Quick Verdict
Fundrise
$10 minimum, no accreditation required. Diversified exposure to OpenAI, Anthropic, Anduril, and 20+ other private companies through a managed interval fund. You cannot pick individual companies, but the barrier to entry is the lowest in the industry.
EquityZen
$10,000 minimum, accredited investors only. Choose specific companies to invest in through SPV structures. 350+ companies available. Strong deal flow and curated investment opportunities with detailed company analysis for each offering.
Hiive
Varies by listing (typically $25,000+), accredited investors only. Purchase actual company shares (not SPV interests) with 0% buyer commission. 500+ companies. Transparent bid/ask pricing gives you the best price discovery in the market.
Full Comparison Table
| Feature | Fundrise | EquityZen | Hiive |
|---|---|---|---|
| Platform Type | Interval fund | SPV marketplace | Direct share marketplace |
| Minimum Investment | $10 | $10,000 | Varies ($25,000+ typical) |
| Accreditation Required | No | Yes | Yes |
| Annual / Placement Fee | 1.85% annual | 5% one-time (buyer) | 0% buyer / 3-5% seller |
| Liquidity | Quarterly redemption windows | At liquidity event only | Re-list on marketplace |
| Number of Companies | 20-30 (fund portfolio) | 350+ | 500+ |
| Pick Individual Companies | No (fund manager selects) | Yes | Yes |
| Notable Holdings | OpenAI, Anthropic, Anduril, SpaceX | SpaceX, Stripe, Databricks | SpaceX, OpenAI, Stripe, Discord |
| Structure | Registered investment company | Reg D SPV per deal | Direct share transfer |
| Pricing Transparency | NAV published quarterly | Per-deal pricing | Bid/ask order book |
| SEC Registered | Yes (1940 Act fund) | Yes (Reg D) | Yes (ATS pending) |
Fundrise Innovation Fund: In-Depth
The Fundrise Innovation Fund is a registered interval fund (under the Investment Company Act of 1940) that provides diversified exposure to late-stage private technology companies. Launched in 2022, it has grown to over $500 million in assets under management, making it one of the largest retail-accessible vehicles for private tech investing.
The fund's portfolio includes approximately 20-30 holdings across the AI, fintech, defense, and enterprise software sectors. Notable positions include OpenAI, Anthropic, Anduril Industries, SpaceX (via Starlink), and Databricks. The fund manager (Fundrise) selects and weights all holdings -- investors cannot choose individual companies or adjust allocations.
With a minimum investment of just $10 and no accreditation requirement, Fundrise dramatically lowers the barrier to private company investing. However, this accessibility comes with tradeoffs: you pay a 1.85% annual management fee (which compounds over time), you have no control over which companies the fund invests in, and liquidity is limited to quarterly redemption windows with a 1% early redemption penalty for shares held less than 5 years.
Fundrise Key Stats
EquityZen: In-Depth
EquityZen is a secondary market platform that allows accredited investors to purchase interests in private companies through special purpose vehicles (SPVs). Each investment opportunity is structured as a separate SPV that pools capital from multiple investors to acquire shares from existing shareholders (typically employees or early investors).
The SPV structure is what enables EquityZen's relatively low $10,000 minimum investment -- by pooling multiple investors into a single legal entity, they can participate in share transfers that would otherwise require $100,000+ minimums for direct purchases. However, SPV investors hold an interest in the fund rather than the underlying shares directly, which means no voting rights and some manager discretion over distribution timing.
EquityZen charges a 5% placement fee to buyers at the time of investment. This is a one-time fee (not annual), which can make it more cost-effective than Fundrise's 1.85% annual fee for longer holding periods. The platform provides detailed deal memos for each offering, including company overview, valuation history, and risk factors, giving investors substantial information for their due diligence.
With 350+ companies available, EquityZen offers strong breadth of selection. New deals are posted regularly, though popular companies like SpaceX and OpenAI may sell out quickly. Investors can set up alerts for specific companies and are notified when new offerings become available.
EquityZen Key Stats
Hiive: In-Depth
Hiive is a secondary marketplace that facilitates direct share transfers between accredited investors. Unlike EquityZen's SPV model, Hiive transactions result in the buyer owning the actual company shares, recorded on the company's cap table. This provides full ownership rights including any voting provisions attached to the share class.
Hiive's most distinctive feature is its transparent bid/ask order book, similar to how public stock exchanges operate. Buyers can see current asking prices from sellers and post their own bid prices, enabling genuine price discovery. This transparency is valuable for understanding the current market valuation of any given private company's shares.
The platform charges 0% commission to buyers, making it the lowest-cost option for purchasers. Sellers pay a 3-5% commission depending on the transaction. This seller-pays model means that asking prices may be slightly higher than on other platforms where buyers pay fees, as sellers factor their costs into their asking price. However, the bid/ask transparency allows buyers to negotiate effectively.
With 500+ companies listed, Hiive has the broadest selection of any secondary market platform. Minimums vary by listing and are typically $25,000+ for direct share transactions, though some listings may require higher amounts. The direct share structure means transactions are subject to ROFR review, which can add 30-60 days to settlement timelines.
Hiive Key Stats
Fee Comparison: $10,000 Invested Over 3 Years
Understanding the true cost of each platform requires looking beyond headline fee rates. Here is what you would pay in fees on a $10,000 investment held for three years, assuming no change in the underlying asset value.
| Cost Component | Fundrise | EquityZen | Hiive |
|---|---|---|---|
| Upfront / Placement Fee | $0 | $500 (5%) | $0 |
| Year 1 Management Fee | $185 (1.85%) | $0 | $0 |
| Year 2 Management Fee | $185 | $0 | $0 |
| Year 3 Management Fee | $185 | $0 | $0 |
| Early Redemption Penalty | $100 (1% if <5 yrs) | N/A | N/A |
| Total 3-Year Cost | ~$655 | $500 | $0* |
*Hiive charges 0% to buyers but 3-5% to sellers. Asking prices may be higher to offset seller fees. Fundrise fees compound on actual NAV, which may increase or decrease. EquityZen SPVs may charge carry (typically 5-10% of profits) at the time of distribution, which is not included in this analysis.
Decision Guide: Who Should Use What
The right platform depends on your accreditation status, investment budget, preference for individual company selection, and how you think about fees and ownership structure. Use this decision framework to identify your best fit.
You are NOT an accredited investor
Your primary option is Fundrise Innovation Fund ($10 minimum). You get diversified exposure to top-tier private companies without any accreditation requirement. If you want additional diversification, consider adding the ARK Venture Fund ($500 minimum) or checking Republic ($50 minimum) for individual startup deals.
You ARE accredited with $10K-$25K to invest
EquityZen is your best fit. The $10,000 minimum lets you pick individual companies with a manageable commitment. You can invest in 1-2 specific companies you have high conviction in. Consider pairing EquityZen for targeted bets with Fundrise for diversified baseline exposure.
You ARE accredited with $25K+ to invest
Hiive offers the best combination of price transparency, direct ownership, and zero buyer fees. You get actual shares on the cap table, the ability to see market depth through the order book, and the widest selection of companies. For larger allocations ($100K+), also consider Forge Global for institutional-grade execution.
You want maximum diversification with minimal effort
Fundrise is the hands-off choice regardless of accreditation status. The fund manager handles company selection, position sizing, and rebalancing. You get exposure to 20-30 companies with a single investment. The tradeoff is higher annual fees (1.85%) and no control over individual holdings.
Other Platforms to Consider
Fundrise, EquityZen, and Hiive are not the only options for accessing pre-IPO and private company investments. Here are additional platforms worth evaluating depending on your needs.
Forge Global
The largest secondary marketplace by volume. $100,000+ minimums, accredited only. Best for large allocations and institutional-grade execution. Publicly traded (NYSE: FRGE). See our Forge vs EquityZen vs Hiive comparison.
ARK Venture Fund
Cathie Wood's hybrid public/private fund. $500 minimum, non-accredited. Holds SpaceX, Epic Games, and other private companies alongside public stocks. Higher 2.75% annual fee.
Robinhood Venture Fund
Robinhood's private company fund available to Gold members. $100 minimum, non-accredited. Provides exposure to a curated portfolio of late-stage private companies through Robinhood's familiar interface.
Republic
Regulation Crowdfunding and Reg A+ deals. $50 minimum, non-accredited for most deals. Individual startup selection, though companies tend to be earlier-stage than those on secondary market platforms.