FrequentlyAsked Questions

Everything an everyday investor asks before owning a slice of the private markets.

• 01What is Destiny?TL;DR

  Destiny is bridging the gap between the public and private markets, broadening access to transformative innovation that, over the past two decades, has been limited to a select few.

  Our flagship offering, the Destiny Tech100, will be a publicly-listed portfolio of 100 of the top venture-backed private technology companies, providing everyday investors access to many of the world’s most exciting private businesses.

  Current Tech100 holdings include: SpaceX, OpenAI, Stripe, Revolut, Epic Games, and Discord.

  In the future, we plan to offer a family of similar exchange-traded products, enabling the alignment of public interest and investment in high-growth technology companies that can’t yet be purchased by the general public as equities on stock exchanges like the New York Stock Exchange or Nasdaq.

  Destiny Tech100 Inc., is a recently-formed, non-diversified, closed-end management investment company that intends to invest in a portfolio of what it believes to be 100 of the top venture-backed private technology companies.

• 02How it worksTL;DR

  The Destiny Tech100 is an SEC-registered exchange-listed fund that offers everyday investors access to the private markets with the liquidity of the public markets.

  	Tech100	VC Fund	ETF
  Access	Exchange-listed	Private	Exchange-listed
  Investor Limitations	No minimum investment, anyone with a brokerage account	Typically $200k+ minimum investment, Qualified Purchasers	No minimum, anyone with a brokerage account
  Focus	Private companies	Private companies	Public companies
  Portfolio Management	Active	Active	Passive (based on published index) or Active
  Valuation	Monthly	Annual (audited or unaudited).	Daily
  Fees Paid to Adviser	2.5% management fee, no carry	2% management fee, 20% carry	Varies, top 10 largest by AUM all <1%

  The Tech100 will strike a quarterly Net Asset Value (NAV) for its financial statements and make monthly N-PORT filings disclosing the current fair market value of its underlying holdings. These fair value determinations are made by our adviser’s valuation committee with assistance from an independent third-party valuation firm engaged at the direction of our Board.

  Under the Investment Advisory Agreement, upon the listing of our shares of common stock on a national securities exchange, we will pay the Adviser a Management Fee, payable quarterly, in an amount equal to 2.50% of our average gross assets, at the end of the two most recently completed calendar quarters.

• 03Why we’re the ones to do itTL;DR

  Destiny was founded in 2020 on the heels of our success in founding Forge, the largest marketplace for buying and selling private securities.

  We founded Forge (NYSE:FRGE) in 2014. Today, the company transacts billions in pre-IPO stock annually; has $15B in assets under custody; and went public in 2022 in a $2B deal with the SPAC Motive Capital Corp, becoming the first dedicated trading platform for private shares to become a public company.

  In building Forge, we focused on building infrastructure to support private companies on their missions to create the future. But as the market developed, we saw that most of the world was getting left behind. It pained us that our own parents never had the opportunity to participate in the very ecosystem in which we thrived.

  We wanted to do more than just access these companies. We wanted to change who could access them – so we set out to build a product that would let people access marquee private tech companies from the convenience of their brokerage account.

  That’s what led to Destiny.

  So, why us? Because we’ve built before and we’re just getting started here.

• 04Why it hasn’t been done beforeTL;DR

  At Forge, we focused on building the infrastructure for trading in the private markets, working under the assumption that someone would inevitably make a product like this. But five years ticked by, and no one stepped up.

  Most of our peers with the connections and clout to access the world’s most sought-after late-stage companies chose a different route: they preferred to launch their own venture capital funds or establish Special Purpose Vehicles (SPVs). Compared to the path we’ve taken, these alternatives call for less demanding disclosure obligations and offer the upside of carried interest (aka “carry”) — a profit-sharing arrangement that can exceed 20% of returns once a fund hits a pre-specified hurdle.

  Others settled on relatively uninspiring approaches, pursuing products through crowdfunding or an interval fund wrapper. These options were quicker to bring to market but failed to meaningfully change the way people access private technology companies.

  We believe there are no shortcuts to building an enduring product. It takes time, sacrifices, and a willingness to persevere. After four years of dedicated effort, backed by decades of collective experience, the Tech100 dream is about to become a reality.

  So, why did it take so long for something like this to exist? Simply put, no one else was willing to take the hard road — until we did.

• 05Why it mattersTL;DR

  Everything is more entertaining when you have a stake. Yet while the marriage of interest and investment has driven societal movements in crypto and meme stocks, the world’s most generative companies – private tech unicorns like SpaceX, OpenAI, and Stripe – remain beyond the reach of everyday investors.

  Why? Because the opportunity to invest in these companies today is only legally available to institutional and accredited investors — the wealthiest 1% of the global population.*

  With the Destiny Tech100’s launch, for the first time, anyone with a U.S. brokerage account will have the opportunity to be bought in to the success of some of the world’s most generative private technology companies – aligning interest and investment in unprecedented fashion.

  Our liquid approach to investing in private companies represents the first of many steps on our path to create a new generation of owners – and a fork in a road riddled with empty promises. There are no half-measures here: the Tech100 has no minimum (or maximum) investment amount, no redemption or accreditation limitations, and charges no carry.

  While others have focused on opening the doors, we’re tearing down the walls. Welcome to the future of investing.

  *And for the accredited, there’s a curtain beyond the curtain – the ability to access deals in marquee late-stage businesses.

• 06Where can I learn more?General FAQs

  Here’s the SEC EDGAR entity page for the Destiny Tech100.

  Read it all to stay updated. Subscribe to the RSS feed if you so choose.

• 07How is this the first? Isn’t it like ____?General FAQs

  Great things are built on the backs of their predecessors.

  There have been a great many products before us that solved pieces of this puzzle – a representative portfolio of top companies, giving non-accredited investors access to the private markets, and so on – and each of them has excited & inspired us.

  The issue is that, while each of these companies had elements of the right answer, none of them quite got to the level of a dream product. That’s what we hope this is.

• 08Is this part of Forge?General FAQs

  No.

• 09Who is supporting Destiny?General FAQs

  Early backers of Destiny XYZ and the Destiny Tech100 include the founders of Dropbox and Coinbase; current and former Partners at Sequoia Capital, Greylock Partners, and Y Combinator; and cultural icons such as Nas, Keisuke Honda, and Heather Hasson.

  Mission-aligned investors in the Destiny Tech100 include:

  • —Founders and CEOs of leading future-forward companies such as Plaid, Quora, Caviar, Mercury, Superhuman, Xendit, NerdWallet, Screenhero, Runway, Mux, Truepill, Clever, Augur, Chartboost, and SandboxVR;
  • —Current and former Partners at Kleiner Perkins, Pantera Capital, Paradigm, Riverwood Capital, Streamlined Ventures, and Better Tomorrow Ventures;
  • —Early employees and executives at marquee tech companies counting Google, Stripe, Facebook, Snap, and Apple;
  • —A diverse set of figures across competencies, from law firms such as Wilson Sonsini and Gunderson to sports and entertainment figures such as Prohgress of Far East Movement.
• 10When can I invest?Fund FAQs

  Destiny Tech100 completed the listing of the company’s unrestricted shares on the New York Stock Exchange (NYSE) in March 2024, under the ticker DXYZ.

• 11Do I have to be accredited? Is there a minimum investment?Fund FAQs

  No & no 😎

  Following the Fund’s NYSE listing, shares of Destiny Tech100 are accessible to investors regardless of net worth or income, letting individuals access game-changing private companies from the convenience of their brokerage account.

  There is no stated minimum investment amount; in practice, it is the price of a share of DXYZ common stock.

  The accredited investor definition is part of Regulation D of the Securities Act of 1933 (“Reg D”). In the United States, investors can be considered “accredited” if they meet one of two primary specifications:

  1. Net worth of $1,000,000 (excluding the value of one’s primary residence)

  2. Income exceeding $200,000 for the last two years (or $300,000 if married)

  In August 2020, the SEC amended the accredited investor exemption to include individuals with Series 7, 65, and 82 licenses.

• 12Does this fund have a target life?Fund FAQs

  The Tech100 fund follows an “evergreen strategy.” This means it does not have a predefined termination date like a venture capital or private equity fund.

• 13Can I invest if I’m a non-United States resident?Fund FAQs

  If you are a non-resident alien (“NRA”), a citizen of a non-U.S. country who also lives outside of the United States, you may be able to invest in U.S. securities by using a brokerage that is domiciled in the United States.

  NRAs are subject to specific tax treatment, as detailed in IRS 515 (Withholding Tax on Non-Resident Aliens) and IRS 901 (Tax Treaties). Please consult an attorney or tax specialist for any advice concerning your particular circumstances.

• 14Why does the Tech100 not have 100 companies in it right now?Fund FAQs

  Destiny Tech100 currently has a portfolio consisting of 37 companies, though its composition will evolve with time, with the intent of eventually maintaining positions in what we believe are 100 of the top venture-backed private technology companies.

  For a full list of current Destiny Tech100 holdings, please visit the Tech100 fund website.

• 15What companies has the Tech100 invested in?Fund FAQs

  For a full list of current Destiny Tech100 holdings, please visit the Tech100 fund website.

• 16Am I getting shares of the Fund’s portfolio companies when I purchase shares of Destiny Tech100?Fund FAQs

  Purchasing shares of Destiny Tech100 doesn’t grant you direct ownership of shares of Destiny Tech100’s individual portfolio companies. By purchasing shares of Destiny Tech100 you invest in an actively-managed portfolio that owns equity or equity-like interests in some of the top private technology firms.

  Essentially, your investment in the Tech100 translates to a proportional share of the fund’s collective holdings, offering broad exposure through a single, streamlined investment vehicle.

• 17What are the management fees?Fund FAQs

  Under the Investment Advisory Agreement, upon the listing of our shares of common stock on a national securities exchange, we will pay the Adviser a Management Fee, payable quarterly, in an amount equal to 2.50% of our average gross assets, at the end of the two most recently completed calendar quarters.

• 18What tax documents will I receive as a Tech100 shareholder?Fund FAQs

  As a closed-end Regulated Investment Company (RIC), the specific tax characteristics of the distributions will be reported to the Fund’s common shareholders on Form 1099-DIV after the end of the calendar year, if distributions are paid to shareholders during such year.

  Investors in Destiny Tech100 Inc. will NOT receive a Schedule K-1 form as the fund is not a limited partnership or limited liability company.

Nothing here is an offer, solicitation, or advice to buy or sell securities. Destiny is available only to U.S. residents. Past performance is no guarantee of future results.