Fund I Performance 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.

Fidelity Venture Growth Fund II · Investment Strategy

Same team. Same approach.

Investment focusMid to late-stage private companies (Series C through E and beyond) on a clear path to IPO, with company valuations typically $1B to $100B and above.

Target sectors & themesArtificial intelligence: infrastructure, LLMs, and applications. Consumer internet: e-commerce and digital content creation. Fintech: consumer finance, digital payments, and infrastructure. Aerospace and defense: launch, connectivity, and autonomous systems.

Portfolio construction20 to 50 companies. $25M to $40M per initial investment. 5-year investment period, 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

As of December 31, 2025. Gross IRR and MOIC since initial investment.

Name of Company	Location	Initial Inv. Date	Investment 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

Standout portfolio companies. Net IRR and MOIC since initial investment.

Anthropic

278%

IRR · 3.1x MOIC. The position carrying Fund I.

SpaceX

154%

IRR · 3.4x MOIC.

OpenAI

149%

IRR · 1.7x MOIC.

CoreWeave

140%

IRR · 2.2x MOIC. Exited at IPO, 2025.

Databricks

100%

IRR · 1.8x MOIC.

Fidelity Venture Growth Fund II

Advantages and considerations

Advantages

Exclusive access. Founders actively court Fidelity as an investor. The fund reaches companies before competitive fundraising rounds drive valuations higher.
No carried interest. 100% of distributed capital flows to investors. There is no 20% profit share, a structural advantage over virtually every comparable fund.
Shorter duration. A 3 to 5 year IPO horizon versus 7 to 10 years for early-stage venture, with a more predictable distribution timeline.
Institutional research depth. More than 300 global equity research professionals contribute sector intelligence, a resource dedicated venture funds of comparable size cannot replicate.
Proven team and process. The same team as Fund I, a multi-layer Investment Committee, and independent valuations audited by PricewaterhouseCoopers.

Considerations

Illiquidity. A 10-year term with no interim redemptions. Capital must be committed for the full duration.
IPO market dependency. Returns depend on public market conditions. A thin IPO environment delays distributions. Secondary sales are available, but at a 20% or greater discount to NAV.
AI concentration. Like Fund I, Fund II will carry meaningful AI sector exposure. Sector-specific risk is real and should be weighed against your existing portfolio.
Higher entry valuations. Where Fund II co-invests alongside Fund I in existing portfolio companies, it does so at later, higher valuations, with lower prospective returns on those names.
Allocation competition. Fidelity's mutual funds hold preemptive rights on some names. Fund II may receive a smaller allocation than desired on those opportunities.

Fidelity Venture Growth Fund II

Summary of terms

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 Structure	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	On invested capital only. Returning Fund I investors at initial close: $250K to under $1M, 2.50%. $1M to under $5M, 2.25%. $5M and above, 2.00%. All other investors: $250K to under $1M, 2.75%. $1M to under $5M, 2.50%. $5M and above, 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

Fidelity Venture Growth Fund II

Summary of investment parameters

Parameter	Detail
Holdings	Equity and equity-related securities of mid to late-stage privately held companies
Number of Issuers	Approximately 20 to 50 private companies
Issuer Concentrations	Initial investments generally ranging from 3% to 5% of committed capital per company, assuming a $750 million fundraise
Sector Allocations	Across sectors, with particular emphasis on technology, media, and telecommunications
Target Geographies	Companies with primary operations in North America, Europe, and Asia. No more than 25% of aggregate capital commitments in companies with primary operations outside the United States and Canada.

Next Step

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

Fund II's structure is unusual, and so are its constraints. Whether it belongs in your plan depends on your liquidity needs, your existing AI exposure, and what the capital is for. 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.