Fundrise, the crowdfunded real estate platform, is launching a new $1 billion venture capital growth equity fund that will invest in late-stage tech startups, including proptech.
Unlike typical VC funds, Fundrise's new initiative will have a 1.85% flat management fee—VC funds usually require a 2% management fee and a 20% performance fee on profits generated—and it will be an evergreen fund with an indefinite life, allowing investors to come and go as they please, according to a report in TechCrunch.
Fundrise CEO Ben Miller told TechCrunch that the new growth equity fund will be structured like the company's real estate investment platform, which allows investments as small as $10.
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