliminates
the
need
to
apply
a
discount
to
fair
value
of
these
securities,
and
introduces
disclosure
requirements
related
to
such
equity
securities.
The
guidance
is
effective
for
fiscal
years,
and
interim
periods
within
those
fiscal
years,
beginning
after
December
15,
2023,
and
allows
for
early
adoption.
The
Fund
has
evaluated
the
impact
of
the
additional
requirements
and
concluded
the
adoption
of
this
ASU
will
not
have
a
material
impact
on
the
financial
statements.
In
December
2023,
FASB
issued
Accounting
Standards
Update
No.
2023-09
(“ASU
2023-09”),
Income
Taxes
(Topic
740):
Improvements
to
Income
Tax
Disclosures.
ASU
2022-09
focuses
on
income
tax
disclosures
and
effective
tax
rates
and
cash
income
taxes
paid.
The
guidance
is
effective
for
fiscal
years,
and
interim
periods
within
those
fiscal
years,
beginning
after
December
15,
Undistributed
ordinary
income
(loss)
$
(204)
Tax
accumulated
earnings
(loss)
$
(204)
Accumulated
capital
and
other
losses
(668)
Net
unrealized
gain
(loss)
on
investments
3,427
Total
Distributable
Earnings
$
2,555
Cost
of
investments
for
tax
purposes
$
123,318
Gross
tax
unrealized
appreciation
$
4,896
Gross
tax
unrealized
depreciation
(1,469)
Net
Tax
Unrealized
Appreciation
$
3,427
Short-term
$
668
Long-term
–
Total
Capital
Loss
Carryforwards
(1)
$
668
(1)
To
the
extent
the
Fund
recognizes
capital
gains
in
future
periods,
they
will
be
offset
by
unused
capital
loss
carryforwards
subject
to
IRC
limitations.
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(continued)
March
31,
2024
25
2024
(for
non-public
entities
beginning
after
December
15,
2025),
and
allows
for
early
adoption.
The
Fund
has
evaluated
the
impact
of
the
additional
requirements
and
concluded
the
adoption
of
this
ASU
will
not
have
a
material
impact
on
the
financial
statements.
10.
Subsequent
Events
In
connection
with
the
preparation
of
the
accompanying
financial
statements,
the
Fund
has
evaluated
events
and
transactions
occurring
after
the
date
of
this
report
and
through
the
date
these
financial
statements
were
available
to
be
issued
and
determined
that
no
events
have
occurred
that
require
disclosure
other
than
the
following.
Share
Transactions
Following
the
date
of
this
report,
the
following
repurchase
offers
have
occurred
(all
tabular
amounts
are
in
thousands
except
share
data)
:
Repurchase
Offers
Fourth
Quarter
Repurchase
Commencement
Date
February
29,
2024
Repurchase
Request
Deadline
March
29,
2024
Repurchase
Pricing
Date
April
1,
2024
Amount
Repurchased
$
2,705
Shares
Repurchased
265,176
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
26
To
the
Shareholders
and
Board
of
Directors
of
Fundrise
Growth
Tech
Fund,
LLC:
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities
of
Fundrise
Growth
Tech
Fund,
LLC
(the
Fund),
including
the
schedule
of
investments,
as
of
March
31,
2024,
the
related
statements
of
operations
and
cash
flows
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
the
year
ended
March
31,
2024
and
for
the
period
from
May
11,
2022
(effective
date
of
the
Fund’s
registration
statement)
to
March
31,
2023,
and
the
related
notes
(collectively,
the
financial
statements)
and
the
financial
highlights
for
the
year
then
ended
and
for
the
period
from
July
25,
2022
(commencement
of
investment
operations)
to
March
31,
2023.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
March
31,
2024,
the
results
of
its
operations
and
its
cash
flows
for
the
year
then
ended,
the
changes
in
its
net
assets
for
the
year
then
ended
and
for
the
period
from
May
11,
2022
to
March
31,
2023,
and
the
financial
highlights
for
the
year
then
ended
and
for
the
period
from
July
25,
2022
to
March
31,
2023,
in
conformity
with
U.S.
generally
accepted
accounting
principles.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Fund's
management.
Our
responsibility
is
to
express
an
opinion
on
these
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Such
procedures
also
included
confirmation
of
securities
owned
as
of
March
31,
2024,
by
correspondence
with
the
custodian
or
by
other
appropriate
auditing
procedures.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
We
have
served
as
the
auditor
of
one
or
more
of
Fundrise
investment
companies
since
2019.
Philadelphia,
Pennsylvania
May
20,
2024
Fundrise
Growth
Tech
Fund,
LLC
Additional
Information
(UNAUDITED)
March
31,
2024
27
1.
Disclosure
of
Portfolio
Holdings
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT
reports
will
be
available
without
charge,
upon
request,
by
calling
(202)
584-0550
or
on
the
SEC’s
website
at
http://www.sec.gov
.
2.
Proxy
Voting
Policies
and
Procedures
A
description
of
the
policies
and
procedures
that
the
Fund
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and,
once
available,
information
regarding
how
the
Fund
voted
those
proxies
(if
any)
during
the
year
ended
June
30,
2023,
is
available
(1)
without
charge,
upon
request,
by
calling
(202)
584-0550,
(2)
on
the
Fund’s
website
at
www.fundrise.com/innovation
and
(3)
on
the
SEC’s
website
at
http://www.sec.gov
.
During
the
year
ended
June
30,
2023,
the
Fund
did
not
have
any
investments
that
required
the
Fund
to
vote
proxies,
and
therefore
did
not
vote
any
proxies
during
such
period.
3.
Compensation
of
Directors
The
Fund’s
Statement
of
Additional
Information
includes
additional
information
about
the
Directors
and
is
available
(1)
without
charge,
upon
request,
by
calling
(202)
584-0550,
(2)
on
the
Fund’s
website
at
www.fundrise.com/innovation
and
(3)
on
the
SEC’s
website
at
http://www.sec.gov
.
The
following
table
sets
forth
information
regarding
the
total
compensation
to
be
paid
to
the
Independent
Directors
for
their
services
as
Independent
Directors
for
the
Fund’s
fiscal
year
ended
March
31,
2024.
As
an
Interested
Director,
Mr.
Miller
receives
no
compensation
from
the
Fund
for
his
service
as
a
Director.
No
other
compensation
or
retirement
benefits
are
received
by
any
Director
or
officer
from
the
Fund.
Name
Aggregate
Compensation
from
the
Fund
Aggregate
Compensation
from
the
Fund
and
Fund
Complex
(1)
Paid
to
Directors
Jennifer
Blatnik
$
45,000
$
45,000
Jeffrey
R.
Deitrich
45,000
120,000
Glenn
R.
Osaka
45,000
120,000
(1)
The
“Fund
Complex”
consists
of
the
Fund,
Fundrise
Income
Real
Estate
Fund,
LLC
and
Fundrise
Real
Estate
Interval
Fund,
LLC.
Fundrise
Growth
Tech
Fund,
LLC
Additional
Information
(UNAUDITED)
March
31,
2024
28
4.
Directors
and
Officers
The
Fund
is
governed
by
a
Board
of
Directors.
The
following
tables
present
certain
information
regarding
the
Directors
and
Officers
of
the
Fund
as
of
March
31,
2024.
The
address
of
all
persons
is
c/o
Fundrise
Advisors,
LLC,
11
Dupont
Circle
NW,
9th
Floor,
Washington,
D.C.
20036.
For
more
information
regarding
the
Directors
and
Officers,
please
refer
to
the
Fund’s
Statement
of
Additional
Information,
which
is
available,
without
charge,
upon
request
by
calling
(202)
584-0550.
Name
and
Year
of
Birth
Position
Held
Term
of
Office
and
Length
of
Term
Served
(1)
Principal
Occupation(s)
During
Past
5
Years
or
Longer
Number
of
Portfolios
in
Fund
Complex
(2)
Overseen
by
Director
Other
Directorships
Held
During
Past
5
Years
Independent
Directors
Jennifer
Blatnik
Born:
1974
Director
05/2022
to
Present
Formerly,
Chief
Operating
Officer,
Volta
Networks
(networking
software
firm)
(2019-2021)
and
Vice
President,
Product
Management,
Product
Marketing
and
Marketing,
Juniper
Networks
(networking,
cloud
and
security
products
firm)
(2014-2017).
1
None
Jeffrey
R.
Deitrich
Born:
1982
Director
05/2022
to
Present
Senior
Vice
President,
Silverstein
Properties,
Inc.
(real
estate
investment
and
development
firm)
(2007-2016,
2022-current);
Principal,
Better
Building
Solutions
(technology
integration
and
managed
services
firm)
(2016-current);
Formerly,
Principal,
Frenchtown
Enterprises
(real
estate
investment
firm)
(2019-2022).
Asset
Manager,
Prudential
Real
Estate
Investors
(private
equity)
(2004-2007).
3
Fundrise
Real
Es-
tate
Interval
Fund,
LLC;
Fundrise
Income
Real
Estate
Fund,
LLC
Glenn
R.
Osaka
Born:
1955
Lead
Independent
Director
05/2022
to
Present
Consultant
and
Private
Investor
(early
stage
technology
companies)
(since
2013).
Formerly,
Senior
Vice
President,
Services,
Juniper
Networks,
Inc.
(2009-
2013);
Vice
President,
Strategy
and
Operations,
Cisco
Systems,
Inc.
(2007-
2009);
President
and
Chief
Executive
Officer,
Reactivity
Inc.
(technology
start-up
company)
(2001-2006);
Managing
Director,
Redleaf
Group
(venture
capital
firm)
(1999-2000);
Vice
President
and
General
Manager,
Enterprise
Computing,
Hewlett-Packard
(1979-1998).
3
Fundrise
Real
Es-
tate
Interval
Fund,
LLC;
Fundrise
Income
Real
Estate
Fund,
LLC
Interested
Director
and
Officer
Benjamin
S.
Miller
(3)
Born:
1977
Director
and
Officer,
Chairperson
and
President
05/2022
to
Present
Chief
Executive
Officer,
Fundrise
Advisors,
LLC
(since
2012);
Co-
Founder,
Chief
Executive
Officer
and
Director,
Rise
Companies
Corp.
(since
2012).
3
Fundrise
Real
Es-
tate
Interval
Fund,
LLC;
Fundrise
Income
Real
Estate
Fund,
LLC
(1)
Each
Director
serves
until
his
or
her
successor
is
elected
and
qualified,
until
the
Fund
terminates,
or
until
he
or
she
dies,
resigns,
retires
voluntarily,
or
is
otherwise
removed
or
retired
pursuant
to
the
LLC
Agreement.
(2)
The
“Fund
Complex”
consists
of
the
Fund,
Fundrise
Income
Real
Estate
Fund,
LLC
and
Fundrise
Real
Estate
Interval
Fund,
LLC.
(3)
Mr.
Miller
is
considered
to
be
an
“interested
person”
of
the
Fund
(as
that
term
is
defined
by
Section
2(a)(19)
in
the
1940
Act)
because
of
his
affiliation
with
the
Adviser
and/or
its
affiliates.
Fundrise
Growth
Tech
Fund,
LLC
Additional
Information
(UNAUDITED)
March
31,
2024
29
Name
and
Year
of
Birth
Position
Held
Term
of
Office
and
Length
of
Time
Served
(1)
Principal
Occupation(s)
During
Past
5
Years
Officers
Michelle
A.
Mirabal
Born:
1988
Secretary
and
Chief
Compliance
Officer
05/2022
to
present
Deputy
General
Counsel,
Fundrise
Advisors,
LLC
and
Rise
Companies
Corp.
and
officer
of
certain
funds
in
the
Fund
Complex
(since
2019);
Formerly,
Corporate
Counsel,
Amherst
Residential,
LLC
(2018-2019);
Associate,
Hogan
Lovells
US
LLP
(2014-2018).
Alison
A.
Staloch
Born:
1980
Treasurer
and
Principal
Financial/
Accounting
Officer
05/2022
to
present
Chief
Financial
Officer,
Fundrise
Advisors,
LLC
and
Rise
Companies
Corp.
and
officer
of
certain
funds
in
the
Fund
Complex
(since
2021);
Formerly,
Chief
Accountant
(2017-
2021),
Assistant
Chief
Accountant
(2015-
2017),
Division
of
Investment
Management,
U.S.
Securities
and
Exchange
Commission;
Senior
Manager,
KPMG
LLP
(2005-2015).
(1)
The
term
of
office
for
each
officer
will
continue
indefinitely.
FOR
MORE
INFORMATION
Investment
Adviser
Fundrise
Advisors,
LLC
11
Dupont
Circle
NW,
9th
Floor
Washington,
DC
20036
Fundrise
Growth
Tech
Fund,
LLC
11
Dupont
Circle
NW,
9th
Floor
Washington,
DC
20036
(202)
584-0550
This
report
is
submitted
for
the
general
information
of
the
shareholders
of
the
Fund.
It
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
an
effective
prospectus,
which
includes
information
regarding
the
Fund’s
risks,
objectives,
fees
and
expenses,
experience
of
its
management,
and
other
information.
Item 2. Code of Ethics
As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. During the period covered by the report, with respect to the Registrant’s code of ethics that applies to its principal executive officer and principal financial officer; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.
A copy of the code of ethics is included as an exhibit to this report.
Item 3. Audit Committee Financial Expert
The Board of Directors has designated Jeffrey R. Deitrich, who serves on the Board’s Audit Committee, as an audit committee financial expert. Mr. Deitrich is considered by the Board of Directors to be an independent director.
Item 4. Principal Accountant Fees and Services
(a)
Audit Fees: Audit fees billed to the Registrant as of March 31, 2024 were $64,000, which is exclusive of audit fees totaling $36,000 in connection with the annual audit that had not yet been billed to the Registrant as of March 31, 2024. These amounts represent aggregate fees billed by the Registrant’s independent registered public accounting firm, (the “Accountant”) in connection with the annual audit of the Registrant’s financial statements and for services normally provided by the Accountant in connection with the Registrant’s statutory and regulatory filings for that fiscal year, including N-2 Consent fees. The audit fees billed for the year ended March 31, 2023 were $83,000.
(b) Audit-Related Fees: There were no additional fees billed to the Registrant for the year ended March 31, 2024, or the period ended March 31, 2023, for assurance and related services by the Accountant that were reasonably related to the performance of the audit of the Registrant’s financial statements that were not reported under paragraph (a) of this Item.
(c) There were no tax fees billed to the Registrant for the year ended March 31, 2024, or the period ended March 31, 2023, for professional services rendered by the Accountant for tax compliance, tax advice, or tax planning.
(d) All Other Fees: The aggregate fees billed for products and services provided by the Accountant, other than the services reported in paragraphs (a) through (c) of this Item are $1,100 and $1,800 for the year ended March 31, 2024, and the period ended March 31, 2023, respectively. The fees primarily relate to a Accounting Research Online subscription.
(e)(1) The Audit Committee has adopted, and the Board has approved, a Policy on Pre-Approval of Audit and Non-Audit Services (the “Policy”), which is intended to comply with Rule 2-01 of Regulation S-X and sets forth guidelines and procedures to be followed by the Registrant when retaining an auditor to perform audit, audit-related, tax and other services for the Registrant. The Policy permits such services to be pre-approved by the Audit Committee pursuant to either a general pre-approval or specific pre-approval. Unless a type of service provided by the auditor has received general pre-approval, it requires specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels require specific pre-approval by the Audit Committee.
(e)(2) With respect to the services provided to the Registrant described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) Not applicable.
(h) Not applicable, all non-audit services that were rendered to the Registrant's investment adviser were pre-approved as required.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) The schedule of investments is included as part of the report to Shareholders filed under Item 1 of this form.
(b) There were no divestments of securities (as defined by Section 13(c) of the 1940 Act) for this annual reporting period.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
The Registrant’s Board of Directors (the “Board”) has adopted this Proxy Voting Policy (the “Proxy Voting Policy”) on behalf of the Registrant which delegates the responsibility for decisions regarding proxy voting for securities held by the Registrant to Fundrise Advisors, LLC (the “Adviser”), subject to the Board’s continuing oversight. The Registrant’s Chief Compliance Officer shall ensure that the Adviser has adopted a Proxy Voting Policy (the “Adviser’s Proxy Voting Policy”), which it will use to vote proxies for securities held by the Registrant in a manner that is consistent with this Proxy Voting Policy, as may be amended from time to time. The Board, including a majority of the Directors who are not “interested persons” (as such term is defined in the Investment Company Act of 1940, as amended) of the Registrant, must approve the Adviser’s Proxy Voting Policy as it relates to the Registrant. Due to the nature of the securities and other assets in which the Registrant intends to invest, proxy voting decisions for the Registrant may be limited.
The Registrant believes that the voting of proxies is an important part of portfolio management as it represents an opportunity for shareholders to make their voices heard and to influence the direction of a company. The Registrant is committed to voting proxies received in a manner consistent with the best interests of the Registrant’s shareholders. The Registrant believes that the Adviser is in the best position to make individual voting decisions for the Registrant consistent with this Proxy Voting Policy. Therefore, subject to the oversight of the Board, the Registrant has delegated the following duties to the Adviser:
·
to make the proxy voting decisions for the Registrant, in accordance with the Adviser’s Proxy Voting Policy;·
to assist the Registrant in disclosing its proxy voting record as required by Rule 30b1-4 under the 1940 Act, including providing the following information for each matter with respect to which the Registrant is entitled to vote: (a) information identifying the matter voted on; (b) whether the matter was proposed by the issuer or by a security holder; (c) whether and how the Registrant cast its vote; and (d) whether the Registrant cast its vote for or against management; and·
to provide to the Board, at least annually, a record of each proxy voted by the Adviser on behalf of the Registrant, including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest.In cases where a matter with respect to which the Registrant was entitled to vote presents a conflict between the interest of the Registrant’s shareholders, on the one hand, and those of the Adviser or its affiliate, on the other hand, the Registrant shall always vote in the best interest of the Registrant’s shareholders. For purposes of this Proxy Voting Policy, a vote shall be considered in the best interest of a Registrant’s shareholders when a vote is cast consistent with the specific voting policy as set forth in the Adviser’s Proxy Voting Policy, provided such specific voting policy was approved by the Board. The Adviser shall review with the Board any proposed material changes or amendments to the Adviser’s Proxy Voting Policy prior to implementation.
The Registrant will file a Form N-PX with the Registrant’s complete proxy voting record for the 12 months ended June 30, no later than August 31 of each year.
The copy of the Adviser’s Proxy Voting Policy is set forth below.
Adviser Proxy Voting Policies and Procedures
Fundrise Advisors, LLC (the “Adviser”), as a matter of policy and as a fiduciary to the Fundrise Growth Tech Fund, LLC (the “Fund”), has the responsibility for voting proxies for securities consistent with the best interests of the Fund. The Adviser maintains written procedures as to the handling, voting and reporting of proxy voting and makes appropriate disclosures about the Adviser’s proxy procedures and the availability of the Adviser’s proxy voting record. In general, the Adviser does not receive proxies to be voted due to the nature of its investments on behalf of the Fund; the procedures maintained by the Adviser are intended to comply with Rule 206(4)-6 under the Investment Advisers Act of 1940 (the “Advisers Act”) in the infrequent instance that the Adviser receives a proxy, or other action requiring a vote, from a security held by the Fund.
1. Background and Description
In general, proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. Investment advisers registered with the U.S. Securities and Exchange Commission, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 under the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an adviser’s interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser’s proxy voting activities when the adviser does have proxy voting authority.
The purpose of these procedures (the “Procedures”) is to set forth the principles, guidelines and procedures by which the Adviser may vote the securities held by the Fund for which the Adviser may exercise voting authority and discretion. These Procedures have been designed to ensure that proxies are voted in the best interests of the Fund in accordance with fiduciary duties and Rule 206(4)-6 under the Advisers Act.
2. Responsibility
The Adviser’s Chief Compliance Officer (together with any designees, the “CCO”) has responsibility for the implementation and monitoring of the Procedures, including associated practices, disclosures and recordkeeping.
3. Procedures
The Adviser has adopted the procedures below to implement its proxy voting policy and to monitor and ensure that the policy is observed and amended or updated, as appropriate.
Voting Procedures
In the event the Adviser’s personnel receive proxy materials on behalf of the Fund, the personnel will forward such materials to the appropriate members of the Adviser’s Investment Committee to vote the proxy. The Adviser’s Investment Committee will analyze the proxy materials and determine how the Adviser should vote the proxy in accordance with applicable voting guidelines below. The CCO is responsible for coordinating this process in a timely and appropriate manner and delivering the proxy prior to the voting deadline.
The Adviser may engage a third-party proxy research and voting service to assist it in researching, recordkeeping and voting of proxies, subject to appropriate oversight.
Proxy Voting Guidelines
The following guidelines (the “Guidelines”) will inform the Adviser’s proxy voting decisions:
- The guiding principle by which the Adviser votes on all matters submitted to security holders is the maximization of the ultimate economic value of the Fund’s holdings. The Adviser does not permit voting decisions to be influenced in any manner that is contrary to, or dilutive of, the guiding principle set forth above.
- The Adviser will seek to avoid situations where there is any material conflicts of interest affecting its voting decisions. Any material conflicts of interest, regardless of whether actual or perceived, will be addressed in accordance with the conflict resolution procedures (see below).
- The Adviser generally will vote on all matters presented to security holders in any proxy. However, Adviser reserves the right to abstain on any particular vote or otherwise withhold its vote on any matter if, in the judgment of Adviser, the costs associated with voting such proxy outweigh the benefits to the Fund or if the circumstances make such an abstention or withholding otherwise advisable and in the best interest of the Fund, in the judgment of Adviser.
- Proxies will be voted in accordance with the Fund’s proxy voting policies and procedures, any applicable investment policies or restrictions of the Fund and, to the extent applicable, any resolutions or other instructions approved by the Fund’s Board of Directors.
- Absent any legal or regulatory requirement to the contrary, the Adviser generally will seek to maintain the confidentiality of the particular votes that it casts on behalf of the Fund; however, the Adviser recognizes that the Fund must disclose the votes cast on its behalf in accordance with all legal and regulatory requirements.
While these Guidelines are intended to provide a benchmark for voting standards, each vote is ultimately cast on a case-by-case basis, taking into consideration the Adviser’s contractual obligations to the Fund and all other relevant facts and circumstances at the time of the vote (such that these Guidelines maybe overridden to the extent Adviser believes appropriate).
Conflicts of Interest
In certain instances, a potential or actual material conflict of interest may arise when the Adviser votes a proxy. As a fiduciary to the Fund, the Adviser takes these conflicts very seriously. While the Adviser’s primary goal in addressing any such conflict is to ensure that proxy votes are cast in the Fund’s best interest and are not affected by the Adviser’s potential or actual material conflict, there are a number of courses that the Adviser may take. The final decision about which course to follow shall be made by the Adviser’s Investment Committee. The Investment Committee may cause any of the following actions, among others, to be taken in that regard:
- vote the relevant proxy in accordance with the vote indicated by the Guidelines;
- vote the relevant proxy as an exception to Guidelines, provided that the reasons behind the voting decision are in the best interest of the Fund, are reasonably documented and are approved by the Adviser’s CCO;
- engage an unaffiliated third-party proxy advisor to provide a voting recommendation or direct the proxy advisor to vote the relevant proxy in accordance with its independent assessment of the matter; or
- “echo vote” or “mirror vote” the relevant proxy in the same proportion as the votes of other proxy holders.
Disclosure
The Adviser will provide conspicuously displayed information in the Fund’s registration statement summarizing these Procedures, including a statement that Shareholders may request information regarding how the Adviser voted the Fund’s proxies, and may request a copy of these Procedures.
Requests for Information
All requests for information regarding proxy votes, or these Procedures, received by any Adviser personnel should be forwarded to the Adviser’s CCO. In response to any request from a Fund shareholder, the CCO will prepare a written response with such information as the CCO determines, in its sole discretion, should be shared with the Fund shareholder.
Recordkeeping
The Adviser’s CCO shall retain the following records:
- These Procedures and any amendments;
- Each proxy statement that the Adviser receives;
- A record of each vote that the Adviser casts;
- Any document the Adviser created that was material to deciding how to vote a proxy, or that memorializes that decision; and
- A copy of each written request for information on how the Adviser voted proxies, and a copy of any written response.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
(a) As of the date of this filing, Benjamin S. Miller, Brandon T. Jenkins, and Chris Brauckmuller are the Registrant’s portfolio managers and are primarily responsible for day-to-day management of the Registrant’s investment portfolio.
Benjamin S. Miller –
Mr. Miller currently serves as Chief Executive Officer of the Adviser and has served as Chief Executive Officer and a Director of Rise Companies since its inception on March 14, 2012. Prior to Rise Companies Corp., Mr. Miller had been a Managing Partner of the real estate company WestMill Capital Partners from October 2010 to June 2012, and before that, was President of Western Development Corporation from April 2006 to October 2010, after joining the company in early 2003 as a board member and then as COO in 2005. Western Development is one of the largest retail, mixed-use real estate companies in Washington, DC, most notably known for developing Gallery Place, Washington Harbour, Georgetown Park, and Potomac Mills. While at Western Development, Mr. Miller led the development activities of over 1.5 million square feet of property, including more than $300 million of real estate acquisition and financing. Mr. Miller was an Associate and part of the founding team of Democracy Alliance, a progressive investment collaborative, from 2003 until he joined Western Development in 2005. From 1999 to 2001, Mr. Miller was an associate in business development at Lyte Inc., a retail technology start-up. Starting in 1997 until 1999, Mr. Miller worked as an analyst at a private equity real estate fund, Lubert-Adler, and for venture capital firm IL Management. Mr. Miller has a Bachelor of Arts from the University of Pennsylvania. Mr. Miller is on the Board of Trustees of the National Center for Children and Families.
Brandon T. Jenkins –
Mr. Jenkins currently serves as Chief Operating Officer of the Adviser and has served in such capacity since February of 2014, prior to which time he served as Head of Product Development and Director of Real Estate, roles he continues to perform. Additionally, Mr. Jenkins has served as Director of Real Estate for WestMill Capital Partners since March of 2011. Previously, Mr. Jenkins spent two and a half years as an investment adviser and sales broker at Marcus & Millichap, the largest real estate investment sales brokerage in the country. Prior to his time in brokerage, Mr. Jenkins worked for Westfield Corporation, a leading shopping center owner. Mr. Jenkins earned his Bachelor of Arts in Public Policy and Economics from Duke University.
Chris Brauckmuller –
Mr. Brauckmuller serves as Chief Strategy Officer of the Adviser and has served in such capacity since January 2022. Mr. Brauckmuller served as Chief Product Officer of the Adviser from September 2018 to January 2022 and Director of Design and Creative of the Adviser from December 2012 to September 2018. From March 2010 to December 2012, Mr. Brauckmuller ran his own independent interactive design studio. Previously, Mr. Brauckmuller was employed as an interactive designer at 352 Media Group (now 352 Inc.), based in Gainesville, Florida, where he led creative efforts on accounts ranging from startups to Fortune 500 technology companies, including Microsoft and BAE Systems. Mr. Brauckmuller received a Bachelor of Arts degree from the University of Florida.
(a)(2) The portfolio managers primarily responsible for the day-to-day management of the Registrant’s portfolio also manage other pooled investment vehicles, as indicated below. The following table identifies, as of March 31, 2024: (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by each portfolio manager; (ii) the total assets of such companies, vehicles and accounts; and (iii) the number and total assets of such companies, vehicles and accounts that are subject to an advisory fee based on performance, unless otherwise noted:
Name | Number of Other Accounts Managed | Total Assets of Other Accounts Managed (Millions) | Number of Other Accounts Managed Paying Performance Fees | Total Assets of Other Accounts Managed Paying Performance Fees (Millions) | ||||
Benjamin S. Miller | ||||||||
Registered Investment Companies | 2 | $1,232.73 | 0 | $ 0 | ||||
Other Pooled Investment Vehicles | 13 | $1,831.92 | 2 | $ 87.68 | ||||
Other Accounts | 0 | $ 0 | 0 | $ 0 | ||||
Brandon T. Jenkins | ||||||||
Registered Investment Companies | 2 | $1,232.73 | 0 | $ 0 | ||||
Other Pooled Investment Vehicles | 13 | $1,831.92 | 2 | $ 87.68 | ||||
Other Accounts | 0 | $ 0 | 0 | $ 0 | ||||
Chris Brauckmuller | ||||||||
Registered Investment Companies | 0 | $ 0 | 0 | $ 0 | ||||
Other Pooled Investment Vehicles | 0 | $ 0 | 0 | $ 0 | ||||
Other Accounts | 0 | $ 0 | 0 | $ 0 |
Conflicts of Interest
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one investment account. Portfolio managers who manage other investment accounts in addition to a Registrant may be presented with the potential conflicts summarized below. The Adviser has adopted various policies and procedures designed to address potential conflicts of interest and intended to provide for fair and equitable management, also summarized below.
General. The officers and directors of the Adviser and the key investment professionals of Rise Companies who perform services for the Registrant on behalf of the Adviser are also officers, directors, managers, and/or key professionals of Rise Companies and other Fundrise entities (such as the eREITs® and the Fundrise eFundTM and any additional funds registered under the 1940 Act and sponsored by the Sponsor). These persons have legal obligations with respect to those entities that are similar to their obligations to the Registrant. In the future, these persons and other affiliates of Rise Companies may organize other programs and acquire for their own account investments that may be suitable for the Registrant. In addition, Rise Companies may grant equity interests in the Adviser to certain management personnel performing services for the Adviser.
Payment of Certain Fees and Expenses of the Adviser. The Management Fee paid to Adviser will be based on the Registrant’s NAV, which will be calculated by Rise Companies’ internal accountants and asset management team. The Adviser may benefit by the Registrant retaining ownership of its assets at times when Shareholders may be better served by the sale or disposition of the Registrant’s assets in order to avoid a reduction in the Registrant’s NAV.
Allocation of Investment Opportunities. The Registrant relies on the Adviser’s executive officers and Rise Companies’ key investment professionals who act on behalf of the Adviser to identify suitable investments. Rise Companies and other Fundrise entities, including those that may be formed in the future, also rely on these same investment professionals. Rise Companies has in the past, and expects to continue in the future, to offer other Fundrise Platform investment opportunities, primarily through the Fundrise Platform, which in the future may include offerings that acquire or invest in technology and technology-related companies.
These additional programs may have investment criteria that compete with the Registrant.
If a sale, financing, investment or other business opportunity would be suitable for more than one program, Rise Companies will allocate it using its business judgment. Any allocation of this type may involve the consideration of a number of factors that Rise Companies determines to be relevant.
Except under any policies that may be adopted by the Adviser, which policies will be designed to minimize conflicts among the programs and other investment opportunities provided on the Fundrise Platform, no program or Fundrise Platform investment opportunity (including the Registrant) will have any duty, responsibility or obligation to refrain from:
- engaging in the same or similar activities or lines of business as any program or Fundrise Platform investment opportunity;
- doing business with any potential or actual tenant, lender, purchaser, supplier, customer or competitor of any program or Fundrise Platform investment opportunity;
- engaging in, or refraining from, any other activities whatsoever relating to any of the potential or actual tenants, lenders, purchasers, suppliers or customers of any program or Fundrise Platform investment opportunity;
- establishing material commercial relationships with another program or Fundrise Platform investment opportunity; or
- making operational and financial decisions that could be considered to be detrimental to another program or Fundrise Platform investment opportunity.
In addition, any decisions by the Adviser to renew, extend, modify or terminate an agreement or arrangement, or enter into similar agreements or arrangements in the future, may benefit one program more than another program or limit or impair the ability of any program to pursue business opportunities. In addition, third parties may require as a condition to their arrangements or agreements with or related to any one particular program that such arrangements or agreements include or not include another program, as the case may be. Any of these decisions may benefit one program more than another program.
The Adviser may determine it appropriate for the Registrant and one or more Fundrise entities (such as the eREITs® and eFundTM and any additional funds registered under the 1940 Act and sponsored by the Sponsor) to participate in an investment opportunity. To the extent the Registrant is able to make co-investments with other Fundrise entities, these co-investment opportunities may give rise to conflicts of interest or perceived conflicts of interest among the Registrant and the other participating Fundrise entities. To mitigate these conflicts, the Adviser will seek to execute such transactions for all of the participating entities, including the Registrant, on a fair and equitable basis, taking into account such factors as available capital, portfolio concentrations, suitability and any other factors deemed appropriate. However, there can be no assurance the risks posed by these conflicts of interest will be mitigated.
In order to avoid any actual or perceived conflicts of interest among the Fundrise Platform investment opportunities and with the Adviser’s directors, officers and affiliates, the Registrant has adopted a conflicts of interest policy to specifically address some of the conflicts relating to the Registrant’s activities. There is no assurance that these policies will be adequate to address all of the conflicts that may arise or will address such conflicts in a manner that is favorable to the Registrant. The Adviser may modify, suspend or rescind the policies set forth in the conflicts policy, including any resolution implementing the provisions of the conflicts policy, in each case, without a vote of the Registrant’s Shareholders.
Allocation of the Registrant Affiliates’ Time. The Registrant relies on Rise Companies’ key investment professionals who act on behalf of the Adviser, including Mr. Benjamin S. Miller, for the day-to-day operation of the Registrant’s business. Mr. Benjamin S. Miller is also the Chief Executive Officer of Rise Companies and other Fundrise entities. As a result of his interests in other Fundrise entities, his obligations to other investors and the fact that he engages in and he will continue to engage in other business activities on behalf of himself and others, Mr. Benjamin S. Miller will face conflicts of interest in allocating his time among the Registrant, the Adviser and other Fundrise entities and other business activities in which he is involved. However, the Registrant believes that the Adviser and its affiliates have sufficient investment professionals to fully discharge their responsibilities to the Fundrise entities for which they work.
Receipt of Fees and Other Compensation by the Adviser and its Affiliates. The Adviser and its affiliates will receive fees from the Registrant. These fees could influence the Adviser’s advice to the Registrant as well as the judgment of affiliates of the Adviser, some of whom also serve as the Adviser’s officers and directors and the key investment professionals of Rise Companies. Among other matters, these compensation arrangements could affect their judgment with respect to:
- the continuation, renewal or enforcement of provisions in the LLC Agreement involving the Adviser and its affiliates or the Investment Management Agreement;
- the offering of shares by the Registrant, which entitles the Adviser to a Management Fee and other fees;
- acquisitions of investments and originations of equity or loans at higher purchase prices, which entitle the Adviser to higher acquisition fees and origination fees regardless of the quality or performance of the investment or loan;
- borrowings up to the Registrant’s stated borrowing policy to acquire investments and to originate loans, which borrowings will increase the Management Fee payable by the Registrant to the Adviser;
- whether the Registrant seeks necessary approvals to internalize the Registrant’s management, which may entail acquiring assets (such as office space, furnishings and technology costs) and the key investment professionals of Rise Companies who are performing services for the Registrant on behalf of the Adviser for consideration that would be negotiated at that time and may result in these investment professionals receiving more compensation from the Registrant than they currently receive from Rise Companies; and
- whether and when the Registrant merges or consolidates its assets with other funds, including funds affiliated with the Adviser.
Duties Owed by Some of the Registrant’s Affiliates to the Adviser and the Adviser’s Affiliates. The Adviser’s officers and directors and the key investment professionals of Rise Companies performing services on behalf of the Adviser are also officers, directors, managers and/or key professionals of:
- Rise Companies;
- the Adviser;
- Fundrise, LLC;
- other investment programs sponsored by Rise Companies; and
- other Fundrise entities.
As a result, they owe duties to each of these entities, their shareholders, members and limited partners. These duties may from time to time conflict with the duties that they owe to the Registrant.
(a)(3) Each of the Registrant’s portfolio managers receives compensation for his services, including services performed for the Registrant on behalf of the Adviser, from Rise Companies. In an effort to retain key personnel, Rise Companies has structured its compensation plans for portfolio managers (and other key personnel) in a manner that it believes is competitive with other similar investment management firms. The portfolio managers are compensated with a fixed base salary and discretionary bonus based on, among other factors, the overall performance of Rise Companies. The bonus structure is formula driven and is not tied to the investment returns generated by, or the value of assets held in, the Registrant or any of the other accounts managed.
(a)(4) The following table discloses the dollar range of equity securities beneficially owned by the portfolio managers of the Registrant as of March 31, 2024.
Name | Dollar Range of Equity Securities in the Fund | |
Benjamin S. Miller | $ 10,001-50,000 | |
Brandon T. Jenkins | $ 1-10,000 | |
Chris Brauckmuller | $ 10,001-50,000 |
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
There were no repurchases of equity securities by the Sponsor or other affiliated purchasers for this annual reporting period.
Item 10. Submission of Matters to a Vote of Security Holders
As of May 20, 2024, there have been no material changes in the procedures by which Shareholders may recommend nominees to the Board of Directors.
Item 11. Controls and Procedures
(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective as of a date within 90 days of the filing date of this Report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a)(3) Not applicable.
(a)(4) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fundrise Growth Tech Fund, LLC
By: | /s/ Benjamin S. Miller | |
Name: Benjamin S. Miller | ||
Title: President | ||
Date: | May 20, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Benjamin S. Miller | |
Name: Benjamin S. Miller | ||
Title: Principal Executive Officer | ||
Date: | May 20, 2024 |
By: | /s/ Alison A. Staloch | |
Name: Alison A. Staloch | ||
Title: Treasurer and Principal Financial Officer | ||
Date: | May 20, 2024 |