Platform comparison
Relli vs CrowdStreet: Fees, Minimums and Access
The short answer
CrowdStreet fees now come mostly as a sales load, typically 1.5% to 3.5% of what you invest, while Relli charges investors nothing today. Crowd Street (formerly CrowdStreet) sells large managers' funds to accredited investors from about $5,000. Relli is paid by sponsors, whose own offerings have started from $25,000. On Relli you talk to each sponsor directly.
- The money flows differently. Crowd Street's typical 1.5% to 3.5% load comes from your investment (Form CRS, May 18, 2026); sponsors pay Relli.
- Crowd Street is a fund menu now. On October 20, 2026, its offerings page listed 10 funds and REITs from large managers and no single-sponsor deal.
- Crowd Street starts lower. Its offerings typically start at $5,000; offerings listed on Relli have started from $25,000, set by each sponsor.
- On Relli you talk to the sponsor. After Express Interest, the sponsor's team typically reaches out within a day by video call or phone.
In this guide · 14 sections
- How do Relli and CrowdStreet compare on fees, minimums and access?
- What is Crowd Street?
- How does investing on Crowd Street work now?
- Can you still buy single-sponsor deals on CrowdStreet?
- What are CrowdStreet's fees, and how does Crowd Street make money?
- What does a sales load cost on a $50,000 investment?
- What is the CrowdStreet minimum investment, and who can invest?
- Can you talk to the sponsor directly on Relli or Crowd Street?
- How does each platform review sponsors and offerings?
- Is Crowd Street a broker-dealer, and is Relli?
- How do liquidity and reporting compare, including Crowd Street's REITs?
- Which fits you, Relli or Crowd Street?
- Is Crowd Street closing, and can you use it alongside Relli?
- Which ten questions did Relli check on both platforms?
Fees and access
How do Relli and CrowdStreet compare on fees, minimums and access?
Relli and Crowd Street (formerly CrowdStreet) differ on who sponsors the offerings, who pays the platform and the minimum. The minimum is typically $5,000 for Crowd Street's funds and from $25,000 for offerings listed on Relli.
Crowd Street now sells large managers' funds through its own broker-dealer, with a sales load taken from each purchase. Relli lists independent sponsors' own offerings, puts you in touch with each sponsor, and is paid by sponsors rather than by you.
| Question | Crowd Street | Relli |
|---|---|---|
| What you buy | Shares of a large manager's fund or REIT | One sponsor's individual offering |
| Who sponsors the deals | Nuveen, StepStone, PGIM and other large managers | Several independent sponsors |
| Who you talk to | Crowd Street and fund materials | The sponsor's own team |
| Who can invest | Accredited only | Mostly accredited |
| Minimum | Typically from $5,000 | From $25,000, set by each sponsor |
| Taken from your investment by the platform | Sales load, typically 1.5% to 3.5% | $0 to Relli |
| Other fees | Each fund's own fees | Sponsor fees in each offering's documents |
| How the platform is paid | Issuers: loads, placement and servicing fees | Sponsors pay a subscription to list |
| Getting money out | Each fund's repurchase rules | Hold to term |
| Registered firms | Broker-dealer and SEC adviser | Neither; sponsors file their own offerings |
Crowd Street now
What is Crowd Street?
Crowd Street is the new name of CrowdStreet, an online investment platform for accredited investors. The platform began as a marketplace for individual commercial real estate deals from many sponsors. The company announced the name on May 29, 2025. Its regulated firms kept the old spelling: CrowdStreet Capital LLC and CrowdStreet Advisors, LLC.
How does investing on Crowd Street work now?
Investing on Crowd Street now means buying into a large manager's pooled fund or non-traded real estate investment trust (REIT). You buy through CrowdStreet Capital LLC, the company's broker-dealer. On October 20, 2026, its offerings page listed 10 such vehicles, from Franklin Lexington, Clarion Partners, PGIM, T. Rowe Price/OHA, Neuberger, Nuveen, StepStone and Churchill.
The change started in October 2025, when Crowd Street added Nuveen and StepStone funds. Crowd Street called it the first time it had offered private markets beyond commercial real estate.
Can you still buy single-sponsor deals on CrowdStreet?
Crowd Street had no new single-sponsor deals open on October 20, 2026. Investors who bought individual deals on the old CrowdStreet hold them until each deal ends. Readers who want new Rule 506(c) deals from individual sponsors, the kind CrowdStreet used to list, now look at sponsor marketplaces. Most offerings on Relli are Rule 506(c) offerings, and some are joint ventures. Read how a sponsor marketplace works.
Follow the money
What are CrowdStreet's fees, and how does Crowd Street make money?
Crowd Street's main fee is a sales load of typically 1.5% to 3.5% of your purchase. The fund deducts the load before your money is invested, and some or all of it goes to Crowd Street. The company says, "We do not charge investors account fees." Its May 18, 2026 Form CRS lists three ways issuers pay it:
- Sales loads, taken out of investors' money at purchase.
- Due diligence and placement fees charged to issuers. The Form CRS warns that an issuer "may pass these on to you."
- Ongoing servicing fees paid by issuers.
Each fund then charges its own management fees inside the fund, and some add performance or operating fees.
What does a sales load cost on a $50,000 investment?
A sales load of 1.5% to 3.5% costs $750 to $1,750 on a $50,000 investment, taken before the money is invested. Crowd Street's Form CRS dated May 18, 2026, gives that typical range.
Worked example
You put $50,000 into a fund on Crowd Street. The load is deducted before the money is invested.
| Step | 1.5% load | 3.5% load |
|---|---|---|
| Load deducted | $750 | $1,750 |
| Amount invested in the fund | $49,250 | $48,250 |
| Gain needed to be back at $50,000 | 1.52% | 3.63% |
At a 3.5% load, $48,250 goes to work, and the fund has to gain 3.63% before your stake is worth the $50,000 you paid.
Put the same money into an offering listed on Relli and none of it goes to the platform. Investors pay Relli $0 today, and sponsors pay Relli a subscription to list. Sponsors' own fees still apply.
Acquisition, asset management and promote fees are set by each sponsor, listed in its offering documents and paid out of the deal. The guide to real estate sponsor fees shows how to read them.
Sales commissions also show up in private offerings outside platforms. Relli's analysis of Securities and Exchange Commission (SEC) Form D data looked at these fees. Of the 1,224 real estate offerings filed under Rule 506(c) between October 1, 2025 and September 30, 2026, 17.1% reported sales commissions or finder's fees. The median was 6.0% of the offering amount. Form D does not count sponsor fees.
Minimums
What is the CrowdStreet minimum investment, and who can invest?
Crowd Street's minimum investment is typically $5,000 per offering, and the platform is open to accredited investors only. The minimum comes from the May 18, 2026 Form CRS, and minimums vary by fund. Many 2026 review sites still quote the higher minimum that applied to the old single-sponsor deals.
On minimums, Crowd Street is the easier of the two to start with. Listed offerings on Relli have started from $25,000, each sponsor sets its own minimum, and many open offerings ask for more. Relli's 2026 data on private real estate minimums shows where typical private offerings sit.
Most offerings on Relli are for accredited investors, and the sponsor confirms eligibility before you invest. The accredited investor guide explains the tests.
Who you deal with
Can you talk to the sponsor directly on Relli or Crowd Street?
Talking to the sponsor is the central step on Relli, while on Crowd Street you deal with the platform and each fund's materials. After you tap Express Interest on an offering page, the sponsor's team typically reaches out within a day, by video call or phone.
Some sponsors let you book a time. Your details go only to that offering's sponsor. If you invest, you sign and pay the sponsor directly under its documents.
As of October 20, 2026, Relli did not find a process on Crowd Street's pages for speaking with a fund's manager before investing.
How does each platform review sponsors and offerings?
Relli reviews and underwrites every sponsor before it can list (background checks, track record, financials and offering structure) and turns some down. A review is not a guarantee of performance, and it does not replace your own due diligence.
On Crowd Street, each large manager runs and reports on its own fund. Sponsor risk on the old marketplace became public with the Nightingale case.
In 2023 CrowdStreet disclosed that investor funds in Nightingale offerings had been misused. On February 21, 2025, the SEC charged Nightingale Properties and Elie Schwartz with defrauding at least 700 investors of more than $52 million. The SEC did not charge CrowdStreet. See CrowdStreet alternatives and the Nightingale case.
Registration and exits
Is Crowd Street a broker-dealer, and is Relli?
Crowd Street works through a broker-dealer and an investment adviser, and Relli is neither. The Financial Industry Regulatory Authority's (FINRA) BrokerCheck showed both Crowd Street firms as active on October 20, 2026:
- CrowdStreet Capital LLC, a FINRA broker-dealer (CRD 312762), which sells the offerings.
- CrowdStreet Advisors, LLC, an SEC-registered investment adviser (CRD 299176).
Relli's site footer describes Relli as "a technology marketplace" that does not "act as a broker-dealer." Each offering on Relli is the sponsor's own private offering, mostly under Rule 506(c). Registration shows which rules a firm reports under but does not make any investment safe.
How do liquidity and reporting compare, including Crowd Street's REITs?
Getting money out of a Crowd Street fund depends on its repurchase rules, while Relli offerings usually cannot be sold before they end. Interval funds, tender-offer funds and non-traded REITs each set their own repurchase rules. For non-traded REITs, the SEC warns that redemption programs "may be discontinued ... without notice" (Investor Bulletin, August 31, 2015).
Relli has no secondary market, so expect to hold each investment for its full term, often several years. The sponsor sends updates and tax forms, including K-1s. See selling a private real estate investment early.
Best fit
Which fits you, Relli or Crowd Street?
Relli fits investors who want to choose an independent sponsor's offering, while Crowd Street fits those who want a large manager's fund. Both are mainly for accredited investors. On Relli you talk to the sponsor, and Crowd Street's funds start from about $5,000.
Relli
Sponsor marketplace · Sponsors' own offerings
- Minimum
- From $25,000
- Who can invest
- Mostly accredited
Relli lists offerings from established real estate sponsors, each reviewed and underwritten before it can list, so you can compare them side by side. You speak with the sponsor running an offering before you decide, then invest with that sponsor. Each sponsor's page shows its track record and assets under management as the sponsor reports them, $5B+ combined. Current offerings span multifamily, grocery-anchored retail and diversified funds. Relli was founded in 2023, lists fewer offerings than large platforms, and its review is not a guarantee of performance.
Good fit if you
- Want to pick one sponsor's offering, as on the old CrowdStreet
- Want a call with the sponsor before you commit
- Want none of your investment going to the platform
Not a fit if you
- Want to start below $25,000
- May need the money back within a few years
Crowd Street
Fund menu · Large managers
- Minimum
- Typically $5,000
- Who can invest
- Accredited only
Crowd Street sells funds and non-traded REITs from large managers such as Nuveen, StepStone and PGIM through its broker-dealer. A sales load of typically 1.5% to 3.5% comes out of each purchase, and each fund charges its own fees on top. Crowd Street charges no account fees. When you can get money out depends on each fund's repurchase terms.
Good fit if you
- Are accredited and want big-manager funds in one account
- Want to start from about $5,000
Not a fit if you
- Want an individual sponsor's deal
- Are not accredited
- Want to avoid a sales load
Crowd Street status
Is Crowd Street closing, and can you use it alongside Relli?
Is Crowd Street closing?
Crowd Street's offerings page listed 10 open funds and REITs on October 20, 2026. The company renamed itself in May 2025 and began adding large-manager funds in October 2025.
How does CrowdStreet compare with Fundrise?
Fundrise sells its own funds to anyone from $10, while Crowd Street sells other managers' funds to accredited investors from about $5,000. The Fundrise vs CrowdStreet page compares the two.
What about EquityMultiple?
Larson Capital Management has run the EquityMultiple platform since August 1, 2026, and is set to sponsor most of its new offerings. The Relli vs EquityMultiple comparison covers what that means if you want to choose the sponsor. The EquityMultiple vs CrowdStreet comparison sits on the EquityMultiple alternatives page.
Can you use both Crowd Street and Relli?
Yes. An accredited investor can hold big-manager funds through Crowd Street and individual sponsor offerings through Relli. Each investment has its own minimum, fees and hold period, so read each one's documents.
Ten checks
Which ten questions did Relli check on both platforms?
Relli checked both platforms on October 20, 2026, against the ten questions in the table. Crowd Street facts come from its Form CRS dated May 18, 2026, its offerings page, its press releases and FINRA BrokerCheck. Relli facts come from relli.co, and the Form D figures are Relli's own analysis of SEC data.
- The two platforms are not scored or ranked.
- Relli's card is first because the page's question is where to find individual sponsor offerings, the old CrowdStreet model.
- No platform paid to be included.
Relli re-checks Crowd Street's Form CRS and offerings page on a schedule, and whenever either platform changes its terms.
Sources
- Crowd Street Form CRS (client relationship summary), Crowd Street (May 18, 2026)
- Crowd Street offerings, Crowd Street (accessed Oct 20, 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)
- BrokerCheck: CrowdStreet Capital LLC (CRD 312762) and CrowdStreet Advisors, LLC (CRD 299176), FINRA (accessed Oct 20, 2026)
- SEC charges Nightingale Properties and its CEO (Litigation Release 26254), U.S. Securities and Exchange Commission (Feb 21, 2025)
- Investor Bulletin: Non-traded REITs, SEC Office of Investor Education and Advocacy (Aug 31, 2015)
- Form D data sets, SEC Division of Economic and Risk Analysis (period Oct 1, 2025 to Sep 30, 2026 | pulled Oct 20, 2026)
- Crowd Street taps Nuveen and StepStone to go beyond CRE, Bisnow (Oct 2, 2025)
- How Relli works, Relli (accessed Oct 20, 2026)
- Pricing, Relli (accessed Oct 20, 2026)
- Key risks, Relli (accessed Oct 20, 2026)
