Platform comparison
CrowdStreet vs EquityMultiple
Crowd Street vs EquityMultiple
- What you buy
- Large managers' funds vs mostly Larson offerings
- Who can invest
- Accredited only on both
- Minimum
- Typically $5,000 vs $25,000 ($5,000 notes)
- Main investor fee
- 1.5% to 3.5% load vs 1% to 2% a year on older deals
- Getting money out
- Fund repurchase rules vs hold to exit
- Latest change
- Fund menu since 2025 vs Larson since Aug 1, 2026
Crowd Street offerings page and Form CRS (May 18, 2026); EquityMultiple FAQ; EM Advisor and Larson Form ADV (Mar 31, 2026); checked Nov 2, 2026.
The short answer
CrowdStreet vs EquityMultiple now comes down to who sponsors what you buy: large managers' funds on Crowd Street, mostly Larson Capital's own offerings on EquityMultiple. Crowd Street typically starts at $5,000 with a 1.5% to 3.5% sales load. EquityMultiple starts at $25,000, or $5,000 for short-term notes. Both are for accredited investors only.
Crowd Street vs EquityMultiple
- What you buy
- Large managers' funds vs mostly Larson offerings
- Who can invest
- Accredited only on both
- Minimum
- Typically $5,000 vs $25,000 ($5,000 notes)
- Main investor fee
- 1.5% to 3.5% load vs 1% to 2% a year on older deals
- Getting money out
- Fund repurchase rules vs hold to exit
- Latest change
- Fund menu since 2025 vs Larson since Aug 1, 2026
Crowd Street offerings page and Form CRS (May 18, 2026); EquityMultiple FAQ; EM Advisor and Larson Form ADV (Mar 31, 2026); checked Nov 2, 2026.
- Neither is a multi-sponsor marketplace now. On November 2, 2026, Crowd Street listed 10 funds from 8 managers, and EquityMultiple's FAQ said Larson will sponsor most new offerings.
- Both are for accredited investors. Crowd Street typically starts at $5,000; EquityMultiple's standard minimum is $25,000, with Alpine Notes from $5,000.
- The fees are shaped differently. On $25,000 over five years, Crowd Street's load costs $375 to $875 once; an older EquityMultiple deal's yearly fees total $1,400 to $2,850.
- Larson took over on August 1, 2026. Larson Capital Management operates EquityMultiple under a license; Equity Multiple, Inc. says it was not sold and existing terms stand.
In this guide · 11 sections
- What is the main difference between CrowdStreet and EquityMultiple?
- How have CrowdStreet and EquityMultiple changed?
- How do CrowdStreet and EquityMultiple fees compare?
- Who can invest in CrowdStreet and EquityMultiple?
- Can you get your money out of CrowdStreet or EquityMultiple?
- What results have CrowdStreet and EquityMultiple reported?
- What do public records and reviews show?
- Which fits you: CrowdStreet or EquityMultiple?
- Where does RealtyMogul fit in CrowdStreet vs EquityMultiple vs RealtyMogul?
- What if you want the old multi-sponsor model?
- How did we check these CrowdStreet and EquityMultiple facts?
Short answer
What is the main difference between CrowdStreet and EquityMultiple?
The main difference between CrowdStreet and EquityMultiple is who sponsors what you buy. Crowd Street (formerly CrowdStreet) sells large managers' funds and REITs, typically from $5,000. EquityMultiple, run by Larson Capital Management since August 1, 2026, says most new offerings will be Larson's own, from $25,000, plus $5,000 short-term notes. Both are for accredited investors only.
Many older comparisons set two multi-sponsor marketplaces side by side. Neither platform works that way now.
| Dimension | Crowd Street | EquityMultiple |
|---|---|---|
| What you buy | Large managers' funds and REITs | Larson offerings, Alpine Notes and older single deals |
| Who sponsors | 8 outside managers, 3 in real estate | Mostly Larson, which also operates the platform |
| Who can invest | Accredited only | Accredited only; self-certified at signup |
| Minimum | Typically from $5,000 | $25,000 standard; $5,000 Alpine Notes |
| Investor fees | No account fees; sales load typically 1.5% to 3.5%, plus fund fees | None on notes; older single deals 1% to 2% a year plus a flat fee; Larson funds typically 2% of NAV a year |
| Who pays the platform | Fund issuers, from sales loads taken out of your investment, plus servicing fees | Investors, through vehicle fees; sponsors and borrowers pay fees too |
| Getting money out | Each fund's repurchase program | Notes in 3 to 9 months; offerings held to exit |
| Registered firms | FINRA broker-dealer (CRD 312762); SEC adviser (CRD 299176) | Not a broker-dealer; EM Advisor is an exempt reporting adviser; Larson is SEC-registered (CRD 301971) |
| IRA money | Through an Equity Trust integration | Several self-directed IRA custodians |
Then and now
How have CrowdStreet and EquityMultiple changed?
Both platforms began as places to pick individual commercial deals from many sponsors, and both changed between 2025 and 2026. The dated record:
- May 29, 2025: CrowdStreet renamed itself Crowd Street. It said more than $4.4 billion had been invested through it as of April 2025.
- October 2025: Crowd Street announced Nuveen and StepStone funds. On November 2, 2026, its offerings page listed 10 funds and REITs and no single-sponsor deal.
- May 14, 2026: EM Advisor, EquityMultiple's adviser, became an exempt reporting adviser after its SEC registration ended on May 1.
- August 1, 2026: Larson Capital Management began operating EquityMultiple under a license. Equity Multiple, Inc. says it was not sold, and existing investments keep their terms.
EquityMultiple's FAQ, read on November 2, 2026, says "most new offerings will be sponsored and managed by Larson Capital Management or its affiliates." The September 17, 2026 announcement put its investor base at more than 64,000 accredited investors.
Fee math
How do CrowdStreet and EquityMultiple fees compare?
Crowd Street takes its main fee once, as a sales load deducted from your purchase. EquityMultiple's older single-deal vehicles charge a yearly fee instead, and its Alpine Notes charge investors no fee. New Larson offerings carry Larson's own fees, typically 2% of net asset value a year, a 1.5% acquisition fee and 20% of profits above a preferred return, per its brochure.
Worked example
You put $25,000 into each platform and hold for five years. Only the platform-level layers are counted.
| Fee layer | Crowd Street fund | Older EquityMultiple single deal |
|---|---|---|
| Upfront | $375 to $875 sales load | $0 |
| Each year | $0 in account fees | $280 to $570 (1% to 2%, plus a $30 to $70 flat fee) |
| Five-year total | $375 to $875 | $1,400 to $2,850 |
| Still to add | Each fund's management and performance fees | The sponsor's fees and profit share inside the deal |
Over five years, the platform layers come to $375 to $875 on Crowd Street and $1,400 to $2,850 on an older EquityMultiple deal. Neither figure includes the fund's or sponsor's own fees, which can be larger.
The guide to sponsor fees and the promote explains the layers inside each deal.
Access and exits
Who can invest in CrowdStreet and EquityMultiple?
Only accredited investors can invest on either platform. Crowd Street's FAQ adds that investors must live in the 50 states or D.C. EquityMultiple's FAQ says you "self-certify that you are an accredited investor," and it does not typically ask for documents. The accredited investor guide covers the tests.
Minimums are close at the low end. Crowd Street's offerings typically start at $5,000, and EquityMultiple's Alpine Notes also start at $5,000. EquityMultiple's standard minimum per offering is $25,000.
Can you get your money out of CrowdStreet or EquityMultiple?
On Crowd Street, the exit depends on each fund. Interval funds offer to buy back 5% to 25% of shares at set times, and requests can be prorated. Non-traded REIT programs can be limited or suspended.
On EquityMultiple, Alpine Notes run 3, 6 or 9 months. Other offerings are restricted securities that are "highly illiquid due to the current lack of a secondary market," its FAQ says. See selling private real estate early.
Record check
What results have CrowdStreet and EquityMultiple reported?
Their published results cover different products, so this page does not set one against the other. CrowdStreet's realized track record, dated January 24, 2025, reports an 11.2% aggregate IRR across 216 realized deals from its old marketplace. Of those deals, 49 show a negative IRR. Those were single-sponsor deals, not the funds it sells today.
EquityMultiple says its Alpine Notes have had "no missed or late interest payments." It notes that its targets are hypothetical and that some metrics "have not been independently verified or audited." Its full track record sits behind an account login. Past results do not predict future ones.
What do public records and reviews show?
Crowd Street's broker-dealer and adviser showed no disclosures on FINRA and SEC records on October 27, 2026. A 2025 class action tied to the Nightingale fraud was sent to individual arbitration on August 11, 2025, and the company denies the claims. EquityMultiple's and Larson's brochures dated March 31, 2026, report no material legal or disciplinary events.
On October 27, 2026, Trustpilot showed 1.7 out of 5 from 162 Crowd Street reviews and 1.6 from 32 EquityMultiple reviews. The Crowd Street review and EquityMultiple review have the details.
Which fits
Which fits you: CrowdStreet or EquityMultiple?
Crowd Street fits accredited investors who want a menu of large managers' funds from about $5,000. EquityMultiple fits accredited investors who want short-term notes or are comfortable with one main sponsor, Larson.
Crowd Street
Broker-dealer menu · Large managers' funds
- Minimum
- Typically $5,000
- Who can invest
- Accredited only
Crowd Street sells real estate, credit, private equity and venture funds from managers such as Nuveen, PGIM and StepStone. A sales load comes out of each purchase, and each fund adds its own fees.
Good fit if you
- Want several asset classes in one account
- Prefer a one-time load to a yearly platform fee
Not a fit if you
- Want one sponsor's individual deal
EquityMultiple
One main sponsor · Offerings and notes
- Minimum
- $5,000 notes
- Who can invest
- Accredited only
EquityMultiple sells commercial real estate debt, preferred equity and equity, plus 3- to 9-month Alpine Notes. Larson, its operator, sponsors most new offerings and "may participate" in them, its FAQ says.
Good fit if you
- Want short-term notes
- Want commercial real estate only
Not a fit if you
- Want a choice of independent sponsors
Other options
Where does RealtyMogul fit in CrowdStreet vs EquityMultiple vs RealtyMogul?
RealtyMogul is the third name in many of these comparisons, and it has changed too. Its two REITs have taken no new cash since July 11, 2025, and suspended repurchases on April 21, 2026. On October 27, 2026, it listed one open equity offering, a flex industrial property with a $35,000 minimum. See the RealtyMogul review.
What if you want the old multi-sponsor model?
Investors who joined either platform to pick individual deals from many sponsors now look at a real estate sponsor marketplace. There, independent sponsors list their own offerings and you deal with each sponsor directly. The syndication platforms comparison lists who still works this way.
Nine checks
How did we check these CrowdStreet and EquityMultiple facts?
Relli checked both platforms on November 2, 2026, against the nine questions in the first table. Primary sources came first: Crowd Street's offerings page, Form CRS and FAQ, EquityMultiple's FAQ, both advisers' Form ADV brochures, FINRA BrokerCheck and the SEC's adviser search. Track record, review and court figures are as checked on October 27, 2026.
NerdWallet and Trustpilot figures are named in the text. Nothing is scored or ranked, and no platform paid to be included. Relli appears only in the section above and the disclosure.
Sources
- Crowd Street offerings, Crowd Street (accessed Nov 2, 2026)
- CrowdStreet Capital, LLC Form CRS (client relationship summary), Crowd Street (May 18, 2026)
- Crowd Street FAQs, Crowd Street (accessed Oct 27, 2026)
- Crowd Street launches new brand for private market investors, Crowd Street (May 29, 2025)
- Crowd Street expands private markets investing, Crowd Street (Oct 2, 2025)
- CrowdStreet Marketplace Realized Track Record, Crowd Street (as of Jan 24, 2025)
- BrokerCheck: CrowdStreet Capital LLC (CRD 312762), FINRA (accessed Oct 27, 2026)
- Shah et al v. CrowdStreet, Inc. et al, No. 1:25-cv-00383 (W.D. Tex.), order compelling individual arbitration and staying the case, U.S. District Court for the Western District of Texas, via GovInfo (Aug 11, 2025)
- Investor Bulletin: Interval Funds, SEC Office of Investor Education and Advocacy (Sep 25, 2020)
- EquityMultiple FAQ (Larson license, minimums, accreditation, liquidity, IRAs), EquityMultiple (accessed Nov 2, 2026)
- EquityMultiple and Larson Financial Holdings announce platform license, Newswire (Sep 17, 2026)
- EM Advisor, LLC Form ADV Part 2A brochure, EM Advisor, LLC (filed with the SEC) (Mar 31, 2026)
- Larson Capital Management, LLC Form ADV Part 2A brochure, Larson Capital Management (filed with the SEC) (Mar 31, 2026)
- Investment Adviser Public Disclosure: EM Advisor (CRD 314402), U.S. Securities and Exchange Commission (accessed Oct 27, 2026)
- The Alpine Note, EquityMultiple (accessed Oct 27, 2026)
- EquityMultiple review, NerdWallet (Feb 5, 2026)
- Crowd Street reviews, Trustpilot (accessed Oct 27, 2026)
- EquityMultiple reviews, Trustpilot (accessed Oct 27, 2026)
- Investment opportunities, RealtyMogul (accessed Oct 27, 2026 (browser check))
- How Relli works, Relli (accessed Nov 2, 2026)
