Fundrise
Growth
Tech
Fund,
LLC
PORTFOLIO
COMPOSITION
(UNAUDITED)
June
30,
2024
1
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
(UNAUDITED)
June
30,
2024
2
See
accompanying
notes
to
schedule
of
investments.
(Amounts
in
thousands)
Description
Par/Shares
Security
Type
Value
as
of
June
30,
2024
%
of
Net
Assets
Technology
Private
Equity
Data
Infrastructure
Databricks,
Inc.
(1)(2)(3)
382
Common
Stock
(4)
$
29,193
20.3%
dbt
Labs,
Inc.
(1)(2)(5)
441
Preferred
Stock
15,000
10.4%
Databricks,
Inc.
(1)(2)(5)
122
Common
Stock
9,355
6.5%
Vanta,
Inc.
(1)(2)(5)
555
Preferred
Stock
5,000
3.5%
Immuta,
Inc.
(1)(2)(5)
80
Common
Stock
1,022
0.7%
Carry
Technologies,
Inc.
dba
Hightouch
(1)(2)(5)
12
Common
Stock
267
0.2%
Total
Data
Infrastructure
(Cost
$55,182
)
$
59,837
41.6%
Artificial
Intelligence
Anthropic,
PBC
(1)(2)(5)
218
Preferred
Stock
(4)
$
7,072
4.9%
8VC
ANSE
SPV,
LP
(1)(2)(5)
N/A
Private
Fund
6,803
4.8%
HOF
Capital
AP
Growth,
LLC
(1)(2)(5)(6)
N/A
Private
Fund
5,250
3.7%
Visual
Layer,
Inc.
(1)(2)(5)(7)
N/A
Simple
Agreement
for
Future
Equity
5,000
3.5%
Theory
Ventures,
LP
(1)(2)(3)(8)
N/A
Private
Fund
1,774
1.2%
AI-LLM,
LLC
(1)(2)(5)(9)
N/A
Common
Stock
1,597
1.1%
Anyscale,
Inc.
(1)(2)(5)
300
Common
Stock
1,494
1.1%
Luminos,
Inc.
(1)(2)(5)
N/A
Simple
Agreement
for
Future
Equity
197
0.1%
Total
Artificial
Intelligence
(Cost
$29,991
)
$
29,187
20.4%
Vertical/Horizontal
Software
ServiceTitan,
Inc.
(1)(2)(5)
294
Common
Stock
$
21,329
14.
9
%
Canva,
Inc.
(1)(2)(5)
6
Common
Stock
6,220
4.3%
Total
Vertical/Horizontal
Software
(Cost
$26,395
)
$
27,549
19.
2
%
Property
Technology
Inspectify,
Inc.
(1)(2)(5)(10)
N/A
Simple
Agreement
for
Future
Equity
$
4,000
2.8%
Jetty
National,
Inc.
(1)(2)(5)
611
Preferred
Stock
2,000
1.4%
Total
Property
Technology
(Cost
$6,000
)
$
6,000
4.2%
Financial
Technology
Ramp
Business
Corp.
(1)(2)(5)
26
Common
Stock
$
693
0.5%
Stripe,
Inc.
(1)(2)(5)
10
Common
Stock
355
0.2%
Total
Financial
Technology
(Cost
$1,048
)
$
1,048
0.7%
Total
Technology
Private
Equity
(Cost
$118,616)
$
123,621
86.1%
Technology
Fixed
Income
ZoomInfo
Technologies,
LLC/ZoomInfo
Finance
Corp.,
3.88%,
02/01/29
(11)
$
3,000
Corporate
Non-Convertible
Bond
$
2,727
1.9%
Elastic
NV,
4.13%,
07/15/29
(11)
2,250
Corporate
Non-Convertible
Bond
2,057
1.4%
Twilio,
Inc.,
3.63%,
03/15/29
2,000
Corporate
Non-Convertible
Bond
1,801
1.2%
Uber
Technologies,
Inc.,
6.25%,
01/15/28
(11)
1,000
Corporate
Non-Convertible
Bond
1,002
0.7%
Match
Group
Holdings
II,
LLC,
5.63%,
02/15/29
(11)
1,000
Corporate
Non-Convertible
Bond
962
0.7%
Block,
Inc.,
2.75%,
06/01/26
(11)
1,000
Corporate
Non-Convertible
Bond
945
0.7%
Jamf
Holding
Corp.,
0.13%,
09/01/26
(11)
1,000
Corporate
Convertible
Bond
887
0.6%
Twilio,
Inc.,
3.88%,
03/15/31
1,000
Corporate
Non-Convertible
Bond
881
0.6%
Total
Technology
Fixed
Income
(Cost
$11,253)
$
11,262
7.8%
Short-Term
Investments
Allspring
Government
Money
Market
Fund,
Select
Class,
5.39%
(12)
7,944
Money
Market
Fund
$
7,
944
5.5%
Federated
Hermes
Government
Obligations
Fund,
Administrative
Shares,
4.9
3%
(12)(13)
1
Money
Market
Fund
1
0.0%
Total
Short-Term
Investments
(Cost
$7,945)
$
7,
945
5.5
%
Total
investments,
at
value
(Cost
$137,814)
$
142,
828
99.4
%
Other
assets
in
excess
of
liabilities
845
0.
6
%
Total
Net
Assets
$
143,673
100.0%
LLC
Limited
Liability
Company
LP
Limited
Partnership
Fundrise
Growth
Tech
Fund,
LLC
Schedule
of
Investments
(UNAUDITED)(Continued)
June
30,
2024
3
See
accompanying
notes
to
schedule
of
investments.
(1)
Non-income
producing
investment.
(2)
Restricted
security.
The
aggregate
value
of
restricted
securities
at
June
30,
2024
is
approximately
$123,621
(amount
in
thousands)
and
represents
86.1%
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
schedule
of
investments
for
an
explanation
of
this
hierarchy,
as
well
as
a
list
of
significant
unobservable
inputs
used
in
the
valuation
of
these
instruments.
(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)
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,
which
is
a
function
of
the
discount
price.
(8)
Limited
partnership
with
a
10-year
term.
Redemptions
are
not
permitted.
There
are
unfunded
commitments
of
$
3,103
(amount
in
thousands)
as
of
June
30,
2024.
(9)
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).
(10)
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.
(11)
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
June
30,
2024
is
approximately
$8,580
(amount
in
thousands)
and
represents
6.0%
of
net
assets.
(12)
Rate
disclosed
is
representative
of
the
seven-day
effective
yield
as
of
June
30,
2024.
(13)
Value
is
less
than
0.05%
of
Total
Net
Assets.
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Schedule
of
Investments
(UNAUDITED)
June
30,
2024
4
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
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
(“NAV”),
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
current
summary
of
certain
methods
generally
used
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
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Schedule
of
Investments
(UNAUDITED)
June
30,
2024
5
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.
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
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.
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
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Schedule
of
Investments
(UNAUDITED)
June
30,
2024
6
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
pooled
investment
vehicles,
the
Fund’s
NAV
may
be
calculated
based
upon
the
NAVs
of
those
vehicles
as
a
practical
expedient,
where
such
valuation
methodologies
employed
by
the
pooled
investment
vehicles
reflects
fair
value
pricing
and
the
effects
of
using
fair
value
pricing.
With
respect
to
purchases
or
sales
of
secondary
investments
in
pooled
investment
vehicles,
the
latest
NAV
reported
by
those
vehicles
may
be
further
adjusted
if
the
Adviser
determines
that
the
price
paid
or
received
is
representative
of
a
transaction
between
willing
parties
at
the
time
of
the
purchase
or
sale.
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.
The
following
is
a
summary
of
the
Fund’s
assets
measured
at
fair
value
on
a
recurring
basis
as
of
June
30,
2024
,
and
indicates
the
fair
value
hierarchy
of
the
inputs
utilized
by
the
Fund
to
determine
such
fair
value
(amounts
in
thousands)
:
Level
1
Level
2
Level
3
Practical
Expedient
(1)
Total
Common
Stock
$
–
$
–
$
42,332
$
–
$
42,332
Preferred
Stock
–
–
22,000
–
22,000
Private
Funds
–
–
19,125
30,967
50,092
Corporate
Non-Convertible
Bonds
–
10,375
–
–
10,375
Simple
Agreement
for
Future
Equity
–
–
9,197
–
9,197
Short-Term
Investments
7,945
–
–
–
7,945
Corporate
Convertible
Bond
–
887
–
–
887
Total
Investments
$
7,
945
$
11,262
$
92,654
$
30,967
$
142,
828
(1)
As
a
practical
expedient,
certain
investments
that
are
measured
at
fair
value
using
the
NAV
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.
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Schedule
of
Investments
(UNAUDITED)
June
30,
2024
7
The
following
is
a
summary
of
quantitative
information
about
the
significant
unobservable
inputs
of
the
Fund’s
Level
3
investments
as
of
June
30,
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)
:
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
32,977
Recent
Transaction
Transaction
Price
N/A
Increase
Common
Stock
9,355
Market
Transaction
Transaction
Price
N/A
Increase
Private
Funds
5,250
Recent
Transaction
Transaction
Price
N/A
Increase
Private
Funds
13,875
Market
Transaction
Transaction
Price
N/A
Increase
Simple
Agreement
for
Future
Equity
9,197
Recent
Transaction
Transaction
Price
N/A
Increase
Total
$
92,654
(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,
2024
$
29,687
$
22,000
$
18,343
$
4,100
$
74,130
Purchases
11,491
–
–
5,097
16,588
Realized
gain
(loss)
–
–
–
–
–
Net
change
in
unrealized
appreciation/depreciation
1,154
–
782
–
1,936
Sales
–
–
–
–
–
Transfers
into
Level
3
–
–
–
–
–
Transfers
out
of
Level
3
–
–
–
–
–
Balance
as
of
June
30,
2024
$
42,332
$
22,000
$
19,125
$
9,197
$
92,654
Net
change
in
unrealized
appreciation/depreciation
for
the
period
ended
June
30,
2024
related
to
Level
3
investments
held
at
June
30,
2024
$
1,154
$
–
$
782
$
–
$
1,936
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Schedule
of
Investments
(UNAUDITED)
June
30,
2024
8
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
June
30,
2024
(amounts
in
thousands)
:
Description
Initial
Acquisition
Date
Shares
Cost
Value
as
of
June
30,
2024
%
of
Net
Assets
Databricks,
Inc.
07/14/23
382
$
25,019
$
29,193
20.3%
ServiceTitan,
Inc.
06/26/23
294
20,175
21,329
14.9%
dbt
Labs,
Inc.
09/22/23
441
15,000
15,000
10.4%
Databricks,
Inc.
11/20/23
122
8,874
9,355
6.5%
Anthropic,
PBC
12/06/23
218
8,535
7,072
4.9%
Canva,
Inc.
09/15/23
6
6,220
6,220
4.3%
8VC
ANSE
SPV,
LP
10/27/23
N/A
6,021
6,803
4.8%
HOF
Capital
AP
Growth,
LLC
12/29/23
N/A
5,250
5,250
3.7%
Vanta,
Inc.
09/07/22
555
5,000
5,000
3.5%
Visual
Layer,
Inc.
06/04/24
N/A
5,000
5,000
3.5%
Inspectify,
Inc.
06/30/23
N/A
4,000
4,000
2.8%
Jetty
National,
Inc.
08/09/23
611
2,000
2,000
1.4%
Theory
Ventures,
LP
04/28/23
N/A
1,897
1,774
1.2%
AI-LLM,
LLC
08/31/23
N/A
1,597
1,597
1.1%
Anyscale,
Inc.
10/18/23
300
1,494
1,494
1.1%
Immuta,
Inc.
03/28/23
80
1,022
1,022
0.7%
Ramp
Business
Corp.
05/20/24
26
693
693
0.5%
Stripe,
Inc.
06/28/24
10
355
355
0.2%
Carry
Technologies,
Inc.
dba
Hightouch
06/06/24
12
267
267
0.2%
Luminos,
Inc.
11/09/23
N/A
197
197
0.1%
Total
$
118,616
$
123,621
86.1%