N-CSRS 1 primary-document.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
WASHINGTON, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

 
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 September 30, 2023
 
 
 

Item 1.  Reports to Stockholders
 
Fundrise
Growth
Tech
Fund,
LLC
Semi-Annual
Report
For
the
Six
Months
Ended
September
30,
2023
TABLE
OF
CONTENTS
Schedule
of
Investments
(Unaudited)
3
Statement
of
Assets
and
Liabilities
(Unaudited)
5
Statement
of
Operations
(Unaudited)
6
Statements
of
Changes
in
Net
Assets
7
Statement
of
Cash
Flows
(Unaudited)
8
Financial
Highlights
9
Notes
to
Financial
Statements
(Unaudited)
10
Additional
Information
(Unaudited)
22
Fundrise
Growth
Tech
Fund,
LLC
Schedule
of
Investments
(Unaudited)
September
30,
2023
3
See
accompanying
notes
to
the
financial
statements.
(Amounts
in
thousands)
Par/Shares
Description
Acquisition
Date
Value
as
of
September
30,
2023
Equity
Securities
-
34.9%
Common
Stock
-
15.3%
Technology
-
15
.
3
%
6
Canva
,
Inc.  (Cost
$6,220)
 (1)(2)(3)
09/15/23
$
6,220‌
80
Immuta
,
Inc.  (Cost
$1,022)
 (1)(2)(3)
03/28/23
1,02
2‌
154
ServiceTitan
,
Inc.  (Cost
$10,000)
 (1)(2)(3)
06/26/23
10,000‌
Total
Common
Stock
(Cost
$17,242)
$
17
,24
2‌
Preferred
Stock
-
19
.
6
%
Technology
-
19
.6%
441
dbt
Labs,
Inc.  (Cost
$15,000)
 (1)(2)(3)
09/22/23
$
15,000‌
611
Jetty
National,
Inc.
(Cost
$2,000)
 (1)(2)(3)
08/09/23
2,000‌
555
Vanta
,
Inc.  (Cost
$5,000)
 (1)(2)(3)
09/07/22
5,000‌
Total
Preferred
Stock
(Cost
$22,000)
$
22
,000‌
Total
Equity
Securities
(Cost
$39,242)
$
39,242‌
Portfolio
Funds
-
26.8%
Private
Investment
Companies
-
26.8%
Technology
-
26.8%
N/A
(4)
AI-LLM,
LLC  (Cost
$1,597)
 (1)(2)(3)
08/31/23
$
1,597‌
N/A
(4)
DBH1,
LP  (Cost
$25,019)
  (1)(2)(3)
07/14/23
28,073‌
N/A
(4)
Theory
Ventures,
LP  (Cost
$506)
  (2)(3)(5)
04/28/23
474‌
Total
Private
Investment
Companies
(Cost
$27,122)
$
30,144‌
Total
Portfolio
Funds
(Cost
$27,122)
$
30,144‌
Simple
Agreement
for
Future
Equity
in
Portfolio
Company
-
3.5%
Technology
-
3.5%
N/A
(4)
Inspectify
,
Inc.
(1)(2)(3)
06/30/23
$
4,000‌
Total
Simple
Agreement
for
Future
Equity
in
Portfolio
Company
(Cost
$4,000)
$
4,000‌
Fixed
Income
Securities
-
17.0%
Corporate
Convertible
Bonds
-
4.5%
Technology
-
4.5%
$
1,000‌
Cloudflare
,
Inc.,
4.80%,
08/15/26
 (6)(7)
$
855‌
1,000‌
Confluent,
Inc.,
6.17%,
01/15/27
 (6)(7)
820‌
1,000‌
Jamf
Holding
Corp.,
0.13%,
09/01/26
 (6)
842‌
1,000‌
Splunk
,
Inc.,
1.13%,
06/15/27
 (6)
949‌
2,000‌
Unity
Software,
Inc.,
6.71%-6.96%,
11/15/26
 (6)(7)
1,593‌
Total
Corporate
Convertible
Bonds
(Cost
$5,060)
$
5,059‌
Corporate
Non-Convertible
Bonds
-
12.5%
Technology
-
12.5%
 $
2,000‌
Block,
Inc.,
3.50%,
06/01/31
 (6)
$
1,573‌
1,000‌
Block,
Inc.,
2.75%,
06/01/26
 (6)
900‌
2,250‌
Elastic
NV,
4.13%,
07/15/29
 (6)
1,919‌
1,000‌
Match
Group
Holdings
II,
LLC,
5.63%,
02/15/29
 (6)
924‌
3,500‌
Roblox
Corp.,
3.88%,
05/01/30
 (6)
2,813‌
1,000‌
Twilio
,
Inc.,
3.88%,
03/15/31
814‌
2,000‌
Twilio
,
Inc.,
3.63%,
03/15/29
1,676‌
1,000‌
Uber
Technologies,
Inc.,
6.25%,
01/15/28
 (6)
979‌
3,000‌
ZoomInfo
Technologies,
LLC/
ZoomInfo
Finance
Corp.,
3.88%,
02/01/29
 (6)
2,503‌
Total
Corporate
Non-Convertible
Bonds
(Cost
$14,537)
$
14,101‌
Total
Fixed
Income
Securities
(Cost
$19,597)
$
19,160‌
Short-Term
Investments
-
17.1%
18,831‌
Allspring
Government
Money
Market
Fund,
Select
Class
Shares,
5.41%
 (8)
$
18,831‌
399‌
Northern
Institutional
U.S.
Government
Select
Portfolio,
5.22%
 (8)
399‌
Total
Short-Term
Investments
(Cost
$19,230)
$
19,230‌
Total
Investments,
at
value
-
99.3%
(Cost
$109,191)
$
111,776‌
Other
assets
in
excess
of
liabilities
-
0.7%
806‌
Total
Net
Assets
-
100.0%
$
112,582‌
LLC
Limited
Liability
Company
LP
Limited
Partnership
Fundrise
Growth
Tech
Fund,
LLC
Schedule
of
Investments
(Unaudited)
September
30,
2023
4
See
accompanying
notes
to
the
financial
statements.
(1)
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.
(2)
Restricted
security.
The
aggregate
value
of
restricted
securities
at
September
30,
2023
is
approximately
$73,386
(amounts
in
thousands)
and
represents
65.2%
of
net
assets.
See
Note
2,
Summary
of
Significant
Accounting
Policies
-
Fair
Value
Measurement
for
additional
information.
(3)
Non-income
producing
investment.
(4)
The
Fund
owns
LLC
or
LP
membership
interests
in
restricted
security
not
traded
in
public
markets.
(5)
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.
(6)
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.
At
the
period
end,
the
value
of
these
securities
amounted
to
$16,670
(amounts
in
thousands)
or
14.8%
of
net
assets
.
(7)
Zero
coupon
bond.
Interest
rate
presented
is
yield
to
maturity.
(8)
Rate
disclosed
is
representative
of
the
Fund's
seven-day
effective
yield
as
of
September
30,
2023.
PORTFOLIO
COMPOSITION
(As
of
September
30,
2023
)
Security
Type
Percent
of
Total
Investments
Private
Investment
Companies
27.0‌%
Preferred
Stock
19.7‌%
Short-Term
Investments
17.2‌%
Common
Stock
15.4‌%
Corporate
Non-Convertible
Bonds
12.6‌%
Corporate
Convertible
Bonds
4.5‌%
Simple
Agreement
for
Future
Equity
in
Private
Investment
Company
3.6‌%
Total
Investments
100.0‌%
Fundrise
Growth
Tech
Fund,
LLC
STATEMENT
OF
ASSETS
AND
LIABILITIES
(Unaudited)
September
30,
2023
5
See
accompanying
notes
to
financial
statements.
(Amounts
in
thousands,
except
share
and
per
share
data)
Assets
Investments,
at
fair
value
(Cost
$109,191)
$
111,776‌
Cash
and
cash
equivalents
1,554‌
Interest
and
dividends
receivable
285‌
Prepaid
expenses
139‌
Total
Assets
$
1
13
,
754‌
Liabilities
Settling
subscriptions
$
935‌
Payable
to
Adviser
140‌
Accounts
payable
and
accrued
expenses
61‌
Fund
services
fees
payable
36‌
Total
Liabilities
$
1,172‌
Total
Net
Assets
$
112,582‌
Components
of
Net
Assets
Paid-in
capital
$
110,173‌
Distributable
Earnings
2,40
9‌
Total
Net
Assets
$
112,582‌
Net
Asset
Value
Net
Asset
Value
$
112,582‌
Common
shares
outstanding
as
of
September
30,
2023;
unlimited
shares
authorized
11,033,881‌
Net
Asset
Value
Per
Share
$
10.20‌
Fundrise
Growth
Tech
Fund,
LLC
STATEMENT
OF
OPERATIONS
(Unaudited)
For
the
Six
Months
Ended
September
30,
2023
6
See
accompanying
notes
to
the
financial
statements.
(Amounts
in
thousands)
Investment
Income
Dividend
income
$
904‌
Interest
income
641‌
Total
Investment
Income
$
1,545‌
Expenses
Management
fees
$
755‌
Professional
fees
183‌
Miscellaneous
expenses
14
2‌
Fund
services
fees
135‌
Offering
costs
100‌
Directors'
fees
and
expenses
88‌
Custody
fees
18‌
Total
Expenses
$
1,421‌
Fees
waived
and
expenses
reimbursed
(197‌)
Net
Expenses
$
1,224‌
Net
Investment
Income
(Loss)
$
321‌
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
Net
realized
gain
(loss)
on
investments
$
(828‌)
Net
change
in
unrealized
appreciation/depreciation
on
investments
2,417‌
Total
Net
Realized
and
Unrealized
Gain
(Loss)
on
Investments
$
1,589‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
1,910‌
Fundrise
Growth
Tech
Fund,
LLC
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
7
See
accompanying
notes
to
financial
statements.
(Amounts
in
thousands)
For
the
Six
Months
Ended
September
30,
2023
(Unaudited)
For
the
Period
May
11,
2022
(1)
to
March
31,
2023
Operations:
Net
investment
income
(loss)
$
321‌
$
198‌
Net
realized
gain
(loss)
on
investments
(828‌)
–‌
Net
change
in
unrealized
appreciation/depreciation
on
investments
2,417‌
167‌
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
1,910‌
$
365‌
Capital
Share
Transactions:
Proceeds
from
sale
of
shares
38,915‌
73,124‌
Repurchase
of
shares
(1,375‌)
(457‌)
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
$
37,540‌
$
72,667‌
Net
Increase
(Decrease)
in
Net
Assets
$
39,450‌
$
73,032‌
Net
Assets:
Beginning
of
Period
$
73,132‌
$
100‌
End
of
Period
$
112,582‌
$
73,132‌
(1)
Effective
date
of
the
Fund’s
Registration
Statement
.
Fundrise
Growth
Tech
Fund,
LLC
STATEMENT
OF
CASH
FLOWS
(Unaudited)
For
the
Six
Months
Ended
September
30,
2023
8
See
accompanying
notes
to
financial
statements.
(Amounts
in
thousands)
Operating
Activities:
Net
increase
in
net
assets
resulting
from
operations
$
1,910‌
Adjustments
to
reconcile
net
increase
in
net
assets
resulting
from
operations
to
net
cash
provided
by
(used
in)
operating
activities:
Investments
in
long-term
investments
(69,370‌)
Net
change
in
investments
in
short-term
investments
25,399‌
Accretion
of
discounts
(297‌)
Net
realized
gain
on
investments
828‌
Net
change
in
unrealized
appreciation/depreciation
on
investments
(2,417‌)
Proceeds
from
sale
of
long-term
investments
5,877‌
Changes
in
assets
and
liabilities:
Net
(increase)
decrease
in
interest
and
dividend
receivable
39‌
Net
(increase)
decrease
in
prepaid
expenses
57‌
Net
increase
(decrease)
in
settling
subscriptions
935‌
Net
increase
(decrease)
in
accrued
management
fees
(375‌)
Net
increase
(decrease)
in
accounts
payable
and
accrued
expenses
(101‌)
Net
increase
(decrease)
in
fund
services
fees
payable
17‌
Net
cash
provided
by
(used
in)
operating
activities
$
(37,498‌)
Financing
Activities:
Proceeds
from
issuance
of
common
shares
$
38,915‌
Cash
paid
for
shares
repurchased
(1,375‌)
Net
cash
provided
by
(used
in)
financing
activities
$
37,540‌
Net
increase
(decrease)
in
cash
and
cash
equivalents
$
42‌
Cash
and
cash
equivalents,
beginning
of
period
1,512‌
Cash
and
cash
equivalents,
end
of
period
$
1,554‌
Fundrise
Growth
Tech
Fund,
LLC
FINANCIAL
HIGHLIGHTS
9
See
accompanying
notes
to
financial
statements.
For
the
Six
Months
Ended
September
30,
2023
(Unaudited)
For
the
Period
July
25,
2022
(1)
to
March
31,
2023
Net
Asset
Value,
Beginning
of
Period
$
10.05‌
$
10.00‌
Income
from
Investment
Operations
Net
investment
income
(loss)
(2)
$
0.04‌
$
0.05‌
Net
realized
and
unrealized
gain
(loss)
on
investments
0.11‌
0.00‌
(3)
Total
Income
(Loss)
from
Investment
Operations
$
0.15‌
$
0.05‌
Net
Asset
Value,
End
of
Period
$
10.20‌
$
10.05‌
Total
Investment
Return
Based
on
Net
Asset
Value
(4)
1.49‌%
(5)(6)
0.50‌%
(5)(6)
Ratios
and
Supplemental
Data
Net
assets
at
end
of
period
(thousands)
$
112,582‌
$
73,132‌
Ratio
of
gross
expenses
to
average
net
assets
(7)(8)
3.48‌%
(9)
6.18‌%
(9)
Ratio
of
net
expenses
to
average
net
assets
(8)
3.00‌%
(9)
2.74‌%
(9)
Ratio
of
net
investment
income
to
average
net
assets
0.79‌%
(9)
0.68‌%
(9)
Portfolio
turnover
rate
13‌%
(5)
–‌%
(5)
(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)
Not
annualized.
(6)
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.
(7)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
(8)
Excludes
acquired
fund
fees
and
expenses
of
underlying
investment
company
investments.
(9)
Annualized.
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(Unaudited)
September
30,
2023
10
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
operates
in
a
manner
intended
to
qualify
for
treatment
as
a
regulated
investment
company
(“RIC”)
for
U.S.
federal
income
tax
purposes
under
part
I
of
Subchapter
M
of
Chapter
1
of
the
Internal
Revenue
Code
of
1986,
as
amended
(the
“Code”).
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
September
30,
2023,
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
(Unaudited)
September
30,
2023
11
Valuation
Oversight
In
connection
with
SEC
Rule
2a-5,
effective
September
2022,
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
may
be
valued
by
an
outside
pricing
service
overseen
by
the
Valuation
Designee.
The
pricing
service
may
employ
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
(Unaudited)
September
30,
2023
12
The
majority
of
the
Fund’s
investments
are
expected
to
have
no
readily
available
market
quotations
and,
as
such,
will
be
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
adjust
the
valuation
of
its
Portfolio
Companies
with
each
new
funding
round,
which
is
a
generally
accepted
methodology
for
the
valuation
of
pre-IPO
companies
like
the
ones
the
Fund
intends
to
invest
in.
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
will
consider
when
valuing
its
portfolio
investments.
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
(Unaudited)
September
30,
2023
13
The
following
is
a
summary
of
the
inputs
used
as
of
September
30,
2023
,
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
September
30,
2023
(amounts
in
thousands)
.
The
weighted
average
range
of
unobservable
inputs
is
based
on
the
fair
value
of
investments.
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)
:
Restricted
Securities
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
Level
1
Level
2
Level
3
Practical
Expedient
(1)
Total
Common
Stock
$
–‌
$
–‌
$
17,242‌
$
–‌
$
17,242‌
Preferred
Stock
–‌
–‌
22,000‌
–‌
22,000‌
Private
Investment
Companies
–‌
–‌
29,670‌
474‌
30,144‌
Simple
Agreement
for
Future
Equity
in
Portfolio
Company
–‌
–‌
4,000‌
–‌
4,000‌
Corporate
Convertible
Bonds
–‌
5,059‌
–‌
–‌
5,059‌
Corporate
Non-Convertible
Bonds
–‌
14,101‌
–‌
–‌
14,101‌
Short-Term
Investments
19,230‌
–‌
–‌
–‌
19,230‌
Total
Investments
$
19,230‌
$
19,160‌
$
72,912‌
$
474‌
$
111,776‌
(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
Unobservable
Input
Range
Impact
to
Valuation
from
an
Increase
in
Input
(1)
Common
Stock
$
17,242‌
Recent
Transaction
Transaction
Price
N/A
Increase
Preferred
Stock
22,000‌
Recent
Transaction
Transaction
Price
N/A
Increase
Private
Investment
Company
1,597‌
Recent
Transaction
Transaction
Price
N/A
Increase
Private
Investment
Company
28,073‌
Market
Transaction
Transaction
Price
N/A
Increase
Simple
Agreement
for
Future
Equity
in
Portfolio
Company
4,000‌
Recent
Transaction
Transaction
Price
N/A
Increase
Total
$
72,912‌
(1)
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
Investment
Companies
Simple
Agreement
for
Future
Equity
in
Porfolio
Company
Balance
as
of
March
31,
2023
$
1,022‌
$
5,000‌
$
–‌
$
–‌
Purchases
16,220‌
17,000‌
26,616‌
4,000‌
Accrued
discounts
(premiums)
–‌
–‌
–‌
–‌
Realized
gain
(loss)
–‌
–‌
–‌
–‌
Net
change
in
unrealized
appreciation/depreciation
–‌
–‌
3,054‌
–‌
Return
of
capital
distributions
–‌
–‌
–‌
–‌
Sales
–‌
–‌
–‌
–‌
Transfers
into
Level
3
–‌
–‌
–‌
–‌
Transfers
out
of
Level
3
–‌
–‌
–‌
–‌
Balance
as
of
September
30,
2023
$
17,242‌
$
22,000‌
$
29,670‌
$
4,000‌
Net
change
in
unrealized
appreciation/depreciation
for
the
six
months
ended
September
30,
2023
related
to
Level
3
investments
held
at
September
30,
2023
$
–‌
$
–‌
$
3,054‌
$
–‌
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(Unaudited)
September
30,
2023
14
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.
Restricted
securities
held
at
September
30,
2023
are
identified
within
the
Schedule
of
Investments.
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,
and
intends
to
operate
as
such.
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.
For
the
open
tax
periods,
the
Fund
has
no
uncertain
tax
positions
that
would
require
recognition
in
the
financial
statements.
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.
For
the
six
months
ended
September
30,
2023,
the
Fund
did
not
incur
any
income
tax,
interest,
or
penalties.
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
Fund
calculates
its
NAV
as
of
the
close
of
business
(i)
on
the
last
business
day
of
each
calendar
month,
(ii)
each
date
that
Shares
are
sold
or
repurchased
that
the
New
York
Stock
Exchange
is
open
for
business,
as
of
the
close
of
the
regular
trading
session
on
the
NYSE,
usually
4:00
p.m.,
Eastern
Standard
Time,
(iii)
as
of
the
date
of
any
distribution
and
(iv)
at
such
other
times
as
the
Board
shall
determine.
Distributions
To
Shareholders
The
Fund
will
be
required
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
does
not
expect
to
declare
any
distributions
until
the
proceeds
from
the
Fund’s
initial
offering
are
invested
and
generating
operating
cash
flow.
Once
the
Fund
is
generating
operating
cash
flows,
it
expects
to
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
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(Unaudited)
September
30,
2023
15
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.
Dividend
Reinvestment
The
Fund
will
operate
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.
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
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(Unaudited)
September
30,
2023
16
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.
Global
economic,
political
and
market
conditions
and
economic
uncertainty,
including
those
caused
by
the
ongoing
COVID-19
pandemic,
may
adversely
affect
the
Fund’s
business,
results
of
operations
and
financial
condition.
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
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
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(Unaudited)
September
30,
2023
17
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
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.
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(Unaudited)
September
30,
2023
18
4.
Share
Transactions
Below
is
a
summary
of
transactions
with
respect
to
the
Fund’s
common
shares
for
the
six
months
ended
September
30,
2023
and
for
the
period
May
11,
2022
(effective
date
of
the
Fund’s
Registration
Statement)
to
March
31,
2023
(all
tabular
amounts
are
in
thousands
except
share
data)
:
As
of
September
30,
2023,
the
Fund
has
issued
10,000
common
shares
to
the
Sponsor.
For
the
six
months
ended
September
30,
2023,
no
distributions
were
declared
to
this
related
party.
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
six
months
ended
September
30,
2023
(all
tabular
amounts
are
in
thousands
except
share
data)
:
For
the
Six
Months
Ended
September
30,
2023
For
the
Period
May
11,
2022
(1)
to
March
31,
2023
Common
Shares
Shares
Amount
Shares
Amount
Gross
proceeds
from
offering
3,894,78
0‌
$
38,915‌
7,312,285‌
$
73,124‌
Reinvestment
of
distributions
–‌
–‌
–‌
–‌
Total
gross
proceeds
3,894,78
0‌
$
38,915‌
7,312,285‌
$
73,124‌
Less:
shares
repurchased
(137,440‌)
(1,375‌)
(45,744‌)
(457‌)
Net
Proceeds
from
Common
Shares
3
,
757
,
3
4
0‌
$
37,540‌
7,266,541‌
$
72,667‌
(1)
Effective
date
of
the
Fund’s
Registration
Statement.
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
80,824‌
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(Unaudited)
September
30,
2023
19
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.
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
reimbursement
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
a
reimbursement
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
reimbursed,
or
(b)
the
expense
limitation
amount
in
effect
at
the
time
of
the
reimbursement.
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
six
months
ended
September
30,
2023,
the
Adviser
contractually
waived
Management
Fees
of
approximately
$197,000
and
no
expenses
were
voluntarily
reimbursed.
The
Adviser
is
entitled
to
seek
reimbursement
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
a
reimbursement
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
reimbursed,
or
(b)
the
expense
limitation
amount
in
effect
at
the
time
of
the
reimbursement.
The
Expense
Limitation
Agreement
will
remain
in
effect
for
one
year
from
the
effective
date
of
the
Investment
Management
Agreement,
unless
and
until
the
Board
approves
its
modification
or
termination.
As
of
September
30,
2023,
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
six
months
ended
September
30,
2023,
the
Adviser
did
not
seek
recoupment
for
any
fees.
The
Fund
will
reimburse
the
Adviser
for
actual
expenses
incurred
on
behalf
of
the
Fund
in
connection
with
the
selection,
acquisition
or
origination
of
an
investment,
to
the
extent
not
reimbursed
by
a
third-party
borrower,
whether
or
not
the
Fund
ultimately
acquires
or
originates
the
investment.
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
six
months
ended
September
30,
2023,
the
Adviser
did
not
incur
any
such
costs
on
the
Fund’s
behalf,
and
as
such
no
expenses
are
payable
as
of
September
30,
2023.
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
six
months
ended
September
30,
2023.
Recoupment
expiration
Expenses
remaining
Expires
during
the
year
ended
March
31,
2024
$
–‌
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
197‌
Total
Fee
Waiver/Expense
Reimbursement
Subject
to
Recoupment
$
1,200‌
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(Unaudited)
September
30,
2023
20
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.
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
six
months
ended
September
30,
2023
amounted
to
$69,370
and
$5,877,
respectively
(amounts
in
thousands)
.
8.
Tax
Basis
Information
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,
2023,
the
tax
basis
of
distributable
earnings
(accumulated
deficit)
was
as
follows
(amounts
in
thousands)
:
As
of
September
30,
2023
,
the
unrealized
appreciation
and
depreciation
of
investments,
based
on
cost
for
federal
income
tax
purposes,
were
as
follows
(amounts
in
thousands)
:
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
is
currently
evaluating
the
implications,
if
any,
of
the
additional
requirements
and
does
not
expect
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.
During
October
2023,
the
Adviser
completed
diversification
testing
for
RIC
qualification,
noting
that
the
Fund
did
not
meet
the
requirements
as
of
September
30,
2023.
The
Adviser
considered
possible
resolutions
during
the
30-day
cure
period
provided
by
the
Undistributed
ordinary
income
(loss)
$
332‌
Tax
accumulated
earnings
(loss)
$
332‌
Net
unrealized
gain
(loss)
on
investments
167‌
Total
Distributable
Earnings
$
499‌
Cost
of
investments
for
tax
purposes
$
109,191‌
Gross
tax
unrealized
appreciation
$
3,132‌
Gross
tax
unrealized
depreciation
(547‌)
Net
Tax
Unrealized
Appreciation
$
2,585‌
Fundrise
Growth
Tech
Fund,
LLC
Notes
to
Financial
Statements
(Unaudited)
September
30,
2023
21
Code
following
quarter-end,
however,
it
is
unlikely
that
the
Fund
will
rely
on
any
of
the
available
cures.
Therefore,
the
Fund
will
likely
file
a
C
corporation
tax
return
for
the
tax
year
ended
March
31,
2023
which
is
estimated
to
result
in
an
income
tax
payment
of
approximately
$73,000.
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
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
Fundrise
Growth
Tech
Fund,
LLC
Additional
Information
(Unaudited)
September
30,
2023
22
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.
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
 
Not applicable for semi-annual reporting period.
 
Item 3. Audit Committee Financial Expert
 
Not applicable for semi-annual reporting period.
 
Item 4. Principal Accountant Fees and Services
 
Not applicable for semi-annual reporting period.
 
Item 5. Audit Committee of Listed Registrants
 
Not applicable for semi-annual reporting period.
 
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 divestment 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
 
Not applicable for semi-annual reporting period.
 
Item 8.   Portfolio Managers of Closed-End Management Investment Companies
 
(a) Not applicable for semi-annual reporting period.
 
(b) As of November 16, 2023, there have been no changes in portfolio managers since the most recent annual report.
 
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 November 16, 2023, 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.
 
During the period covered by this report, a third-party service provider commenced performing certain accounting and administrative services for the Registrant that are subject to Rise Companies’ oversight.
 
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
 
Not applicable.
 
Item 13. Exhibits
 
(a)(1) 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:
November 16, 2023
 
 
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:
November 16, 2023
 
 
By:
/s/ Alison A. Staloch
 
 
Name: Alison A. Staloch
 
 
Title: Treasurer and Principal Financial/Accounting Officer
 
 
 
 
Date:
November 16, 2023