Key Takeaways:
- RVII to list on NYSE under symbol RVII on Aug 13 at $25 a share
- Fund holds 80 private companies, focused on Y Combinator startups
- Retail investors can request IPO shares through Robinhood until Aug 12
Geri
Robinhood Ventures Fund II launches $200 million IPO at $25 a share
Robinhood Ventures Fund II is seeking $200 million in an initial public offering at $25 a share, opening early-stage private investing to retail customers who have long been locked out of venture capital.
"The next generation of promising startups is being built today," said Sarah Pinto, Head of Robinhood Ventures. "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."
The offering comprises up to 7.6 million shares from RVII and 400,000 from parent Robinhood Markets as selling shareholder, with underwriters holding a 30-day option for 1.2 million additional shares. Goldman Sachs is lead bookrunner, joined by Citigroup, J.P. Morgan, UBS Investment Bank and Wells Fargo Securities. The window to request IPO shares closes Aug 12, ahead of the expected Aug 13 listing on the New York Stock Exchange under the symbol RVII.
RVII is a business development company, a closed-end fund holding 80 private companies, most tied to the Y Combinator accelerator, which has funded more than 5,000 startups with a combined value of $1.3 trillion. Companies are staying private far longer — the median time to IPO stretched from five years in 1999 to 14 years in 2024 — leaving the foundational growth phase out of reach of the investing public.
Why the fund matters
The U.S. venture market deployed $320 billion in 2025 with $1.38 trillion in assets under management, yet retail investors have had no direct route into seed-stage deals. RVII removes the accreditation and minimum-investment barriers, charging a base management fee of 2 percent of net assets plus a 20 percent incentive fee on realized capital gains. The fund does not plan quarterly dividends and carries the illiquidity and valuation risk typical of private portfolios.
The launch extends Robinhood's push beyond brokerage. The company reported record second-quarter revenue of $1.31 billion, up 32 percent year over year, with diluted earnings per share of $0.62, up 48 percent. Net deposits reached a record $22 billion and Gold subscribers hit 4.8 million. Analysts remain bullish, with a median price target of $110 on HOOD and recent targets as high as $130 from Mizuho.
RVII's roadshow video, featuring Chief Executive Vlad Tenev, Chief Financial Officer Shiv Verma, Pinto and portfolio manager Rich Aberman, airs Aug 3 at 12 p.m. ET. The fund expects to meet dozens of new companies each quarter and add them to the portfolio, with performance metrics published after listing.
This article is for informational purposes only and does not constitute investment advice.
