Dear Innovation Fund Shareholders,

We’re excited to inform you that the shareholders of the Fund have overwhelmingly voted in favor of moving forward with the public listing.

We’d like to thank everyone who participated in the vote, which included nearly 75% of outstanding shares — a remarkably high number when compared to traditional public voting processes that often see less than 30% participation from individuals. This impressive level of engagement serves as further evidence of the strong investor community we've worked to build together since day one.

Shareholder vote results

Measure Result Percent in Favor*
1. Public Listing Authorization Approved 80%
2. Management Fee Adjustment Not Approved 62%
3. Six-Month Lockup Period Approved 74%

* Rounded to the nearest whole number

It’s worth noting specifically that while the proposed management fee adjustment did receive a majority vote in favor, this measure in particular required 2/3rds support and therefore was not approved.

Despite our beliefs that such an adjustment was reasonable, ultimately (as has always been the case), we will plan to move ahead with what we feel is in the best interest of investors.

For those who are curious, we’ve also published an in-depth Shareholder Vote Transparency Report with additional details about the results for each measure.

What this means for you

With measures 1 and 3 approved, we are now cleared to proceed with the public listing. This represents a milestone moment not just for Fundrise, but for the democratization of venture capital investing more broadly.

As noted above, because the management fee adjustment measure did not pass, the asset management fee for the fund will remain at 1.85% and we anticipate that the overall operating costs for the Fund will likely be lower going forward.

We're now working to complete the final steps in the listing process and will continue to keep investors informed of any major updates, including once we have our anticipated listing date.

Innovation Fund Investor Day

We're also excited to announce that we will be hosting our first ever Fundrise Innovation Fund Investor Day on Thursday, February 26th at 2:00 PM ET.

This will be an opportunity to hear directly from our leadership team about:

  • Our vision for the Innovation Fund, or “VCX”
  • What to expect as a shareholder of a publicly traded venture fund
  • Our investment strategy and portfolio outlook going forward

This event will be open to all investors via livestream on GetVCX.com and the Fundrise YouTube channel.

Looking ahead

We’re thrilled by the confidence that shareholders have expressed in our vision to make venture capital accessible to all investors through the public markets. Just as mutual funds, index funds, and ETFs democratized access to other asset classes, we believe public venture funds like VCX represent the next evolution in financial innovation.

Thank you for your continued trust and support. We're excited to embark on this next chapter together.

If you have questions before Investor Day, please don't hesitate to reach out to our investor relations team at investments@fundrise.com.

Onward,

Ben & the entire Fundrise team