Fundrise

Fundrise functions as a hybrid. Its core real estate products are structured as non-traded REITs and interval funds, which means investors own shares of a pooled vehicle rather than individual properties. Unlike a publicly traded REIT, shares do not trade on an exchange, and investors must redeem directly with the fund on a quarterly schedule. The firm also manages a private credit interval fund and a venture capital fund, operating across multiple registered and exempt fund structures.

Fundrise offers quarterly liquidity windows rather than daily redemptions. Investors must submit redemption requests in advance, and the firm has the right to limit quarterly redemptions during periods of market stress or elevated outflow requests. This structure aligns with non-traded REIT conventions and allows the portfolio managers to operate without the forced-selling pressure that open-end daily-priced funds face. The firm discloses redemption limits and any gate-trigger conditions in its offering circulars.