VCX - Fundrise Innovation Fund, LLC

What this means for you

None of the investors we follow has reported owning 5% or more of this fund. That is the normal state for most closed-end funds.

Nothing is required of you. If that changes, the notice appears here within a day of being filed with the regulator.

Email me if this changes

What happened, and when

1. Sept 10, 2026

   The fund said it may sell new shares.

   Original document →

2. Sept 9, 2026

   The fund said it may sell new shares.

   Original document →

3. March 9, 2026

   The buy-back ended; the fund paid $18.26 a share.

   Original document →

4. Feb 3, 2026

   The fund said it may sell new shares.

   Original document →

5. Jan 30, 2026

   The fund is holding its regular buy-back: up to 5% of shares at the value of the holdings, until Feb 28, 2026.

   Original document →

About this fund

• Run by Fundrise Advisors LLC. Part of the FUNDRISE FUND COMPLEX fund family. As of March 31, 2026, from the fund's yearly report. Original document →
• Size: about $777 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 4% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.9% a year in management fees; 2.5% a year in total, including interest on borrowed money. Fiscal year ended March 31, 2026. As of March 31, 2026, from the fund's yearly report. Original document →
  Among the 6 funds we follow that invest in technology companies, 5 charge a lower management fee and 5 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended March 31, 2026) the fund paid $0.21 a share, all of it from gains. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of March 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (March 31, 2026): $18.97. The shares traded at $130.95, about 590.3% above that. As of March 31, 2026, from the fund's yearly report. Original document →
• How the holdings did: up 14.4% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2021.

How this has changed

• Payouts per share: $0.21 in the fiscal year ended March 31, 2026; $0.03 in the year ended March 31, 2025; nothing in the year ended March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: none in the year ended March 31, 2026; $0.03 in the year ended March 31, 2025; nothing was paid in the year ended March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.57% a year in the fiscal year ended March 31, 2026; 6.58% a year in the year ended March 31, 2025; 3.07% a year in the year ended March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $679 million at March 31, 2026; $212 million at March 31, 2025; $128 million at March 31, 2024. From the fund's quarterly holdings reports. Original documents: March 31, 2026 →, March 31, 2025 →, March 31, 2024 →.
• Borrowing: about 3% on top of its own money at March 31, 2026; 3% at March 31, 2025; none at March 31, 2024. From the fund's quarterly holdings reports. Original documents: March 31, 2026 →, March 31, 2025 →, March 31, 2024 →.
• The fund had about 35.8 million shares at March 31, 2026, up 185.9% from March 31, 2024.As of March 31, 2026, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended March 31, 2026: the shares returned +319%, counting payouts; the holdings +68.4%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of March 31, 2026, from the fund's annual report. Original document →
• The year ended March 31, 2025: the holdings returned +12%; the report gives no share return. As of March 31, 2025, from the fund's annual report. Original document →
• The year ended March 31, 2024: the holdings returned +1.5%; the report gives no share return. As of March 31, 2024, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +77.9%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 6 funds that invest in technology companies with a fiscal year ending within six months of this one, 0 reported a higher share return for that year and 5 a lower one. As of March 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly other holdings (86%), the rest mortgage bonds and cash and short-term holdings. All of it issued in the U.S.

1. SaxeCap Advisors VIII, LP - 16.5%
2. AI Growth GRT, LLC - 9.3%
3. Quiet OA Access LP - 8.3%
4. AI Access 12, LLC - 5.9%
5. Ramp Business Corp. - 4.4%
6. SP Private Investments XIII, LLC - 4.3%
7. Databricks, Inc. - 3%
8. AI-Llm, LLC - 3%
9. 8VC Anse Spv, L.P. - 2.8%
10. HOF Capital AP Growth, LLC - 2.5%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →