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Pronounced Destiny

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Pronounced Destiny




THE DESTINY TECH 100

DESTINY TECH 100 IS DESIGNED TO BE AN EXCHANGE-LISTED PORTFOLIO OF THE TOP 100
HIGH-GROWTH TECH COMPANIES 🦄✨

The Destiny Tech100 is a closed-end management investment company registered
under the 1940 Act. We intend to invest in a portfolio of 100 of the top
venture-backed private technology companies, providing everyday investors access
to these private market leaders for the first time.

To be eligible for inclusion in the Destiny Tech100, companies must have been
vetted by top U.S. institutional investors and meet key health metrics.
Moreover, the companies in the portfolio will generally have reached a level of
maturity and stability expected of a late stage venture-backed company.

Destiny Tech100 common stock trades on the New York Stock Exchange ("NYSE")
under the ticker symbol "DXYZ."

PORTFOLIO DETAILS

Ticker

DXYZ

Listing Venue

NYSE

Annual Management Fee

2.5%

Current Portfolio

23 Companies

Target Portfolio

100 Companies

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CURRENT PORTFOLIO

PORTFOLIO CONSTRUCTION IS IN PROGRESS AND VALUES WILL CHANGE AS WE ADD MORE
COMPANIES. DATA BASED ON MOST RECENTLY REPORTED HOLDINGS.

CURRENT PORTFOLIO

SpaceX

34.6%

Axiom Space

9.7%

Boom Supersonic

4.6%

Epic Games

4.0%

Brex

4.0%

Superhuman

4.0%

OpenAI

3.8%

Revolut

3.4%

ClassDojo

3.0%

Relativity Space

2.7%

Stripe

2.6%

AtoB

2.4%

Instacart

2.0%

Chime

1.9%

Public

1.5%

Jeeves

1.4%

Impossible Foods

1.3%

Discord

1.2%

Klarna

1.2%

Automation Anywhere

0.9%

Plaid

0.5%

Bolt Financial

0.3%

Flexport

0.2%

Cash Equivalents

9.1%

APPROACH

The Destiny Tech100 takes a structure-agnostic approach to portfolio
construction, participating in primary rounds driven by the company as well as
secondary purchases from existing shareholders. We seek best execution for the
portfolio — accessing top companies at attractive prices and structures — and
we've seen that our flexibility to invest in multiple classes of equity,
equity-linked, and equity-related securities enables this effectively.

Execution, however, necessitates opportunity. Our team’s relationships and deep
market expertise also serve to provide everyday investors institutional-quality
private market access for the first time.

As we continue to build our portfolio of innovative and exciting companies we
will continue to publicly communicate our progress with you, and our community,
every step of the way.

PROGRESS TO DATE

As of December 31, 2023, the fund stands at approximately 90% of initial capital
deployed across primary and secondary investments, including marquee names in
Space Exploration (SpaceX, Axiom), Entertainment (Epic Games, Discord), Fintech
(Brex, Stripe), and AI/ML (OpenAI).

These private companies are shaping our collective future, and we invite you to
be part of their journey — and ours.

Gain Access

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ELIGIBILITY CRITERIA

TO BE ELIGIBLE FOR INCLUSION IN THE DESTINY TECH100, COMPANIES MUST GENERALLY
MEET THE FOLLOWING KEY HEALTH METRICS:

VETTED BY U.S. INSTITUTIONAL INVESTORS

THE COMPANY MUST HAVE RECENTLY RAISED OVER $50M FROM REPUTABLE U.S.
INSTITUTIONAL INVESTORS.

HEALTHY LIQUIDATION PREFERENCE RATIO

COMPANY’S OUTSTANDING PREFERRED STOCK LIQUIDATION PREFERENCE MUST BE HEALTHY
RELATIVE TO ITS CURRENT MARKET CAPITALIZATION.

NO BURDENSOME FINANCIAL STRUCTURES OR HEAVY DEBT

COMPANY’S FINANCIAL STRUCTURE MUST NOT BE BURDENSOME (E.G. RATCHETS WITH
SIGNIFICANT PENALTIES, HEAVY DEBT LOADS) IN SUCH A WAY THAT IT WOULD CREATE
UNDUE RISK OF IMPENDING FINANCIAL DISTRESS.

NO OPAQUE FOREIGN LEGAL STRUCTURES

COMPANY’S CORPORATE STRUCTURE AND GOVERNANCE MUST BE TRANSPARENT AND WITHIN THE
RANGE OF STANDARD CORPORATE STRUCTURES.

NO USUALLY HIGH TURNOVER, OR CULTURAL HEALTH RED FLAGS

COMPANY’S EXECUTIVE TEAM MUST NOT HAVE HAD UNUSUALLY HIGH TURNOVER OVER THE PAST
18 MONTHS, OR HAVE INTERNAL CULTURAL ISSUES THAT CONCERN US.

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INVESTMENT STRATEGY

THE DESTINY TECH100 WILL SIMULTANEOUSLY WEIGHT HEAVILY INTO TWO CATEGORIES OF
COMPANIES:

LARGE CAP

These companies, valued at $10B+, provide stability to the portfolio while still
sitting in the high-growth tech category.

MEDIUM CAP

As newer members of the unicorn ranks, valued between $750M - $10B, these
companies may have the potential to yield a 10-50x return.

GOVERNANCE

The Destiny Tech100 investment committee will make the final determination on
the inclusion, pricing, and weighting of companies in the Destiny Tech100, with
the determination of fair value overseen by an independent valuation committee.

If a company does not meet the inclusion criteria , it will be excluded from the
portfolio by default, and can only be included by an affirmative decision of the
board.



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UPSIDE OPPORTUNITY METRICS

FOR MANY COMPANIES AT THE PRE-IPO STAGE, THERE MAY BE THE POTENTIAL TO YIELD A
10-50X RETURN.

Total Addressable Market Size

A large underserved market is a great place to be as a high-growth tech company.
Larger markets create opportunities for larger outcomes.

Market Growth Rate

The size of the market is important, but often even more important is the rate
at which the size of the market is growing.

Many of the iconic companies of the last generation achieved their success by
dominating a smaller market and maintaining their advantaged position as the
market expanded by orders of magnitude.

Company Growth Rate

It will come as no surprise to you that a company’s growth rate is highly
correlated with investment performance. Beyond being a clear indication that a
company has strong product-market fit and is executing well, growth rates are
also highly correlated with future funding rounds, IPOs, and acquisitions.

Asset-Light, Software, and Platform based Business Models

We are big believers in the power of software to create revolutionary new ways
of conducting commerce, running businesses, and communicating.

Destiny Tech100 will lean heavily into companies that are powered by software at
their core. These kinds of companies tend to grow faster because of the low
marginal cost of distribution, and tend to do so while delivering superior
financial performance.

Network Effects Models, and Economies of Scale

What do Apple, Google, Microsoft, Facebook and Amazon all have in common? At
their core, they all have the property that the larger they grow, the stronger
their market position becomes.

These companies have enjoyed the benefit of their market position to grow to
incredible sizes – to the point that today, all of them are subject to serious
antitrust scrutiny.

While we are believers that competition is important for a functional and fair
economy, there is no denying the fact that the best investments end up being
ones that can benefit from these kinds of structural advantages.

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CULTURAL HEALTH METRICS

A COMPANY’S CULTURE IS A CRITICAL PART OF RECRUITING AND RETAINING A TOP-TIER
TEAM.

HEALTH DIVERSITY METRICS

We believe that talent is evenly distributed around the world across all races,
genders, sexual orientations, and ages. Companies that best leverage the
available talent pool tend to do better than those that do not.

CULTURE AND EMPLOYEE REVIEWS

We live in a world where employees have a voice and can share their perspectives
on a wide rage of platforms. This feedback tends to be correlated with long-term
success as it indicates whether a company has been investing in creating a great
culture.

STRENGTH OF VISION

Companies with an inspiring mission have an easier time recruiting the best
talent. This creates a strong correlation between having a positive impact and
long-term financial performance.

Companies that focus on creating a great culture tend to be

long-term focused across the board.

Which aligns their goals with ours.



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FINANCIAL & PRICING CONSIDERATIONS

WE ARE DISCIPLINED IN OUR INVESTING, TAKING INTO ACCOUNT TRANSACTION STRUCTURES
AND MARKET PRICING DYNAMICS.

Structure of Transaction & Class of Stock

We take a structure-agnostic approach to investing, giving us the broadest
availability of supply in prospective portfolio companies at attractive price.
We analyze the structure of a given transaction and class of stock being
purchased in the context of its price to evaluate its attractiveness.

Transparency of Financial Disclosures

We evaluate information on prospective companies from a broad range of sources,
including directly from the company, secondary marketplaces, private company
research firms, industry publications, and third-party commissioned analysis.

Recent & Historical Secondary Market Pricing

Data from secondary markets (Forge, Nasdaq, Zanbato, and others), independent
broker-dealers, and investment banks can be incredibly valuable in determining
approximations of market pricing.

This pricing may differ from the preferred stock price in recent financing
rounds, and provides insight into what may be attractive or undesirable prices
for a given transaction.

Gain Access

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LITERATURE

FUND DOCUMENTS

Prospectus



2023 Annual Report



Holdings as of 9/30/23



2023 Semi-Annual Report



2022 Annual Report



Proxy Voting Results



Code of Ethics



For more information, please visit the Fund's SEC EDGAR page.



D.XYZ

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© 2024 DESTINY XYZ INC. ALL RIGHTS RESERVED.




By using this website, you accept our Terms of Use and Privacy Policy. Destiny
is available only to residents of the United States. Nothing on this website
should be considered an offer, solicitation of an offer, or advice to buy or
sell securities. Past performance is no guarantee of future results. Any
historical returns, expected returns or probability projections are hypothetical
in nature and may not reflect actual future performance. Account holdings are
for illustrative purposes only and are not investment recommendations.

The Fund is a non-diversified closed-end investment company registered under the
Investment Company Act of 1940, as amended. There are risks inherent in any
investment, including the possible loss of up to 100% of invested capital. There
can be no assurance that fund objectives will be achieved. Closed-end funds
frequently trade at a discount to their net asset value.

Fund shares are not guaranteed or endorsed by any bank or other insured
depository institution and are not federally insured by the Federal Deposit
Insurance Corporation. Shares of closed-end funds are subject to investment
risks, including the possible loss of principal invested. Shares of a
non-diversified fund may rise and fall more than the value of shares of a fund
that invests in a broader range of securities. Past performance is no guarantee
of future results.

Investors should consider the investment objectives, risks, charges, and
expenses carefully before investing, which are fully described in the Fund’s
prospectus.

The content on this website is for informational purposes only and does not
constitute a comprehensive description of Destiny’s services.



Disclosures & Legal Information