Fundrise, the crowdfunded real estate platform, is launching a new $1 billion venture capital growth equity fund that will invest in late-stage tech startups, including proptech. 

Unlike typical VC funds, Fundrise’s new initiative will have a 1.85% flat management fee—VC funds usually require a 2% management fee and a 20% performance fee on profits generated—and it will be an evergreen fund with an indefinite life, allowing investors to come and go as they please, according to a report in TechCrunch

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