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: July 25, 2022 through March 31, 2023

Item 1.  Reports to Stockholders

Fundrise

Growth

Tech

Fund,

LLC

Annual

Report

For

the

Period

Ended

March

31,

2023

TABLE

OF

CONTENTS

Management

Discussion

of

Fund

Performance

(Unaudited)

3

Performance

Chart

and

Analysis

(Unaudited)

5

Schedule

of

Investments

6

Statement

of

Assets

and

Liabilities

7

Statement

of

Operations

8

Statement

of

Changes

in

Net

Assets

9

Financial

Highlights

10

Notes

to

Financial

Statements

11

Report

of

Independent

Registered

Public

Accounting

Firm

22

Additional

Information

(Unaudited)

23

Fundrise

Growth

Tech

Fund,

LLC

Management

Discussion

of

Fund

Performance

(UNAUDITED)

March

31,

2023

3

Dear

Fellow

Shareholders,

We

are

pleased

to

present

the

annual

report

of

the

Fundrise

Growth

Tech

Fund,

LLC

(the

“Fund”).

We

believe

the

Fund

is

off

to

a

strong

start,

especially

compared

to

the

Cambridge

Associates

LLC

U.S.

Venture

Capital

Index,

a

technology

investment

benchmark

that

we

believe

is

most

comparable

to

the

Fund.

During

the

reporting

period,

the

public

markets

saw

elevated

volatility

while

venture

funds

are

generally

poised

to

have

their

worst

year

since

the

dot

com

crash

in

the

early

2000s.

On

the

other

hand,

our

measured

approach

to

capital

deployment

allowed

us

to

avoid

the

lofty

valuations

in

many

VC

deals

last

year

that

we

suspect

those

investors

will

come

to

regret.

We’ve

assumed

a

defensive

position

with

large

cash

and

liquid

securities

holdings

in

order

to

enable

the

Fund

to

be

well

positioned

to

capitalize

on

attractive

opportunities

once

technology

markets

are

closer

to

bottoming,

which

we

expect

to

see

later

this

year.

This

defensive,

cash-heavy

approach

resulted

in

slight

underperformance

relative

to

public

securities

benchmarks

but

allows

for

optionality

that

we

anticipate

will

be

critical

for

future

performance.

The

Fund

returned

+0.50%

for

the

period

July

25,

2022

(commencement

of

investment

operations)

through

March

31,

2023.

During

the

same

period

the

NASDAQ

Composite

Index

returned

+3.73%

and

the

BVP

NASDAQ

Emerging

Cloud

Index

returned

+1.93%.

The

Cambridge

Associates

LLC

U.S.

Venture

Capital

Index

returned

-2.35%

in

Q3

2022

and

-7.31%

in

Q4

2022

(1)

.

The

Cambridge

Associates

LLC

U.S.

Venture

Capital

Index

tracks

thousands

of

U.S.-based

venture

capital

funds.

The

private

nature

of

these

funds,

the

lag

in

reporting

and

aggregation

of

their

data

precludes

it

as

a

formal

benchmark,

but

given

our

focus

on

the

private

markets,

we

believe

the

Cambridge

Venture

Capital

Index

is

the

most

relevant

comparison.

While

we

don’t

have

Cambridge

data

for

Q1

and

the

Q4

data

is

only

preliminary,

we

anticipate

that

our

deliberate

and

defensive

approach

to

deployment

allowed

us

to

outperform

the

benchmark

by

a

significant

margin.

This

past

year

saw

sustained

high

levels

of

inflation.

To

combat

this

record

high

inflation,

the

Federal

Reserve

conducted

its

fastest

ever

period

of

interest

rate

hikes,

raising

the

benchmark

Fed

Funds

rate

from

0-0.25%

in

January

2022

to

5.00-5.25%

in

May

2023.

As

expected,

this

plan

to

methodically

slow

down

the

economy

and

withdraw

liquidity

from

the

market

through

the

use

of

monetary

policy

has

also

led

to

a

sharp

decline

in

asset

values

across

nearly

all

sectors,

with

the

technology

sector

being

among

the

most

acutely

impacted.

The

step-change

evolution

in

the

macro

environment

presents

unique

challenges

and

opportunities

for

the

Fund.

In

the

face

of

these

developments,

we

have

maintained

our

focus

on

understanding

the

shifts

in

the

venture

landscape

and

adapting

our

strategy

accordingly.

This

wasn’t

the

macro

environment

we

anticipated

when

we

initially

planned

on

expanding

into

the

venture

ecosystem.

And

while

it

may

prove

to

be

one

of

the

most

attractive

markets

to

invest

in,

it’s

worth

taking

stock

of

where

the

market

sits

today,

what

our

outlook

is

going

forward,

and

what

has

and

hasn’t

changed

since

we

launched

the

Fund.

During

the

three

quarters

of

the

Fund’s

life

(Q3

‘22

-

Q1

‘23),

broader

venture

capital

activity

declined

by

over

50%

to

a

total

of

$125

billion

deployed

compared

to

$266

billion

in

the

same

period

one

year

prior.

This

steep

decline

occurred

despite

venture

investors

sitting

on

a

record

amount

of

deployable

capital

(“dry

powder”)

after

2022

fundraising

topped

the

already

record

breaking

2021.

So

how

does

the

banner

fundraising

square

with

the

sharp

decline

in

deployment?

We

believe

it

is

a

confluence

of

a

dramatic

reset

in

the

valuation

environment

of

public

technology

companies,

the

significant

runway

of

the

best

companies,

and

a

more

tepid

outlook

for

VC

fund

growth.

Valuation

multiples

peaked

in

the

public

markets

in

late

2021

with

a

median

B2B

SaaS

company

commanding

a

15

-

20x

revenue

multiple

and

some

of

the

highest

growth

companies

stretching

into

the

50

-

80x

range!

Those

multiples

declined

60

-

70%

from

the

peak

to

the

5-7x

range

for

a

median

company

and

8

-

12x

for

the

highest

growth

companies

currently

(2)

.

A

65%

decline

in

valuation

would

require

the

company

to

almost

triple

its

revenue

to

achieve

the

same

prior

valuation.

In

the

private

markets,

companies

enjoyed

valuation

multiples

at

or

above

comparable

levels

in

the

public

markets.

But

unlike

public

companies

whose

valuations

are

updated

in

real-

time,

private

companies

are

valued

only

when

they

elect

to

raise

additional

capital.

Startups

were

more

than

willing

to

be

valued

at

historically

high

valuation

multiples

and

chose

to

raise

record

amounts

in

2020

and

2021.

But

with

a

new

valuation

paradigm

and

healthy

cash

balances,

companies

saw

little

incentive

to

raise

in

2022,

which

we

don’t

expect

to

change

in

the

near

term.

Venture

exit

activity

has

also

suffered,

plummeting

94%

in

Q3

‘22

-

Q1

‘23

compared

to

the

same

period

a

year

prior,

according

to

data

from

Pitchbook

based

on

~100

B2B

software

businesses

from

June

2021

to

May

2023.

The

initial

public

offering

market,

in

particular,

has

come

to

a

standstill,

and

it

appears

that

a

revival

will

only

occur

when

companies

are

willing

to

face

the

reality

of

lower

revenue

multiples

in

the

public

markets.

The

decline

in

exit

activity

has

knock

on

effects

for

the

venture

capital

deployment.

Exits

are

a

key

source

for

limited

partners

to

redeploy

back

into

the

venture

ecosystem,

so

a

prolonged

slowdown

in

exits

may

prompt

venture

investors

to

slow

their

deployment

in

order

to

preserve

capital.

(1)

Reflects

preliminary

Q4

returns

for

the

Cambridge

Associates

U.S.

Venture

Capital

Benchmark.

.

(2)

Valuation

data

per

Pitchbook

based

on

~100

B2B

software

businesses

from

June

2021

to

May

2023.

Fundrise

Growth

Tech

Fund,

LLC

Management

Discussion

of

Fund

Performance

(UNAUDITED)

March

31,

2023

4

Recognizing

the

uncertainty

surrounding

valuations,

we

remain

patient

and

opportunistic

in

our

approach.

It

may

take

some

time

for

a

consensus

to

emerge

and

be

accepted

in

the

private

markets,

but

our

focus

is

on

identifying

and

investing

in

exceptional

companies

that

can

weather

the

current

challenges

and

emerge

as

leaders

in

their

respective

industries.

We

don’t

expect

the

valuation

environment

to

quickly

revert

to

the

elevated

levels

we

saw

in

2021

as

some

market

participants

may

hope.

We

are

comfortable

being

patient

and

avoiding

the

pitfalls

of

paying

peak

prices.

We

anticipate

that

in

the

near

term,

the

most

attractive

investment

opportunities

will

be

found

in

the

public

markets.

Our

defensive

position,

characterized

by

large

cash

and

liquid

securities

holdings,

is

central

to

our

strategy,

as

it

enables

us

to

preserve

optionality

and

capitalize

on

attractive

opportunities

as

they

arise.

Once

a

more

sustainable

price

equilibrium

has

been

reached

in

the

private

markets,

we

will

be

well-prepared

to

attempt

to

seize

the

most

promising

opportunities.

As

we

continue

to

navigate

this

complex

market

environment,

we

will

closely

monitor

the

market,

deploy

capital

judiciously

and

ensure

that

we

remain

well-positioned

to

capitalize

on

compelling

opportunities

as

the

macro

environment

evolves.

We

are

committed

to

delivering

long-term

value

to

our

investors

by

staying

true

to

our

investment

principles

and

adapting

our

strategy

to

the

changing

landscape.

As

ever,

we

are

the

tortoise

not

the

hare.

Onward,

Ben

Miller

Chief

Executive

Officer

Fundrise

Advisors,

LLC

Fundrise

Growth

Tech

Fund,

LLC

PERFORMANCE

CHART

AND

ANALYSIS

(UNAUDITED)

March

31,

2023

5

The

following

reflects

the

change

in

the

value

of

a

hypothetical

$10,000

investment,

including

reinvested

dividends

and

distributions,

in

the

Fundrise

Growth

Tech

Fund,

LLC

compared

with

the

performance

of

the

benchmarks,

NASDAQ

Composite

Index

and

the

BVP

NASDAQ

Emerging

Cloud

Index,

for

the

period

July

25,

2022*

through

March

31,

2023.

\

*Fundrise

Growth

Tech

Fund,

LLC

commenced

investment

operations

on

July

25,

2022.

The

NASDAQ

Composite

Index

is

an

unmanaged

stock

market

index

which

includes

almost

all

stocks

listed

on

the

NASDAQ

stock

exchange

and

includes

the

reinvestment

of

all

dividends.

Investors

cannot

invest

directly

in

an

index

or

benchmark.

The

BVP

NASDAQ

Emerging

Cloud

Index

is

an

unmanaged

index

that

tracks

the

performance

of

emerging

public

companies

primarily

involved

in

providing

cloud

software

to

their

customers

and

includes

the

reinvestment

of

all

dividends.

Investors

cannot

invest

directly

in

an

index

or

benchmark.

The

performance

data

quoted

is

historical.

Past

performance

is

no

guarantee

of

future

results.

The

performance

table

and

graph

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate.

An

investor’s

shares,

when

repurchased,

may

be

worth

more

or

less

than

the

original

cost.

Total

returns

are

calculated

using

closing

Net

Asset

Value

as

of

March

31,

2023

and

are

calculated

assuming

reinvestment

of

all

dividends

and

distributions.

The

Fund

intends

to

make

distributions

necessary

to

maintain

its

qualification

for

taxation

as

a

regulated

investment

company.

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

make

distributions

on

a

quarterly

basis,

or

more

or

less

frequently

as

determined

by

the

Board,

in

arrears.

A

portion

of

the

distribution

may

include

a

return

of

capital.

Shareholders

should

not

assume

that

the

source

of

a

distribution

from

the

Fund

is

net

profit.

Although

return

of

capital

distributions

are

not

currently

taxable,

such

distributions

will

have

the

effect

of

lowering

a

shareholder’s

tax

basis

in

the

shares

which

will

result

in

a

higher

tax

liability

when

the

shares

are

repurchased,

even

if

they

have

not

increased

in

value,

or,

in

fact,

have

lost

value.

Distributions

are

not

guaranteed.

Average

Annual

Total

Returns

Period

Ended

March

31,

2023

Since

Fund

Inception*

Fundrise

Growth

Tech

Fund,

LLC

0.50%

NASDAQ

Composite

Index

3.73%

BVP

NASDAQ

Emerging

Cloud

Index

1.93%

Fundrise

Growth

Tech

Fund,

LLC

Schedule

of

Investments

March

31,

2023

6

See

accompanying

notes

to

the

financial

statements.

Par/Shares

(000s)

Description

Acquisition

Date

Value

(000s)

as

of

March

31,

2023

Equity

Securities

-

8.3%

Common

Stock

-

1.4%

Technology

-

1.4%

80‌

Immuta

,

Inc.

 (1)(2)(3)

(Cost

$1,022)

03/28/2023

$

1,022‌

Preferred

Stock

-

6.9%

Technology

-

6.9%

555‌

Vanta

Series

B-1

Preferred

Stock

 (1)(2)(3)

(Cost

$5,000)

09/07/2022

$

5,000‌

Total

Equity

Securities

(Cost

$6,022)

$

6,022‌

Fixed

Income

Securities

-

28.9%

Corporate

Convertible

Bonds

-

8.9%

Technology

-

8.9%

$

1,000

Cloudflare,

Inc.,

4.80%,

08/15/26

 (4)(5)

$

850‌

2,000

Confluent,

Inc.,

5.87%-6.17%,

01/15/27

 (

4

)(5)

1,590‌

1,000

Jamf

Holding

Corp.,

0.13%,

09/01/26

 (

4

)

828‌

1,000

Okta,

Inc.,

0.38%,

06/15/26

 (

4

)

856‌

1,000

Splunk,

Inc.,

1.13%,

06/15/27

 (

4

)

859‌

2,000

Unity

Software,

Inc.,

6.71%-6.96%,

11/15/26

 (

4

)(5)

1,559‌

Total

Corporate

Convertible

Bonds

(Cost

$6,592)

$

6,542‌

Corporate

Non-Convertible

Bonds

-

20.0%

Technology

-

20.0%

$

2,000

Block,

Inc.,

3.50%,

06/01/31

 (

4

)

$

1,644‌

1,000

Block,

Inc.,

2.75%,

06/01/26

 (

4

)

913‌

2,250

Elastic

NV,

4.13%,

07/15/29

 (

4

)

1,923‌

1,000

Match

Group

Holdings

II,

LLC,

5.63%,

02/15/29

 (4)

941‌

3,500

Roblox

Corp.,

3.88%,

05/01/30

 (

4

)

3,005‌

1,000

Uber

Technologies,

Inc.,

6.25%,

01/15/28

 (4)

999‌

1,000

Twilio,

Inc.,

3.88%,

03/15/31

850‌

2,000

Twilio,

Inc.,

3.63%,

03/15/29

1,727‌

3,000

ZoomInfo

Technologies,

LLC/ZoomInfo

Finance

Corp.,

3.88%,

02/01/29

 (

4

)

2,601‌

Total

Corporate

Non-Convertible

Bonds

(Cost

$14,386)

$

14,603‌

Total

Fixed

Income

Securities

(Cost

$20,978)

$

21,145‌

Short-Term

Investments

-

61.0%

39,087‌

Allspring

Government

Money

Market

Fund,

Select

Class

Shares,

4.69%

 (6)

$

39,087‌

5,542‌

Northern

Institutional

U.S.

Government

Select

Portfolio,

4.70%

 (6)

5,542‌

Total

Short-Term

Investments

(Cost

$44,629)

$

44,629‌

Total

Investments

-

98.2%

(Cost

$71,629)

$

71,796‌

Other

assets

in

excess

of

liabilities

-

1.8%

1,336‌

Total

Net

Assets

-

100.0%

$

73,132‌

(1)

Represents

investments

classified

as

Level

3

within

the

three-tier

fair

value

hierarchy.

(2)

Represents

a

non-income

producing

security.

(3)

Restricted

security.

The

aggregate

value

of

restricted

securities

as

of

March

31,

2023

is

approximately

$6,022

(in

thousands)

and

represents

8.3%

of

net

assets.

See

Note

2,

Summary

of

Significant

Accounting

Policies

–

Fair

Value

Measurement

for

additional

information.

(4)

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

$18,568

(in

thousands)

or

25.4%

of

net

assets.

(5)

Zero

coupon

bond.

Interest

rate

presented

is

yield

to

maturity.

(6)

Rate

disclosed

is

representative

of

the

Fund's

seven-day

effective

yield

as

of

March

31,

2023.

PORTFOLIO

COMPOSITION

(As

of

March

31,

2023)

(Unaudited)

Security

Type

Percent

of

Total

Investments

Common

Stock

1.4%

Preferred

Stock

7.0%

Corporate

Convertible

Bonds

9.1%

Corporate

Non-Convertible

Bonds

20.3%

Short-Term

Investments

62.2%

Total

Investments

100.0%

Fundrise

Growth

Tech

Fund,

LLC

STATEMENT

OF

ASSETS

AND

LIABILITIES

March

31,

2023

7

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands,

except

share

and

per

share

data)

Assets

Investments,

at

value

(Cost

$71,629)

$

71,796‌

Cash

1,512‌

Interest

and

dividends

receivable

from

investments

324‌

Prepaid

expenses

196‌

Total

Assets

$

73,828‌

Liabilities

Payable

to

Adviser

$

515‌

Fund

services

fees

19‌

Accounts

payable

and

accrued

expenses

162‌

Total

Liabilities

$

696‌

Total

Net

Assets

$

73,132‌

Components

of

Net

Assets

Paid-in

capital

$

72,633‌

Distributable

earnings

499‌

Total

Net

Assets

$

73,132‌

Net

Asset

Value

Net

assets

$

73,132‌

Common

shares

outstanding

as

of

March

31,

2023;

unlimited

shares

authorized

7,276,541‌

Net

Asset

Value

Per

Share

$

10.05‌

Fundrise

Growth

Tech

Fund,

LLC

STATEMENT

OF

OPERATIONS

FOR

THE

PERIOD

MAY

11,

2022

(1)

TO

MARCH

31,

2023

8

See

accompanying

notes

to

the

financial

statements.

(Amounts

in

thousands)

Investment

Income

Dividend

income

from

investments

$

808‌

Interest

income

from

investments

191‌

Total

Investment

Income

$

999‌

Expenses

Management

fees

$

538‌

Fund

services

fees

90‌

Custody

fees

40‌

Professional

fees

269‌

Directors’

fees

and

expenses

144‌

Organizational

expenses

385‌

Offering

costs

214‌

Other

expenses

124‌

Total

Expenses

$

1,804‌

Fees

waived

and

expenses

reimbursed

(1,003‌)

Net

Expenses

$

801‌

Net

Investment

Income

$

198‌

Net

Unrealized

Gain

on

Investments

Net

change

in

unrealized

appreciation/depreciation

on

investments

$

167‌

Total

Unrealized

Gain

on

Investments

$

167‌

Net

Increase

in

Net

Assets

Resulting

from

Operations

$

365‌

(1)

Effective

date

of

the

Fund’s

Registration

Statement

.

Fundrise

Growth

Tech

Fund,

LLC

STATEMENT

OF

CHANGES

IN

NET

ASSETS

9

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

For

the

Period

May

11,

2022

(1)

to

March

31,

2023

Operations:

Net

investment

income

$

198‌

Net

change

in

unrealized

appreciation/depreciation

on

investments

167‌

Net

Increase

in

Net

Assets

Resulting

from

Operations

$

365‌

Capital

Share

Transactions:

Proceeds

from

sale

of

shares

$

73,124‌

Repurchase

of

shares

(457‌)

Net

Increase

in

Net

Assets

from

Capital

Share

Transactions

$

72,667‌

Net

Increase

in

Net

Assets

$

73,032‌

Net

Assets:

Beginning

of

Period

$

100‌

End

of

Period

$

73,132‌

(1)

Effective

date

of

the

Fund’s

Registration

Statement

.

Fundrise

Growth

Tech

Fund,

LLC

FINANCIAL

HIGHLIGHTS

10

See

accompanying

notes

to

financial

statements.

For

the

Period

July

25,

2022

(1)

to

March

31,

2023

Net

Asset

Value,

Beginning

of

Period

$

10.00‌

Income

from

Investment

Operations

Net

investment

income

(2)

0.05‌

Net

realized

and

unrealized

gain

on

investments

0.00‌

(3)

Total

Income

from

Investment

Operations

0.05‌

Net

Asset

Value,

End

of

Period

$

10.05‌

Total

Investment

Return

Based

on

Net

Asset

Value

(4)

0.50‌%

(5)

Ratios

and

Supplemental

Data

Net

assets,

end

of

period

(thousands)

$

73,132‌

Ratio

of

gross

expenses

to

average

net

assets

(6)(7)

6.18‌%

(

8

)

Ratio

of

net

expenses

to

average

net

assets

(6)

2.74‌%

(

8

)

Ratio

of

net

investment

income

to

average

net

assets

0.68‌%

(

8

)

Portfolio

turnover

rate

–‌%

(

5

)

(1)

Commencement

of

investment

operations.

(2)

Based

on

average

shares

outstanding.

(3)

Less

than

$0.01

per

share.

(4)

Total

investment

returns

for

the

period

ended

March

31,

2023

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

June

2023.

See

Note

6,

Investment

Manager

Fees

and

Other

Related

Party

Transactions

for

further

information.

(5)

Not

annualized.

(6)

Excludes

acquired

fund

fees

and

expenses

of

underlying

investment

company

investments.

(7)

Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

(8)

Annualized.

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

March

31,

2023

11

1.

Formation

and

Organization

Fundrise

Growth

Tech

Fund,

LLC

(the

“Fund”

or

the

“Registrant”)

is

a

Delaware

limited

liability

company

and

intends

to

elect

to

be

taxed

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

“Subchapter

M”),

commencing

with

its

taxable

year

ending

March

31,

2023.

The

Fund

is

organized

as

a

continuously

offered,

non-diversified,

closed-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”).

The

Fund’s

registration

statement

was

declared

effective

on

May

11,

2022.

The

Fund

commenced

investment

operations

on

July

25,

2022.

The

Fund’s

investment

objective

is

to

provide

total

return

primarily

through

long-term

capital

appreciation.

The

Fund

seeks

to

achieve

its

investment

objective

by

investing

in

technology

companies,

with

a

primary

focus

on

the

equity

securities

(e.g.,

common

stock,

preferred

stock,

and

convertible

debt)

of

certain

privately

held,

mid-to-late-stage,

growth

companies

(“Portfolio

Companies”),

or

other

investments

(including

derivatives

and

debt)

that

have

economic

characteristics

similar

to

investments

in

technology

companies.

Generally,

the

Fund’s

investment

strategy

is

to

invest

at

least

80%

of

its

net

assets

(plus

the

amount

of

any

borrowings

for

investment

purposes)

in

the

securities

of

private

and

public

technology

and

technology-related

companies

(referred

to

herein

as

“technology

companies”)

and

other

investments

(including

derivatives

and

debt)

that

have

economic

characteristics

similar

to

investments

in

technology

companies.

The

investment

adviser

to

the

Fund

is

Fundrise

Advisors,

LLC

(the

“Adviser”),

an

investment

adviser

registered

with

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

under

the

Investment

Advisers

Act

of

1940,

as

amended.

The

Adviser

is

a

wholly-

owned

subsidiary

of

Rise

Companies

Corp.

(“Rise

Companies”

or

the

“Sponsor”),

the

Fund’s

sponsor.

Subject

to

the

supervision

of

the

Board

of

Directors

of

the

Fund

(the

“Board”),

the

Adviser

is

responsible

for

directing

the

management

of

the

Fund’s

business

and

affairs,

managing

the

Fund’s

day-to-day

affairs,

and

implementing

the

Fund’s

investment

strategy.

2.

Summary

of

Significant

Accounting

Policies

Basis

of

Presentation

The

accompanying

financial

statements

of

the

Fund

are

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

(“U.S.

GAAP”).

The

Fund

is

an

investment

company

and

follows

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

(“ASC”)

Topic

946,

Financial

Services

-

Investment

Companies

(“ASC

946”).

The

Fund

maintains

its

financial

records

in

U.S.

dollars

and

follows

the

accrual

basis

of

accounting.

The

estimates

and

assumptions

underlying

these

financial

statements

are

based

on

information

available

as

of

March

31,

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.

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

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

March

31,

2023

12

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.

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

reliable

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

will

value

its

investments

based

on

the

Portfolio

Company’s

progression

through

capital

raising

cycles.

Late-stage

private

companies

or

“pre-IPO

companies”

traditionally

raise

capital

from

investors

in

organized

funding

rounds.

During

such

funding

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

March

31,

2023

13

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

also

intends

to

adjust

the

valuation

of

its

Portfolio

Companies

with

each

new

funding

round,

which

is

the

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.

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.

The

following

is

a

summary

of

the

inputs

used

as

of

March

31,

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

March

31,

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.

Level

1

Level

2

Level

3

Total

Common

Stock

$

–

$

–

$

1,022

$

1,022

Preferred

Stock

–

–

5,000

5,000

Corporate

Convertible

Bonds

–

6,542

–

6,542

Corporate

Non-Convertible

Bonds

–

14,603

–

14,603

Short-Term

Investments

44,629

–

–

44,629

Total

Investments

$

44,629

$

21,145

$

6,022

$

71,796

Investment

Fair

Value

Valuation

Technique

Unobservable

Input

Range

(Weighted

Average)

Impact

to

Valuation

from

an

Increase

in

Input

(1)

Common

Stock

$

1,022‌

Recent

Transaction

Transaction

Price

N/A

Increase

Preferred

Stock

5,000‌

Recent

Transaction

Transaction

Price

N/A

Increase

(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.

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

March

31,

2023

14

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

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

March

31,

2023

are

identified

within

the

Schedule

of

Investments.

Organizational

and

Offering

Costs

Organizational

and

offering

costs

of

the

Fund

are

initially

being

paid

by

the

Adviser

on

behalf

of

the

Fund.

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

will

be

recorded

as

a

Payable

to

Adviser.

Thereafter,

these

offering

costs

will

be

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

The

Fund

intends

to

elect

to

be

taxed

as

a

RIC

under

the

Code,

and

intends

to

operate

as

such,

commencing

with

the

taxable

year

ending

March

31,

2023.

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

(“ICTI”)

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).

As

a

RIC,

the

Fund

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

period

ended

March

31,

2023,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties.

Common

Stock

Preferred

Stock

Balance

as

of

July

25,

2022

(commencement

of

investment

operations)

$

–‌

$

–‌

Purchases

1,022‌

5,000‌

Accrued

discounts

(premiums)

–‌

–‌

Realized

gain

(loss)

–‌

–‌

Net

change

in

unrealized

appreciation/depreciation

–‌

–‌

Return

of

capital

distributions

–‌

–‌

Sales

–‌

–‌

Transfers

into

Level

3

–‌

–‌

Transfers

out

of

Level

3

–‌

–‌

Balance

as

of

March

31,

2023

$

1,022‌

$

5,000‌

Net

change

in

unrealized

appreciation/depreciation

for

the

period

ended

March

31,

2023

related

to

Level

3

investments

held

at

March

31,

2023

$

–‌

$

–‌

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

March

31,

2023

15

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

intends

to

make

distributions

necessary

to

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

maintain

RIC

tax

status

depending

on

the

Fund’s

financial

condition

and

such

other

factors

as

the

Board

may

deem

relevant.

The

distribution

rate

may

be

modified

by

the

Board

from

time

to

time.

The

Board

reserves

the

right

to

change

or

suspend

the

distribution

policy

from

time

to

time.

Distributions

to

shareholders

of

the

Fund

are

recorded

on

the

ex-dividend

date.

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

May

16,

2022,

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

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

March

31,

2023

16

primarily

for

long-term

investors.

Closed-end

funds

differ

from

open-end

management

investment

companies

(commonly

known

as

mutual

funds)

because

investors

in

a

closed-end

fund

do

not

have

the

right

to

redeem

their

shares

on

a

daily

basis.

Unlike

many

closed-end

funds,

which

typically

list

their

shares

on

a

securities

exchange,

the

Fund

does

not

currently

intend

to

list

the

Shares

for

trading

on

any

securities

exchange,

and

the

Fund

does

not

expect

any

secondary

market

to

develop

for

the

Shares

in

the

foreseeable

future.

Therefore,

an

investment

in

the

Fund,

unlike

an

investment

in

a

typical

closed-end

fund,

is

not

a

liquid

investment.

The

Fund

is

not

intended

to

be

a

typical

traded

investment.

Shareholders

are

also

subject

to

transfer

restrictions

and

there

is

no

guarantee

that

they

will

be

able

to

sell

their

Shares.

If

a

secondary

market

were

to

develop

for

the

Shares

in

the

future,

and

a

Shareholder

is

able

to

sell

his

or

her

Shares,

the

Shareholder

will

likely

receive

less

than

the

purchase

price

and

the

then-current

NAV

per

Share.

The

Fund

from

time

to

time

may

offer

to

repurchase

Shares

pursuant

to

written

tenders

by

the

Shareholders.

The

Fund

intends,

but

is

not

obligated,

to

conduct

quarterly

repurchase

offers

in

the

sole

discretion

of

the

Board;

provided,

that

it

is

not

expected

that

such

repurchase

offers

will

be

for

more

than

5%

of

the

Fund’s

net

assets.

Non-Diversification

Risk.

As

a

“non-diversified”

fund,

the

Fund

may

invest

more

than

5%

of

its

total

assets

in

the

securities

of

one

or

more

Portfolio

Companies

.

Therefore,

the

Fund

may

be

more

susceptible

than

a

diversified

fund

to

being

adversely

affected

by

events

impacting

a

single

borrower,

geographic

location,

security

or

investment

type.

Investment

and

Market

Risk.

An

investment

in

the

Fund

is

subject

to

investment

risk,

including

the

possible

loss

of

the

entire

amount

that

a

Shareholder

invests.

The

value

of

the

Fund’s

investments

may

move

up

or

down,

sometimes

rapidly

and

unpredictably.

At

any

point

in

time,

Shares

may

be

worth

less

than

the

original

investment,

even

after

taking

into

account

the

reinvestment

of

Fund

dividends

and

distributions.

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.

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

March

31,

2023

17

These

companies

may

have

difficulty

accessing

the

capital

markets

to

meet

future

capital

needs,

which

may

limit

their

ability

to

grow

or

to

repay

their

outstanding

indebtedness

upon

maturity.

Technology

Sector

(Concentration)

Risk.

The

Fund’s

portfolio

will

be

concentrated

in

securities

issued

by

technology

companies

and

other

investments

that

provide

economic

exposure

to

technology

companies

and

as

such,

it

may

be

subject

to

more

risks

than

if

it

were

broadly

diversified

across

additional

sectors

and

industries

of

the

economy.

The

market

prices

of

technology

stocks

historically

have

exhibited

a

greater

degree

of

market

risk

and

price

volatility

than

other

types

of

investments.

These

stocks

may

fall

in

and

out

of

favor

with

investors

rapidly,

which

may

cause

sudden

selling

and

dramatically

lower

market

prices.

These

stocks

also

may

be

affected

adversely

by

changes

in

technology,

consumer

and

business

purchasing

patterns,

short

product

cycles,

falling

prices

and

profits,

government

regulation,

lack

of

standardization

or

compatibility

with

existing

technologies,

intense

competition,

aggressive

pricing,

dependence

on

copyright

and/or

patent

protection

and/or

obsolete

products

or

services.

Certain

technology

companies

may

face

special

risks

that

their

products

or

services

may

not

prove

to

be

commercially

successful.

Technology

companies

are

also

strongly

affected

by

worldwide

scientific

or

technological

developments,

and

as

a

result,

their

products

may

rapidly

become

obsolete.

In

addition,

because

of

rapid

technological

change,

the

average

selling

prices

of

products

and

some

services

provided

by

technology-related

sectors

have

historically

decreased

over

their

productive

lives.

As

a

result,

the

average

selling

prices

of

products

and

services

offered

by

the

companies

that

operate

in

technology-related

sectors

may

decrease

over

time,

which

could

adversely

affect

their

operating

results.

Technology

companies

are

also

often

subject

to

governmental

regulation

and

may,

therefore,

be

adversely

affected

by

governmental

policies.

In

addition,

a

rising

interest

rate

environment

tends

to

negatively

affect

technology

companies.

In

such

an

environment,

those

companies

with

high

market

valuations

may

appear

less

attractive

to

investors,

which

may

cause

sharp

decreases

in

the

companies’

market

prices.

Further,

technology

companies

seeking

to

finance

their

expansion

would

have

increased

borrowing

costs,

which

may

negatively

impact

their

earnings.

Technology

companies

are

often

smaller

companies

with

less

experienced

management

teams

and

they

may

be

subject

to

greater

risks

than

larger

companies,

such

as

limited

product

lines,

markets

and

financial

and

managerial

resources.

These

risks

may

be

heightened

for

technology

companies

in

foreign

markets.

The

foregoing

factors

may

negatively

impact

the

value

of

any

equity

securities

that

the

Fund

may

hold,

which

could

in

turn

materially

adversely

affect

the

Fund’s

business,

financial

condition

and

results

of

operations.

Valuation

Risk.

The

Fund

is

subject

to

valuation

risk,

which

is

the

risk

that

one

or

more

of

the

assets

in

which

the

Fund

invests

are

priced

incorrectly,

due

to

factors

such

as

incomplete

data,

market

instability

or

human

error.

If

the

Fund

ascribes

a

higher

value

to

assets

and

their

value

subsequently

drops

or

fails

to

rise

because

of

market

factors,

returns

on

the

Fund’s

investment

may

be

lower

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

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

March

31,

2023

18

with

its

interest-bearing

borrowings

and

hedges.

Common

Stock

Risk.

Common

stock

of

an

issuer

in

the

Fund’s

portfolio

may

be

volatile,

and

prices

may

fluctuate

based

on

changes

in

a

company’s

financial

condition

and

overall

market

and

economic

circumstances.

Although

common

stocks

have

historically

generated

higher

average

total

returns

than

fixed

income

securities

over

the

long-term,

common

stocks

also

have

experienced

significantly

more

volatility

in

those

returns

and,

in

certain

periods,

have

significantly

under-performed

relative

to

fixed

income

securities.

4.

Share

Transactions

Below

is

a

summary

of

transactions

with

respect

to

the

Fund’s

common

shares

for

the

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

March

31,

2023,

the

Fund

has

issued

10,000

common

shares

to

the

Sponsor.

For

the

period

May

11,

2022

(effective

date

of

the

Fund’s

Registration

Statement)

to

March

31,

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

period

July

25,

2022

(commencement

of

investment

operations)

to

March

31,

2023

(all

tabular

amounts

are

in

thousands

except

share

data)

:

For

the

Period

May

11,

2022

(1)

to

March

31,

2023

Common

Shares

Shares

Amount

Gross

proceeds

from

offering

7,312,285‌

$

73,124‌

Reinvestment

of

distributions

–‌

–‌

Total

gross

proceeds

7,312,285‌

$

73,124‌

Less:

Shares

Repurchased

(45,744‌)

(457‌)

Net

Proceeds

from

Common

Shares

7,266,541‌

$

72,667‌

(1)

Effective

date

of

the

Fund’s

Registration

Statement.

Repurchase

Offers

Third

Quarter

Repurchase

Commencement

Date

November

29,

2022

Repurchase

Request

Deadline

December

31,

2022

Repurchase

Pricing

Date

January

3,

2023

Amount

Repurchased

$

457‌

Shares

Repurchased

45,744‌

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

March

31,

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.

For

the

period

ended

March

31,

2023,

the

Adviser

waived

the

Management

Fee,

totaling

approximately

$538,000,

subject

to

recoupment

in

accordance

with

the

Expense

Limitation

Agreement

discussed

in

further

detail

below.

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

in

connection

with

the

Fund’s

compliance

with

rules

and

regulations

related

to

maintaining

the

Fund’s

tax

status

as

a

RIC,

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

June

2023,

unless

and

until

the

Board

approves

its

modification

or

termination.

As

of

March

31,

2023,

the

Adviser

contractually

waived

expenses

of

approximately

$928,000

and

voluntarily

reimbursed

expenses

of

approximately

$75,000.

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

March

31,

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

period

ended

March

31,

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

period

ended

March

31,

2023,

the

Adviser

did

not

incur

any

such

costs

on

the

Fund’s

behalf,

and

as

such

no

expenses

are

payable

as

of

March

31,

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

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

Total

fee

waiver/expense

reimbursement

subject

to

recoupment

$

1,003‌

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

March

31,

2023

20

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

period

ended

March

31,

2023.

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.

Other

Service

Providers

Apex

US

Holdings

LLC

(d/b/a

Apex

Fund

Services)

(“Apex”)

provides

fund

accounting

and

fund

administration

to

the

Fund.

The

fees

related

to

these

services

are

included

in

fund

services

fees

within

the

Statement

of

Operations.

Apex

also

provides

certain

shareholder

report

production

and

EDGAR

conversion

and

filing

services.

Pursuant

to

an

Administration

Agreement

with

Apex,

the

Fund

pays

Apex

customary

fees

for

its

services.

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

period

ended

March

31,

2023

amounted

to

approximately

$26,915,000

and

$0,

respectively.

On

February

28,

2023,

the

Fund

entered

into

a

capital

commitment

of

$5,000,000

to

purchase

equity

shares

of

Theory

Ventures,

L.P.

which

represents

an

unfunded

commitment

of

$5,000,000

as

of

March

31,

2023.

Following

the

activation

date

of

Theory

Ventures,

L.P.,

the

unfunded

commitment

will

begin

capital

calls

and

has

a

term

of

10

years.

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)

:

On

the

Statement

of

Assets

and

Liabilities,

as

a

result

of

permanent

book

to

tax

differences,

certain

amounts

have

been

reclassified

for

the

year

ended

March

31,

2023.

The

following

reclassifications

were

the

result

of

book

to

tax

differences

resulting

from

the

deductibility

of

various

expenses

and

have

no

impact

on

the

net

assets

of

the

Fund

(amounts

in

thousands)

:

Undistributed

ordinary

income

(loss)

$

332‌

Tax

accumulated

earnings

(loss)

$

332‌

Net

unrealized

gain

(loss)

on

investments

167‌

Total

Distributable

Earnings

$

499‌

Distributable

earnings

$

134‌

Paid

in

capital

(134‌)

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

March

31,

2023

21

As

of

March

31,

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

its

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

through

May

23,

2023,

the

date

at

which

the

financial

statements

were

available

to

be

issued.

New

Investments

As

of

May

23,

2023,

the

Fund

has

contributed

approximately

$506,000

of

capital

to

Theory

Ventures

L.P.

since

March

31,

2023.

Share

Transactions

As

of

May

23,

2023,

the

following

repurchase

offers

have

occurred

(all

tabular

amounts

are

in

thousands

except

share

data)

:

Cost

of

investments

for

tax

purposes

$

71,629‌

Gross

tax

unrealized

appreciation

$

251‌

Gross

tax

unrealized

depreciation

(84‌)

Net

Tax

Unrealized

Appreciation

$

167‌

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

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

22

To

the

Shareholders

and

Board

of

Directors

of

Fundrise

Growth

Tech

Fund,

LLC:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Fundrise

Growth

Tech

Fund,

LLC

(the

Fund),

including

the

schedule

of

investments,

as

of

March

31,

2023,

the

related

statements

of

operations

and

changes

in

net

assets

for

the

period

from

May

11,

2022

(effective

date

of

the

Fund’s

registration

statement)

to

March

31,

2023,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

the

period

from

July

25,

2022

(commencement

of

investment

operations)

to

March

31,

2023.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

March

31,

2023,

the

results

of

its

operations

and

changes

in

its

net

assets

for

the

period

from

May

11,

2022

(effective

date

of

the

Fund’s

registration

statement)

to

March

31,

2023,

and

the

financial

highlights

for

the

period

from

July

25,

2022

(commencement

of

investment

operations)

to

March

31,

2023,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audit.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audit

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audit

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

March

31,

2023,

by

correspondence

with

the

custodian.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audit

provides

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

of

Fundrise

investment

companies

since

2019.

McLean,

Virginia

May

23,

2023

Fundrise

Growth

Tech

Fund,

LLC

Additional

Information

(UNAUDITED)

March

31,

2023

23

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

period

ended

March

31,

2023,

will

be

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

period

ended

March

31,

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,

2023.

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

105,000

Glen

R.

Osaka

45,000

105,000

(1)

The

“Fund

Complex”

consists

of

the

Fund,

Fundrise

Income

Real

Estate

Fund,

LLC,

and

Fundrise

Real

Estate

Interval

Fund,

LLC.

Fundrise

Growth

Tech

Fund,

LLC

Additional

Information

(UNAUDITED)

March

31,

2023

24

4.

Directors

and

Officers

The

Fund

is

governed

by

a

Board

of

Directors.

The

following

tables

present

certain

information

regarding

the

Directors

and

Officers

of

the

Fund

as

of

March

31,

2023.

The

address

of

all

persons

is

c/o

Fundrise

Advisors,

LLC,

11

Dupont

Circle

NW,

9th

Floor,

Washington,

D.C.

20036.

For

more

information

regarding

the

Directors

and

officers,

please

refer

to

the

Fund’s

Statement

of

Additional

Information,

which

is

available,

without

charge,

upon

request

by

calling

(202)

584-0550.

Name

and

Year

of

Birth

Position

Held

Term

of

Office

and

Length

of

Term

Served

(1)

Principal

Occupation(s)

During

Past

5

Years

or

Longer

Number

of

Portfolios

in

Fund

Complex

(2)

Overseen

by

Director

Other

Directorships

Held

by

Trustee

During

Past

5

Years

Independent

Directors

Jennifer

Blatnik

Born:

1974

Director

05/2022

to

Present

Formerly,

Chief

Operating

Officer,

Volta

Networks

(networking

software

firm)

(2019-2021)

and

Vice

President,

Product

Management,

Product

Marketing

and

Marketing,

Juniper

Networks

(networking,

cloud

and

security

products

firm)

(2014-2017).

1

None

Jeffrey

R.

Deitrich

Born:

1982

Director

05/2022

to

Present

Senior

Vice

President,

Silverstein

Properties,

Inc.

(real

estate

investment

and

development

firm)

(2007-2016,

2022-current);

Principal,

Better

Building

Solutions

(technology

integration

and

managed

services

firm)

(2016-current);

Formerly,

Principal,

Frenchtown

Enterprises

(real

estate

investment

firm)

(2019-2022).

Asset

Manager,

Prudential

Real

Estate

Investors

(private

equity)

(2004-2007).

3

Fundrise

Real

Es-

tate

Interval

Fund,

LLC;

Fundrise

Income

Real

Estate

Fund,

LLC

Glen

R.

Osaka

Born:

1955

Lead

Independent

Director

05/2022

to

Present

Consultant

and

Private

Investor

(early

stage

technology

companies)

(since

2013).

Formerly,

Senior

Vice

President,

Services,

Juniper

Networks,

Inc.

(2009-

2013);

Vice

President,

Strategy

and

Operations,

Cisco

Systems,

Inc.

(2007-

2009);

President

and

Chief

Executive

Officer,

Reactivity

Inc.

(technology

start-up

company)

(2001-2006);

Managing

Director,

Redleaf

Group

(venture

capital

firm)

(1999-2000);

Vice

President

and

General

Manager,

Enterprise

Computing,

Hewlett-Packard

(1979-1998).

3

Fundrise

Real

Es-

tate

Interval

Fund,

LLC;

Fundrise

Income

Real

Estate

Fund,

LLC

Interested

Director

and

Officer

Benjamin

S.

Miller

(3)

Born:

1977

Director,

Chairperson

and

President

05/2022

to

Present

Chief

Executive

Officer,

Fundrise

Advisors,

LLC

(since

2012);

Co-

Founder,

Chief

Executive

Officer

and

Director,

Rise

Companies

Corp.

(since

2012).

3

Fundrise

Real

Es-

tate

Interval

Fund,

LLC;

Fundrise

Income

Real

Estate

Fund,

LLC

(1)

Each

Director

serves

until

his

or

her

successor

is

elected

and

qualified,

until

the

Fund

terminates,

or

until

he

or

she

dies,

resigns,

retires

voluntarily,

or

is

otherwise

removed

or

retired

pursuant

to

the

LLC

Agreement.

(2)

The

“Fund

Complex”

consists

of

the

Fund,

Fundrise

Income

Real

Estate

Fund,

LLC,

and

Fundrise

Real

Estate

Interval

Fund,

LLC.

(3)

Mr.

Miller

is

considered

to

be

an

“interested

person”

of

the

Fund

(as

that

term

is

defined

by

Section

2(a)

(19)

in

the

1940

Act)

because

of

his

affiliation

with

the

Adviser

and/or

its

affiliates

Fundrise

Growth

Tech

Fund,

LLC

Additional

Information

(UNAUDITED)

March

31,

2023

25

Name

and

Year

of

Birth

Position

Held

Term

of

Office

and

Length

of

Time

Served

(1)

Principal

Occupation(s)

During

Past

5

Years

Officers

Michelle

A.

Mirabal

Born:

1988

Secretary

and

Chief

Compliance

Officer

05/2022

to

present

Deputy

General

Counsel,

Fundrise

Advisors,

LLC

and

Rise

Companies

Corp.

and

officer

of

certain

funds

in

the

Fund

Complex

(since

2019);

Formerly,

Corporate

Counsel,

Amherst

Residential,

LLC

(2018-2019);

Associate,

Hogan

Lovells

US

LLP

(2014-2018).

Alison

A.

Staloch

Born:

1980

Treasurer

and

Principal

Financial/

Accounting

Officer

05/2022

to

present

Chief

Financial

Officer,

Fundrise

Advisors,

LLC

and

Rise

Companies

Corp.

and

officer

of

certain

funds

in

the

Fund

Complex

(since

2021);

Formerly,

Chief

Accountant

(2017-

2021),

Assistant

Chief

Accountant

(2015-

2017),

Division

of

Investment

Management,

U.S.

Securities

and

Exchange

Commission;

Senior

Manager,

KPMG

LLP

(2005-2015).

(1)

The

term

of

office

for

each

officer

will

continue

indefinitely.

FOR

MORE

INFORMATION

Investment

Adviser

Fundrise

Advisors,

LLC

11

Dupont

Circle

NW,

9th

Floor

Washington,

DC

20036

Fundrise

Growth

Tech

Fund,

LLC

11

Dupont

Circle

NW,

9th

Floor

Washington,

DC

20036

(202)

584-0550

This

report

is

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

includes

information

regarding

the

Fund’s

risks,

objectives,

fees

and

expenses,

experience

of

its

management,

and

other

information.

Item 2. Code of Ethics

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the code of ethics to the principal executive officer or principal financial officer during the period covered by this report.

A copy of the code of ethics is included as an exhibit to this report.

Item 3. Audit Committee Financial Expert

The Board of Directors has designated Jeffrey R. Deitrich, who serves on the Board’s Audit Committee, as an audit committee financial expert. Mr. Deitrich is considered by the Board of Directors to be an independent director.

Item 4. Principal Accountant Fees and Services

(a)

Audit Fees: Audit fees billed to the Registrant as of March 31, 2023, were $0, which is exclusive of audit fees totaling $83,000 in connection with the annual audit that had not yet been billed to the Registrant as of March 31, 2023. These amounts represent aggregate fees billed by the Registrant’s independent registered public accounting firm, (the “Accountant”) in connection with the annual audit of the Registrant’s financial statements and for services normally provided by the Accountant in connection with the Registrant’s statutory and regulatory filings for that fiscal year, including N-2 Consent fees.

(b) Audit-Related Fees: There were no additional fees billed to the Registrant for the period ended March 31, 2023, for assurance and related services by the Accountant that were reasonably related to the performance of the audit of the Registrant’s financial statements that were not reported under paragraph (a) of this Item..

(c) Tax Fees: There were no tax fees billed to the Registrant as of March 31, 2023, for professional services rendered by the Accountant for tax compliance, tax advice, or tax planning.

(d) All Other Fees: The aggregate fees billed for products and services provided by the Accountant, other than the services reported in paragraphs (a) through (c) of this Item are $1,800 as of March 31, 2023. The fees primarily relate to an Accounting Research Online subscription.

(e)(1) The Audit Committee has adopted, and the Board has approved, a Policy on Pre-Approval of Audit and Non-Audit Services (the “Policy”), which is intended to comply with Rule 2-01 of Regulation S-X and sets forth guidelines and procedures to be followed by the Registrant when retaining an auditor to perform audit, audit-related, tax and other services for the Registrant. The Policy permits such services to be pre-approved by the Audit Committee pursuant to either a general pre-approval or specific pre-approval. Unless a type of service provided by the auditor has received general pre-approval, it requires specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels require specific pre-approval by the Audit Committee.

(e)(2) With respect to the services provided to the Registrant described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Non-audit fees of $3,600 were billed by the Accountant for services rendered to the Registrant’s investment adviser as of March 31, 2023.

(h) Not applicable, all non-audit services that were rendered to the Registrant's investment adviser were pre-approved as required.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) The schedule of investments is included as part of the report to Shareholders filed under Item 1 of this form.

(b) There were no 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

The Registrant’s Board of Directors believes that the voting of proxies with respect to securities held by the Registrant is an important element of the overall investment process. The Board has adopted a Proxy Voting Policy (the “Registrant’s Proxy Voting Policy”) on behalf of the Registrant which delegates the responsibility for decisions regarding proxy voting for securities held by the Registrant to Fundrise Advisors, LLC, the Registrant’s investment adviser (the “Adviser”), subject to the Board’s continuing oversight. The Registrant’s Chief Compliance Officer shall ensure that the Adviser has adopted a Proxy Voting Policy, which it will use to vote proxies for securities held by the Registrant (the “Adviser’s Proxy Voting Policy”) in a manner that is consistent with the Registrant’s Proxy Voting Policy. The Board, including a majority of the Independent Directors, must approve the Adviser’s Proxy Voting Policy as it relates to the Registrant. Due to the nature of the securities and other assets in which the Registrant intends to invest, proxy voting decisions for the Registrant may be limited.

The Registrant believes that the voting of proxies is an important part of portfolio management as it represents an opportunity for Shareholders to make their voices heard and to influence the direction of a company. The Registrant is committed to voting proxies received in a manner consistent with the best interests of the Registrant’s Shareholders. The Registrant believes that the Adviser is in the best position to make individual voting decisions for the Registrant consistent with the Registrant’s Proxy Voting Policy. Therefore, subject to the oversight of the Board, the Registrant has delegated the following duties to the Adviser pursuant to the Registrant’s Proxy Voting Policy:

·

to make the proxy voting decisions for the Registrant, in accordance with the Adviser’s Proxy Voting Policy;

·

to assist the Registrant in disclosing its proxy voting record as required by Rule 30b1-4 under the 1940 Act, including providing the following information for each matter with respect to which the Registrant is entitled to vote: (a) information identifying the matter voted on; (b) whether the matter was proposed by the issuer or by a security holder; (c) whether and how the Registrant cast its vote; and (d) whether the Registrant cast its vote for or against management; and

·

to provide to the Board, at least annually, a record of each proxy voted by the Adviser on behalf of the Registrant, including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest.

In cases where a matter with respect to which the Registrant was entitled to vote presents a conflict between the interest of the Registrant’s Shareholders, on the one hand, and those of the Adviser or its affiliate, on the other hand, the Registrant shall always vote in the best interest of the Registrant’s Shareholders. For purposes of the Registrant’s Proxy Voting Policy, a vote shall be considered in the best interest of the Registrant’s Shareholders when a vote is cast consistent with the specific voting policy as set forth in the Adviser’s Voting Policy, provided such specific voting policy was approved by the Board. The Adviser shall review with the Board any proposed material changes or amendments to the Adviser’s Proxy Voting Policy prior to implementation.

The Registrant will file a Form N-PX with the Registrant’s complete proxy voting record for the 12 months ended June 30, no later than August 31 of each year.

The copy of the Adviser’s Proxy Voting Policy is set forth below.

Adviser Proxy Voting Policies and Procedures

Fundrise Advisors, LLC (the “Adviser”), as a matter of policy and as a fiduciary to the Fundrise Growth Tech Fund, LLC (the “Fund”), has the responsibility for voting proxies for securities consistent with the best interests of the Fund. The Adviser maintains written procedures as to the handling, voting and reporting of proxy voting and makes appropriate disclosures about the Adviser’s proxy procedures and the availability of the Adviser’s proxy voting record. In general, the Adviser does not receive proxies to be voted due to the nature of its investments on behalf of the Fund; the procedures maintained by the Adviser are intended to comply with Rule 206(4)-6 under the Investment Advisers Act of 1940 (the “Advisers Act”) in the infrequent instance that the Adviser receives a proxy, or other action requiring a vote, from a security held by the Fund.

1.             Background and Description

In general, proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. Investment advisers registered with the U.S. Securities and Exchange Commission, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 under the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an adviser’s interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser’s proxy voting activities when the adviser does have proxy voting authority.

The purpose of these procedures (the “Procedures”) is to set forth the principles, guidelines and procedures by which the Adviser may vote the securities held by the Fund for which the Adviser may exercise voting authority and discretion. These Procedures have been designed to ensure that proxies are voted in the best interests of the Fund in accordance with fiduciary duties and Rule 206(4)-6 under the Advisers Act.

2.             Responsibility

The Adviser’s Chief Compliance Officer (together with any designees, the “CCO”) has responsibility for the implementation and monitoring of the Procedures, including associated practices, disclosures and recordkeeping.

3.             Procedures

The Adviser has adopted the procedures below to implement its proxy voting policy and to monitor and ensure that the policy is observed and amended or updated, as appropriate.

Voting Procedures

In the event the Adviser’s personnel receive proxy materials on behalf of the Fund, the personnel will forward such materials to the appropriate members of the Adviser’s Investment Committee to vote the proxy. The Adviser’s Investment Committee will analyze the proxy materials and determine how the Adviser should vote the proxy in accordance with applicable voting guidelines below. The CCO is responsible for coordinating this process in a timely and appropriate manner and delivering the proxy prior to the voting deadline.

The Adviser may engage a third-party proxy research and voting service to assist it in researching, recordkeeping and voting of proxies, subject to appropriate oversight.

Proxy Voting Guidelines

The following guidelines (the “Guidelines”) will inform the Adviser’s proxy voting decisions:

• The guiding principle by which the Adviser votes on all matters submitted to security holders is the maximization of the ultimate economic value of the Fund’s holdings. The Adviser does not permit voting decisions to be influenced in any manner that is contrary to, or dilutive of, the guiding principle set forth above.

• The Adviser will seek to avoid situations where there is any material conflicts of interest affecting its voting decisions. Any material conflicts of interest, regardless of whether actual or perceived, will be addressed in accordance with the conflict resolution procedures (see below).

• The Adviser generally will vote on all matters presented to security holders in any proxy. However, Adviser reserves the right to abstain on any particular vote or otherwise withhold its vote on any matter if, in the judgment of Adviser, the costs associated with voting such proxy outweigh the benefits to the Fund or if the circumstances make such an abstention or withholding otherwise advisable and in the best interest of the Fund, in the judgment of Adviser.

• Proxies will be voted in accordance with the Fund’s proxy voting policies and procedures, any applicable investment policies or restrictions of the Fund and, to the extent applicable, any resolutions or other instructions approved by the Fund’s Board of Directors.

• Absent any legal or regulatory requirement to the contrary, the Adviser generally will seek to maintain the confidentiality of the particular votes that it casts on behalf of the Fund; however, the Adviser recognizes that the Fund must disclose the votes cast on its behalf in accordance with all legal and regulatory requirements.

While these Guidelines are intended to provide a benchmark for voting standards, each vote is ultimately cast on a case-by-case basis, taking into consideration the Adviser’s contractual obligations to the Fund and all other relevant facts and circumstances at the time of the vote (such that these Guidelines maybe overridden to the extent Adviser believes appropriate).

Conflicts of Interest

In certain instances, a potential or actual material conflict of interest may arise when the Adviser votes a proxy. As a fiduciary to the Fund, the Adviser takes these conflicts very seriously. While the Adviser’s primary goal in addressing any such conflict is to ensure that proxy votes are cast in the Fund’s best interest and are not affected by the Adviser’s potential or actual material conflict, there are a number of courses that the Adviser may take. The final decision about which course to follow shall be made by the Adviser’s Investment Committee. The Investment Committee may cause any of the following actions, among others, to be taken in that regard:

• vote the relevant proxy in accordance with the vote indicated by the Guidelines;

• vote the relevant proxy as an exception to Guidelines, provided that the reasons behind the voting decision are in the best interest of the Fund, are reasonably documented and are approved by the Adviser’s CCO;

• engage an unaffiliated third-party proxy advisor to provide a voting recommendation or direct the proxy advisor to vote the relevant proxy in accordance with its independent assessment of the matter; or

•  “echo vote” or “mirror vote” the relevant proxy in the same proportion as the votes of other proxy holders.

Disclosure

The Adviser will provide conspicuously displayed information in the Fund’s registration statement summarizing these Procedures, including a statement that Shareholders may request information regarding how the Adviser voted the Fund’s proxies, and may request a copy of these Procedures.

Requests for Information

All requests for information regarding proxy votes, or these Procedures, received by any Adviser personnel should be forwarded to the Adviser’s CCO. In response to any request from a Fund shareholder, the CCO will prepare a written response with such information as the CCO determines, in its sole discretion, should be shared with the Fund shareholder.

Recordkeeping

The Adviser’s CCO shall retain the following records:

• These Procedures and any amendments;

• Each proxy statement that the Adviser receives;

• A record of each vote that the Adviser casts;

• Any document the Adviser created that was material to deciding how to vote a proxy, or that memorializes that decision; and

• A copy of each written request for information on how the Adviser voted proxies, and a copy of any written response.

Item 8.   Portfolio Managers of Closed-End Management Investment Companies

(a) As of the date of this filing, Benjamin S. Miller, Brandon T. Jenkins, and Chris Brauckmuller are the Registrant’s portfolio managers and are primarily responsible for day-to-day management of the Registrant’s investment portfolio.

Benjamin S. Miller – Mr. Miller currently serves as Chief Executive Officer of the Adviser and has served as Chief Executive Officer and a Director of Rise Companies since its inception on March 14, 2012. In December 2011, Mr. Miller started Popularise LLC, a real estate crowdsourcing website, which he currently manages. Prior to Rise Development, Mr. Miller had been a Managing Partner of the real estate company WestMill Capital Partners from October 2010 to June 2012, and before that, was President of Western Development Corporation from April 2006 to October 2010, after joining the company in early 2003 as a board advisor and then as COO in 2005. Western Development Corp. is one of the largest retail, mixed-use real estate companies in Washington, D.C.. While at Western Development, Mr. Miller led the development activities of over 1.5 million square feet of property, including more than $300 million of real estate acquisition and financing. Mr. Miller was an Associate and part of the founding team of Democracy Alliance, a progressive investment collaborative, from 2003 until he joined Western Development in 2005. From 1999 to 2001, Mr. Miller was an associate in business development at Lyte Inc., a retail technology start-up. Starting in 1997 until 1999, Mr. Miller worked as an analyst at a private equity real estate fund, Lubert-Adler, and for venture capital firm IL Management. Mr. Miller has a Bachelor of Arts from the University of Pennsylvania. Mr. Miller is on the Board of Trustees of the National Center for Children and Families.

Brandon T. Jenkins – Mr. Jenkins currently serves as Chief Operating Officer of the Adviser and has served in such capacities with the sponsor since February of 2014, prior to which time he served as Head of Product Development and Director of Real Estate which he continues to do currently. Additionally, Mr. Jenkins has served as Director of Real Estate for WestMill Capital Partners since March of 2011. Previously, Mr. Jenkins spent two and a half years as an investment advisor and sales broker at Marcus & Millichap, the largest real estate investment sales brokerage in the country. Prior to his time in brokerage, Mr. Jenkins also worked for Westfield Corporation, a leading shopping center owner. Mr. Jenkins earned his Bachelor of Arts in Public Policy and Economics from Duke University.

Chris Brauckmuller – Mr. Brauckmuller has served as Chief Product Officer of the Adviser since September 2018, and was previously the Director of Design and Creative since December 2012. From March 2010 to December 2012, Mr. Brauckmuller ran his own independent interactive design studio. Previously, Mr. Brauckmuller was employed as an interactive designer at 352 Media Group (now 352 Inc.), based in Gainesville, Florida, where he led creative efforts on accounts ranging from startups to Fortune 500 technology companies, including Microsoft and BAE Systems. Mr. Brauckmuller received a Bachelor of Arts degree from the University of Florida.

(a)(2) The portfolio managers primarily responsible for the day-to-day management of the Registrant’s portfolio also manage other pooled investment vehicles, as indicated below. The following table identifies, as of March 31, 2023: (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by each portfolio manager; (ii) the total assets of such companies, vehicles and accounts; and (iii) the number and total assets of such companies, vehicles and accounts that are subject to an advisory fee based on performance, unless otherwise noted:

Name	Number of Other Accounts Managed	Total Assets of Other Accounts Managed (Millions)	Number of Other Accounts Managed Paying Performance Fees	Total Assets of Other Accounts Managed Paying Performance Fees (Millions)
Benjamin S. Miller
Registered Investment Companies	2	$1,889.30	0	$            0
Other Pooled Investment Vehicles	13	$1,543.86	2	$   485.84
Other Accounts	0	$            0	0	$            0
Brandon T. Jenkins
Registered Investment Companies	2	$1,889.30	0	$            0
Other Pooled Investment Vehicles	13	$1,543.86	2	$   485.84
Other Accounts	0	$            0	0	$            0
Chris Brauckmuller
Registered Investment Companies	0	$            0	0	$            0
Other Pooled Investment Vehicles	0	$            0	0	$            0
Other Accounts	0	$            0	0	$            0

Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one investment account. Portfolio managers who manage other investment accounts in addition to a Registrant may be presented with the potential conflicts summarized below. The Adviser has adopted various policies and procedures designed to address potential conflicts of interest and intended to provide for fair and equitable management, also summarized below.

General. The officers and directors of the Adviser and the key investment professionals of Rise Companies who perform services for the Registrant on behalf of the Adviser are also officers, directors, managers, and/or key professionals of Rise Companies and other Fundrise entities (such as the eREITs® and the Fundrise eFund^TM and any additional funds registered under the 1940 Act and sponsored by the Sponsor). These persons have legal obligations with respect to those entities that are similar to their obligations to the Registrant. In the future, these persons and other affiliates of Rise Companies may organize other real estate-related or debt-related programs and acquire for their own account real estate-related investments that may be suitable for the Registrant. In addition, Rise Companies may grant equity interests in the Adviser to certain management personnel performing services for the Adviser.

Payment of Certain Fees and Expenses of the Adviser. The Management Fee paid to Adviser will be based on the Registrant’s NAV, which will be calculated by Rise Companies’ internal accountants and asset management team. The Adviser may benefit by the Registrant retaining ownership of its assets at times when Shareholders may be better served by the sale or disposition of the Registrant’s assets in order to avoid a reduction in the Registrant’s NAV.

Allocation of Investment Opportunities. The Fund relies on the Adviser’s executive officers and Rise Companies’ key investment professionals who act on behalf of the Adviser to identify suitable investments. Rise Companies and other Fundrise entities, including those that may be formed in the future, also rely on these same investment professionals. Rise Companies has in the past, and expects to continue in the future, to offer other Fundrise Platform investment opportunities, primarily through the Fundrise Platform, which in the future may include offerings that acquire or invest in technology and technology-related companies.

These additional programs may have investment criteria that compete with the Registrant.

If a sale, financing, investment or other business opportunity would be suitable for more than one program, Rise Companies will allocate it using its business judgment. Any allocation of this type may involve the consideration of a number of factors that Rise Companies determines to be relevant.

Except under any policies that may be adopted by the Adviser, which policies will be designed to minimize conflicts among the programs and other investment opportunities provided on the Fundrise Platform, no program or Fundrise Platform investment opportunity (including the Registrant) will have any duty, responsibility or obligation to refrain from:

• engaging in the same or similar activities or lines of business as any program or Fundrise Platform investment opportunity;

• doing business with any potential or actual tenant, lender, purchaser, supplier, customer or competitor of any program or Fundrise Platform investment opportunity;

• engaging in, or refraining from, any other activities whatsoever relating to any of the potential or actual tenants, lenders, purchasers, suppliers or customers of any program or Fundrise Platform investment opportunity;

• establishing material commercial relationships with another program or Fundrise Platform investment opportunity; or

• making operational and financial decisions that could be considered to be detrimental to another program or Fundrise Platform investment opportunity.

In addition, any decisions by the Adviser to renew, extend, modify or terminate an agreement or arrangement, or enter into similar agreements or arrangements in the future, may benefit one program more than another program or limit or impair the ability of any program to pursue business opportunities. In addition, third parties may require as a condition to their arrangements or agreements with or related to any one particular program that such arrangements or agreements include or not include another program, as the case may be. Any of these decisions may benefit one program more than another program.

The Adviser may determine it appropriate for the Registrant and one or more Fundrise entities (such as the eREITs® and eFund^TM and any additional funds registered under the 1940 Act and sponsored by the Sponsor) to participate in an investment opportunity. To the extent the Fund is able to make co-investments with other Fundrise entities, these co-investment opportunities may give rise to conflicts of interest or perceived conflicts of interest among the Registrant and the other participating Fundrise entities. To mitigate these conflicts, the Adviser will seek to execute such transactions for all of the participating entities, including the Registrant, on a fair and equitable basis, taking into account such factors as available capital, portfolio concentrations, suitability and any other factors deemed appropriate. However, there can be no assurance the risks posed by these conflicts of interest will be mitigated.

In order to avoid any actual or perceived conflicts of interest among the Fundrise Platform investment opportunities and with the Adviser’s directors, officers and affiliates, the Registrant has adopted a conflicts of interest policy to specifically address some of the conflicts relating to the Registrant’s activities. There is no assurance that these policies will be adequate to address all of the conflicts that may arise or will address such conflicts in a manner that is favorable to the Fund. The Adviser may modify, suspend or rescind the policies set forth in the conflicts policy, including any resolution implementing the provisions of the conflicts policy, in each case, without a vote of the Fund’s Shareholders.

Allocation of the Registrant Affiliates’ Time. The Registrant relies on Rise Companies’ key real estate and debt finance professionals who act on behalf of the Adviser, including Mr. Benjamin S. Miller, for the day-to-day operation of the Registrant’s business. Mr. Benjamin S. Miller is also the Chief Executive Officer of Rise Companies and other Fundrise entities. As a result of his interests in other Fundrise entities, his obligations to other investors and the fact that he engages in and he will continue to engage in other business activities on behalf of himself and others, Mr. Benjamin S. Miller will face conflicts of interest in allocating his time among the Registrant, the Adviser and other Fundrise entities and other business activities in which he is involved. However, the Registrant believes that the Adviser and its affiliates have sufficient real estate and debt finance professionals to fully discharge their responsibilities to the Fundrise entities for which they work.

Receipt of Fees and Other Compensation by the Adviser and its Affiliates. The Adviser and its affiliates will receive fees from the Registrant. These fees could influence the Adviser’s advice to the Registrant as well as the judgment of affiliates of the Adviser, some of whom also serve as the Adviser’s officers and directors and the key real estate and debt finance professionals of Rise Companies. Among other matters, these compensation arrangements could affect their judgment with respect to:

• the continuation, renewal or enforcement of provisions in the LLC Agreement involving the Adviser and its affiliates or the Investment Management Agreement;

• the offering of shares by the Registrant, which entitles the Adviser to a Management Fee and other fees;

• acquisitions of investments and originations of equity or loans at higher purchase prices, which entitle the Adviser to higher acquisition fees and origination fees regardless of the quality or performance of the investment or loan;

• borrowings up to the Registrant’s stated borrowing policy to acquire investments and to originate loans, which borrowings will increase the Management Fee payable by the Registrant to the Adviser;

• whether the Registrant seeks necessary approvals to internalize the Registrant’s management, which may entail acquiring assets (such as office space, furnishings and technology costs) and the key real estate and debt finance professionals of Fundrise Companies who are performing services for the Registrant on behalf of the Adviser for consideration that would be negotiated at that time and may result in these real estate and debt finance professionals receiving more compensation from the Registrant than they currently receive from Rise Companies; and

• whether and when the Registrant merges or consolidates its assets with other funds, including funds affiliated with the Adviser.

Duties Owed by Some of the Registrant’s Affiliates to the Adviser and the Adviser’s Affiliates. The Adviser’s officers and directors and the key real estate and debt finance professionals of Rise Companies performing services on behalf of the Adviser are also officers, directors, managers and/or key professionals of:

• Rise Companies;

• the Adviser;

• Fundrise, LLC;

• other investment programs sponsored by Rise Companies; and

• other Fundrise entities.

As a result, they owe duties to each of these entities, their shareholders, members and limited partners. These duties may from time to time conflict with the duties that they owe to the Registrant.

(a)(3) Each of the Registrant’s portfolio managers receives compensation for his services, including services performed for the Registrant on behalf of the Adviser, from Rise Companies. In an effort to retain key personnel, Rise Companies has structured its compensation plans for portfolio managers (and other key personnel) in a manner that it believes is competitive with other similar investment management firms. The portfolio managers are compensated with a fixed base salary and discretionary bonus based on, among other factors, the overall performance of Rise Companies. The bonus structure is formula driven and is not tied to the investment returns generated by, or the value of assets held in, the Registrant or any of the other accounts managed.

(a)(4) The following table discloses the dollar range of equity securities beneficially owned by the portfolio managers of the Fund as of March 31, 2023.

Name	Dollar Range of Equity Securities in the Fund
Benjamin S. Miller	$                10,001-50,000
Brandon T. Jenkins	$                         0-10,000
Chris Brauckmuller	$                         0-10,000

Item 9.   Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

There were no repurchases of equity securities by the Sponsor or other affiliated purchasers for this annual reporting period.

Item 10. Submission of Matters to a Vote of Security Holders

As of May 23, 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) Registrant’s Code of Ethics is filed herewith.

(a)(2) A separate certification for each of the Registrant’s Principal Executive Officer and Principal Financial Officer as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) and Section 302 of the Sarbanes-Oxley Act of 2002 is filed herewith.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fundrise Growth Tech Fund, LLC

By:	/s/ Benjamin S. Miller
	Name: Benjamin S. Miller
	Title: President
Date:	May 23, 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:	May 23, 2023

By:	/s/ Alison A Staloch
	Name: Alison A. Staloch
	Title: Treasurer and Principal Financial/Accounting Officer
Date:	May 23, 2023