Fundrise Advisors, LLC (Fundrise Opportunity Fund, LP)
Unclaimed35/100 · Serious concerns
Public-record listing · US (online) · https://fundrise.com
Unclaimed listing. This firm has not registered or claimed this page. Everything here comes from public records and the firm’s own public website, as of 2026-10-17.
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What they do
Online real-estate investing platform whose adviser (Fundrise Advisors, LLC, SEC-registered) also manages Fundrise Opportunity Fund, LP, a Regulation D private fund that invests in qualified Opportunity Zone real estate (Form D filed 2018; a Sept. 2019 amendment reported about $22.5 million raised from 211 investors, $25,000 minimum). The adviser consented to an SEC order on 2023-08-22 (no admit/deny; $250,000 civil penalty, paid) over solicitation-agreement and policy requirements under the Advisers Act; the order did not allege investor fraud. Current terms of the Opportunity Fund were not confirmed.
Public-record summary. Category: Opportunity zone fund (S11). Fees: Not confirmed for the Opportunity Fund (see offering documents).
Strategies offered
- Opportunity Zone Investments Public record source
Evidence score
35/100 · Serious concerns34 of 98 applicable points = 35. Rubric v1.1 (2026-10-17). Retrieved 2026-10-17.
58 points are pending because the item could not be checked from public records. If every pending item were verified, the score could reach up to 94 (limited by caps or by items that don't apply). How this is calculated.
| Category | Points | |
|---|---|---|
| Regulatory record (weight 25) | 9 / 25 | |
| Tax-controversy record (weight 20) | 20 / 20 | |
| Litigation & complaints (weight 15) | 3 / 15 | |
| Transparency (weight 15) | 2 / 15 | |
| Substance & verifiability (weight 15) | 0 / 15 | |
| Structure quality (weight 10) | 0 / 8 |
Red flags
No red flags (RF1-RF13) were triggered by the public evidence reviewed.
Evidence by item
Each line shows the points awarded, how it was checked and a source link where one exists.
Regulatory record · 9 / 25
| Item | Points | Status | Evidence |
|---|---|---|---|
| R1 Registration status verified for firm and soliciting individuals where required (BD/IA/state; insurance producer if relevant) | 5 / 5 | VERIFIED | Fundrise Advisors, LLC is an SEC-registered investment adviser (CRD 172036, SEC no. 801-80060). The Opportunity Fund was sold under Regulation D (Form D filed). source |
| R2 No SEC/FINRA disciplinary events for the firm (10-yr lookback) | 4 / 8 | PARTIAL | One resolved SEC administrative order against Fundrise Advisors (File 3-21571, Aug. 22, 2023): solicitation agreements and written policies for solicitors under Advisers Act Sec. 206(4); consent order, $250,000 penalty paid by Aug. 28, 2023; no fraud alleged (rubric: 4 = minor/old resolved). source |
| R3 No disciplinary events for principals/control persons (10-yr lookback) | 0 / 6 | UNVERIFIED | Individual-level checks for principals were not performed in this review (principals are not listed on this page). |
| R4 No state securities-regulator or state AG actions against firm/principals | 0 / 4 | UNVERIFIED | State securities-regulator / AG actions not checked. |
| R5 Named licensed professionals (CPA/attorney/EA) in good standing | 0 / 2 | UNVERIFIED | Licensed-professional good standing needs state CPA board / bar lookups for named individuals; not performed in this pilot. |
Tax-controversy record · 20 / 20
| Item | Points | Status | Evidence |
|---|---|---|---|
| T1 Strategy is not a listed transaction / transaction of interest and not a current Dirty Dozen theme | 8 / 8 | VERIFIED | Qualified Opportunity Zone investments (Sec. 1400Z-2) are not a listed transaction/TOI and not a 2026 Dirty Dozen theme. source |
| T2 No DOJ Tax Division injunctions / IRC §§6700, 6701 promoter cases against firm or principals | 6 / 6 | VERIFIED (nothing found) | No DOJ injunction or promoter case found (CourtListener RECAP, reviewed by caption). source |
| T3 No adverse Tax Court / appellate opinions involving the sponsor's prior deals | 4 / 4 | VERIFIED (nothing found) | No Tax Court or appellate opinions naming the firm (CourtListener opinions). source |
| T4 Provides clear reportable-transaction disclosure guidance (Form 8886/8918) where applicable | 2 / 2 | VERIFIED | Strategy is not a listed transaction/TOI, so Form 8886/8918 guidance is N/A-justified (rubric: 2 = clear or N/A-justified). source |
Litigation & complaints · 3 / 15
| Item | Points | Status | Evidence |
|---|---|---|---|
| L1 No material civil fraud/misrepresentation litigation (firm, principals, affiliates) | 0 / 6 | UNVERIFIED | Federal dockets name Fundrise-related entities (e.g., a 2021-2022 real-estate dispute involving a Fundrise REIT affiliate); subjects were not reviewed, so this item is not scored. source |
| L2 Complaint pattern reasonable (BBB, state AG, CFPB where relevant) | 0 / 4 | UNVERIFIED | Complaint history (BBB / state AG) not checked. |
| L3 No bankruptcy/insolvency pattern among principals or affiliates | 3 / 3 | VERIFIED (nothing found) | No bankruptcy case captioned against the adviser found (CourtListener). source |
| L4 Entities in good standing with Secretary of State; legal entity names match marketing | 0 / 2 | UNVERIFIED | Secretary of State good-standing not checked: state portals checked use CAPTCHA (e.g., SC businessfilings.sc.gov); not bypassed. Needs a manual lookup or paid registry pull. |
Transparency · 2 / 15
| Item | Points | Status | Evidence |
|---|---|---|---|
| X1 Fees and total costs published or provided in writing before commitment | 0 / 4 | UNVERIFIED | Fees are not published on the pages reviewed. |
| X2 Offering documents available before commitment; Form D on EDGAR where applicable | 2 / 4 | PARTIAL | Form D and Form D/A on EDGAR (2018-08-17, 2019-09-03) for Fundrise Opportunity Fund, LP; the offering documents were not retrieved. source |
| X3 Names tax counsel / opinion issuer and allows direct verification | 0 / 4 | UNVERIFIED | No tax counsel or opinion issuer is named on the pages reviewed. |
| X4 Discloses audit/examination and claim history of prior deals | 0 / 3 | UNVERIFIED | Audit/examination and claim history of prior deals is not in public records; would need firm disclosure. |
Substance & verifiability · 0 / 15
| Item | Points | Status | Evidence |
|---|---|---|---|
| V1 Underlying assets independently verifiable (e.g., interconnection agreements, utility records, deeds, dated site evidence) | 0 / 6 | UNVERIFIED | Property-level holdings and Opportunity Zone qualification evidence were not reviewed. source |
| V2 Placed-in-service / completion evidence for prior projects | 0 / 4 | UNVERIFIED | No public completion / placed-in-service evidence. |
| V3 Appraisals by independent credentialed appraisers (not promoter-selected) | 0 / 3 | UNVERIFIED | Appraisals / valuations not public. |
| V4 Pre-tax economic substance: investment case exists apart from tax benefits | 0 / 2 | UNVERIFIED | No public pro forma or pre-tax return case. |
Structure quality · 0 / 8
| Item | Points | Status | Evidence |
|---|---|---|---|
| Q1 Independent legal opinion (not solely promoter-paid boilerplate) | 0 / 4 | UNVERIFIED | Legal opinion not seen; independence unknown. |
| Q2 Tax insurance verified directly with named carrier/broker (policy exists, scope understood) | n/a | Not applicable | No tax insurance is claimed in the materials reviewed. |
| Q3 Fees reasonable relative to comparable offerings | 0 / 2 | UNVERIFIED | Needs a written fee comparison set of >=3 comparable offerings; not built in this pilot. |
| Q4 No guaranteed outcomes, benefit multiples or 'audit-proof' claims | 0 / 2 | UNVERIFIED | Opportunity Fund marketing was not reviewed. |
Questions to ask this firm
- Current offering terms, fees and Opportunity Zone qualification for the Opportunity Fund.
- Remediation steps taken after the 2023 SEC order.
About these scores. Scores reflect only publicly available evidence found as of the retrieval date shown, scored with the same rubric for every firm. They are not an endorsement, rating of quality, accusation or statement about any person. Items we could not check from public records earn no points and are marked Unverified; a firm can supply proof to update them. How we score · Request a correction
Complaints
0 complaints under review · 0 substantiated · 0 with a response from the firm.
Complaints are an allegation until a reviewer decides. We show only the category and status, never the complainant’s identity, the description or any documents. Private complaints are counted but not itemized. The firm can respond by claiming this listing.
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Verification and listing notice
"Verified" means our staff checked the identity, business-registration, and credential details listed against the sources named, on the date shown. It is not an endorsement, rating, or recommendation. Firm- and advisor-reported information is their own statement. Listings are alphabetical; payment never affects order, scores, or warnings.