Fund I update & Fund II opportunity · April 2026

Fidelity Venture Growth Fund II

Where Fund I stands, what Fund II offers, and the considerations that should weigh on the decision. Prepared for the families we serve.

StrategyVenture growth

Target size$750M

Minimum$250,000

Carried interestNone

Fund II · Investment strategy

Same team. Same approach.

Investment focus

Mid to late-stage private companies, Series C through E and beyond, on a clear path to IPO. Company valuations typically run $1B to $100B and above.

Target sectors & themes

Artificial intelligenceInfrastructure, LLMs, and applications
Consumer internetE-commerce and digital content creation
FintechConsumer finance, digital payments, and infrastructure
Aerospace & defenseLaunch, connectivity, and autonomous systems

Portfolio construction

20 to 50 companies. $25M to $40M per initial investment. A 5-year investment period inside a 10-year fund term. Target fund size: $750M.

Investment professionals

8

100+ years of collective experience.

Deployed in private companies

$36B+

Across nearly two decades.

Top-3 IPO buyer

~91%

Of recent portfolio company IPOs.

Fidelity Venture Capital Fund I LP · Schedule of investments

1.6x gross. Mostly unrealized.

As of December 31, 2025. Gross IRR and MOIC since initial investment. One of 23 positions has been realized; the rest are marked, not yet sold.

Invested

$181.9M

Total value

$299.5M

Gross MOIC

1.6x

Positions

23 22 unrealized

Company	Location	Initial inv.	Cost ($)	Total value ($)	Gross IRR	Gross MOIC
Unrealized
TCP Exploration Fund 2025, LP (SpaceX)	United States	5/14/25	25,308,880	47,750,000	89%	1.9x
Canva, Inc.	Australia	12/23/24	17,407,938	20,173,446	25%	1.2x
Databricks, Inc.	United States	5/1/24	13,808,171	25,500,090	100%	1.8x
Revolut Group Holdings, Ltd.	United Kingdom	2/13/25	12,564,366	19,527,236	55%	1.6x
Oura Health Oy	Finland	12/18/24	12,500,033	17,926,290	79%	1.4x
Anduril Industries, Inc.	United States	8/7/24	11,937,855	23,170,350	67%	1.9x
Anthropic, PBC	United States	5/31/24	11,056,738	34,609,117	278%	3.1x
Fanatics Holdings, Inc.	United States	5/1/24	10,320,862	18,709,360	59%	1.8x
Applied Intuition, Inc.	United States	7/2/24	10,000,024	10,086,338	1%	1.0x
Plaid, Inc.	United States	3/31/25	9,999,953	10,480,565	5%	1.0x
Valsoft Corporation	Canada	3/14/25	7,496,774	6,976,173	-7%	0.9x
Beta Technologies, Inc.	United States	8/14/25	7,330,659	12,986,840	89%	1.8x
Cerebras Systems, Inc.	United States	9/19/25	6,779,082	6,778,633	0%	1.0x
Physical Intelligence	United States	10/24/25	3,285,868	3,283,940	0%	1.0x
OpenAI Group PBC	United States	9/30/24	2,623,600	4,574,736	149%	1.7x
Trade Republic Bank GmbH	Germany	1/9/26	2,547,630	2,548,605	0%	1.0x
Shoulder Innovations, Inc.	United States	7/18/25	2,357,830	2,364,019	0%	1.0x
Runway AI, Inc.	United States	9/6/24	2,000,091	2,698,942	26%	1.3x
Space Exploration Technologies Corp.	United States	8/7/24	1,181,576	3,963,555	154%	3.4x
X AI Holdings Corp.	United States	11/22/24	500,007	1,742,749	209%	3.5x
Figma, Inc.	United States	5/15/24	461,541	743,663	34%	1.6x
Meesho, Inc.	India	4/8/25	445,624	1,029,343	131%	2.3x
Unrealized total			171,915,102	277,623,990		1.6x
Realized
CoreWeave, Inc.	United States	5/17/24	9,999,999	21,865,441	140%	2.2x
Realized total			9,999,999	21,865,441		2.2x
Fund total			181,915,101	299,489,431		1.6x

For illustrative purposes only. Fidelity Venture Capital Fund I LP is closed to new investors. Color indicates return signal only, per the Parcion performance ramp. Past performance is no guarantee of future results. Source: Fidelity Investments, Schedule of Investments as of December 31, 2025.

Fidelity Venture Capital Fund I · Portfolio highlights

Five standouts, ranked by IRR.

IRR measures speed as much as size. The SpaceX direct position was $1.2 million of a $182 million fund. Gross IRR and MOIC since initial investment, as of December 31, 2025.

# Company Gross IRR, relative Gross IRR MOIC

01

Anthropic

The position carrying Fund I.

278% 3.1x

02

SpaceX

Direct position, 2024.

154% 3.4x

03

OpenAI

Entered September 2024.

149% 1.7x

04

CoreWeave

Exited at IPO, 2025. Fund I's one realized position.

140% 2.2x

05

Databricks

Entered May 2024.

100% 1.8x

Fidelity Venture Growth Fund II

Advantages and considerations

Advantages

Exclusive accessFounders actively court Fidelity as an investor. The fund reaches companies before competitive rounds drive valuations higher.
No carried interest100% of distributed capital flows to investors. No 20% profit share, a structural advantage over nearly every comparable fund.
Shorter durationA 3 to 5 year IPO horizon versus 7 to 10 years for early-stage venture, with a more predictable distribution timeline.
Institutional research depthMore than 300 global equity research professionals feed sector intelligence, a resource venture funds of comparable size cannot replicate.
Proven team and processThe same team as Fund I, a multi-layer Investment Committee, and independent valuations audited by PricewaterhouseCoopers.

Considerations

IlliquidityA 10-year term with no interim redemptions. Capital must be committed for the full duration.
IPO market dependencyReturns depend on public market conditions. A thin IPO window delays distributions. Secondary sales exist, at a 20% or greater discount to NAV.
AI concentrationLike Fund I, Fund II will carry meaningful AI exposure. Weigh that sector risk against what your portfolio already holds.
Higher entry valuationsWhere Fund II co-invests in existing Fund I names, it buys at later, higher valuations, with lower prospective returns on those positions.
Allocation competitionFidelity's mutual funds hold preemptive rights on some names. Fund II may receive a smaller allocation than it wants on those deals.

Fidelity Venture Growth Fund II · Summary of terms

No carry. Fees on invested capital only.

Term

Detail

Manager / GP

Fidelity Diversifying Solutions LLC (FDS)

Strategy / asset class

Venture growth: direct minority equity in mid-to-late-stage private companies

Vehicle type

Closed-end limited partnership (Delaware LP; Cayman feeder available for tax-exempt and non-US investors)

Liquidity

Illiquid. 10-year term from initial third-party close, with up to two 1-year GP extensions.

Target fund size

$750 million

Investment period

5 years from final close. First close expected June 2026.

Management fee

Charged on invested capital only.

Commitment	Returning Fund I investors, initial close	All other investors
$250K to under $1M	2.50%	2.75%
$1M to under $5M	2.25%	2.50%
$5M and above	2.00%	2.25%

Carried interest

None

GP commitment

$25 million (FMR Capital and GP)

Minimum investment

$250,000

Tax reporting

Schedule K-1

Recycling

Up to 130% of aggregate capital commitments

Eligible investors

Qualified Purchasers only

Fund II · Summary of investment parameters

How the portfolio gets built.

Holdings

Late stage

Equity and equity-related securities of mid to late-stage privately held companies.

Number of issuers

20 to 50

Approximately 20 to 50 private companies.

Issuer concentration

3 to 5%

Typical initial investment as a share of committed capital, assuming a $750 million raise.

Sector allocation

TMT

Across sectors, with particular emphasis on technology, media, and telecommunications.

Outside US & Canada

25% max

Primary operations in North America, Europe, and Asia. No more than 25% of commitments outside the US and Canada.

Next step

The question is not whether the fund is good. It is whether it fits.

01LiquidityCan this capital sit untouched for ten years or more?
02ExposureHow much AI risk does your portfolio already carry?
03PurposeWhat is this money meant to do for your family?

Those answers decide it. That is a conversation, not a brochure.

Discuss whether Fund II fits your plan

Alternative investments are speculative, subject to several risks, and are not appropriate for all investors. The Fund is offered to Qualified Purchasers only. Not FDIC insured. May lose value. No bank guarantee. Past performance is no guarantee of future results and should not be used to predict expected returns. Parcion Private Wealth does not provide legal or tax advice; Parcion strongly recommends that all persons considering the products or services described obtain appropriate independent legal, tax, and other professional advice.