Robinhood is launching an initial public offering for its second venture fund, targeting as much as $200 million to give retail investors access to early-stage private companies.
The vehicle, Robinhood Ventures Fund II, is structured as a business development company — a type of closed-end fund — and has set an expected listing date of August 13 on the New York Stock Exchange under the ticker symbol RVII, with shares priced at $25 each, the company said. The offering consists of up to 8 million shares, of which 400,000 are being sold by Robinhood itself.
Starting Monday, Robinhood Financial customers can request IPO shares through Robinhood's platform. Investment advisers on the TradePMR Fusion platform may also seek an allocation for their clients. Robinhood said the share request period is set to end on August 12.
The fund currently holds 80 private companies, with others expected to be added over time. Its stated focus is seed investments in companies that are current or former participants in the Y Combinator startup accelerator program, or whose founders have participated in the program, the company said.
The offering carries no accreditation requirements and no investment minimums, according to Robinhood. The fund charges a base management fee of 2% of net assets annually, plus an incentive fee equal to 20% of realized capital gains from inception through the end of each fiscal year, less realized capital losses, unrealized capital depreciation, and previously paid incentive fees.
"The next generation of promising startups is being built today," Sarah Pinto, head of Robinhood Ventures, said in a statement. "With Robinhood Ventures Fund II, retail investors no longer have to wait until a company's IPO to be part of an early growth journey."
Goldman Sachs $GS is serving as lead bookrunner, with Citigroup $C, J.P. Morgan, UBS Investment Bank, and Wells Fargo $WFC Securities in joint bookrunner roles, according to Reuters.
Robinhood pointed to structural shifts in the venture market as context for the launch. The median time between a company's founding and its IPO grew from five years in 1999 to 14 years in 2024, the company said, citing University of Florida research. The U.S. venture capital market deployed $320 billion in 2025 and held $1.38 trillion in total assets under management at year-end, according to the NVCA 2026 Yearbook.
An investment in the fund is speculative and involves a high degree of risk, Robinhood cautioned, noting that shares may trade at a discount or premium to net asset value and that an active public market may not develop.