Robinhood Ventures Fund II, or RVII, has listed on the New York Stock Exchange, according to Reuters, giving retail investors a way to access investments in private startup companies. The fund opened at $22.50 on the NYSE and raised about $225.5 million. Robinhood’s second venture fund is set to focus on current and former participants in Y Combinator, the startup accelerator that has backed more than 5,000 companies since 2005, including 100 unicorns. Notable Y Combinator portfolio companies include crypto exchange Coinbase, social media platform Reddit, and OpenAI, the developer of ChatGPT. The listing extends Robinhood’s push to package venture exposure into a public-market product that can be bought by ordinary investors.

Robinhood has rolled out its second venture capital vehicle, Robinhood Ventures Fund II, extending access to private startup investing beyond institutions and wealthy clients. The fund listed on the New York Stock Exchange on Aug. 14 at $25 per share and raised about $225.5 million. According to the company, more than 133,000 Robinhood users invested on the first day, while the share price traded near $23.83 intraday on Friday. RVII focuses on early-stage private companies with high growth potential, with a particular emphasis on startups backed by Y Combinator. The accelerator’s past investments include OpenAI, Stripe and DoorDash. Robinhood said the portfolio currently holds stakes in about 80 private companies, with 64% allocated to the technology sector. Named holdings include Shortwave Communications, SharedGenes, Samora AI and Speedtrain, all tied to AI-related themes. Robinhood CEO Vlad Tenev has said the firm wants to lower the barriers that keep ordinary investors out of private markets, especially as more companies stay private longer. Still, the new product comes with trade-offs: RVII uses a business development company structure, is closed-end in nature, offers less liquidity than a traditional ETF, and carries a 4.08% annual expense ratio.

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Robinhood Ventures has unveiled its second venture capital fund, RVII, with a planned raise of $200 million targeting startups from Y Combinator's current and past cohorts. The fund is set to list on the New York Stock Exchange at $25 per share, with trading expected to begin on Aug. 13. Unlike the firm's first fund, RVI, which carried no performance fee, RVII charges a 2% management fee and a 20% performance fee, translating to an estimated annual total expense ratio of about 4.18%. Robinhood describes the vehicle as a "speculative" investment, warning of "significant risk of loss" and noting shareholders will not have redemption rights. RVI debuted in March, raising $658.4 million and focusing on late-stage names such as Databricks, Stripe, OpenAI and SpaceX. That fund fell 16% on its first trading day before rebounding roughly 30%. RVII, by contrast, shifts the focus toward seed-stage companies. Robinhood Ventures head Sarah Pinto says the fund lets retail investors "participate in early-stage growth without waiting for a company's IPO." Goldman Sachs is acting as lead underwriter, with Citigroup, JPMorgan, UBS and Wells Fargo as joint underwriters. The subscription window closes on Aug. 12.

Robinhood said its venture arm, Robinhood Ventures, is launching Robinhood Ventures Fund II, or RVII, with a planned New York Stock Exchange listing on Aug. 13 Eastern Time at an expected IPO price of $25 per share. Retail investors and independent registered investment advisors using the TradePMR Fusion platform can submit IPO indications starting now, with the order window set to close on Aug. 12. The fund is structured as a business development company and issued as a closed-end fund, giving investors access to early-stage private companies before they reach public markets. Robinhood said the portfolio currently holds stakes in 80 private companies and is centered on existing and alumni startups from Y Combinator, along with other standout early-stage companies. The company also disclosed the fund’s fee structure, including a 2.00% annual base management fee on net assets and a 20% incentive fee tied to realized capital gains after specified deductions.

Robinhood has opened the order window for Robinhood Ventures Fund II, a closed-end fund designed to give retail investors access to seed-stage startups tied to Y Combinator. The fund is expected to price at $25 per share and raise about $200 million through an offering of 8 million shares, with trading on the New York Stock Exchange set to begin on Aug. 13 under the ticker RVII. At launch, the vehicle is expected to hold positions in 80 private companies. The product pushes Robinhood deeper into private markets, moving from later-stage names such as OpenAI to seed-stage venture investing, an area the company itself describes as speculative and subject to substantial risk of loss. The structure comes with no investment minimums or accreditation requirements, but investors will face a 2% annual management fee, a 20% incentive fee on realized gains, and estimated annual expenses of 4.18%. Robinhood also says shareholders will have no redemption rights and may need to sell shares in the open market at prices below the value of the fund’s holdings. Robinhood said the new fund will target current and former Y Combinator companies, as well as startups whose founders have gone through the accelerator. The launch follows Robinhood Ventures Fund I, which listed in March and later bought roughly $75 million of OpenAI common stock.

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Robinhood CEO Vlad Tenev and CLO Daniel Gallagher sold HOOD shares on July 6 via preset trading plans, totaling roughly $44.7 million. Robinhood Ventures Fund I also trimmed its RVI position. The sales followed a stock rally fueled by product launches including Robinhood Chain and Stock Tokens.