Robinhood's New Private Fund
Robinhood Ventures Fund II Prices IPO at $25, Set to Trade on NYSE Under RVII
Key Points
RVII is scheduled to close on August 14, 2026, after pricing and starting trading on August 13.
Goldman Sachs & Co. LLC is the lead bookrunner, with Citigroup, J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities serving as joint bookrunners.
A registration statement for RVII was declared effective by the SEC on August 12, 2026.
Robinhood Ventures Fund I previously invested about $75 million in OpenAI in April 2026, providing exposure to the private AI company.
Robinhood Markets has priced an IPO for its second venture fund, Robinhood Ventures Fund II (RVII), selling 8 million shares at $25 each and raising $225.5 million, according to Yahoo Finance. The fund is set to begin trading on the New York Stock Exchange under the ticker RVII on August 13, 2026.
If underwriters fully exercise their option to buy 1.2 million additional shares, total proceeds could reach $255.5 million. The SEC declared RVII's registration statement effective on August 12, 2026, clearing the way for the listing.
Retail Investors Get Access to Early-Stage Startups
RVII is structured as a business development company, or BDC. That means everyday investors can buy shares on a public exchange and get exposure to a portfolio of private, early-stage companies. BDCs are required to distribute most of their income to shareholders, similar to how a real estate investment trust works.
This structure is a key part of Robinhood's pitch. The company wants retail investors to access deals that were once only available to wealthy institutions. GURUfocus noted that RVII will buy early-stage private companies through its publicly traded shares.
Fund I's $75 Million OpenAI Bet Sets the Template
Robinhood Ventures Fund I, the predecessor to RVII, made a notable move in April 2026. It invested roughly $75 million in OpenAI, giving its shareholders exposure to one of the most valuable private companies in the world. That deal showed exactly what Robinhood Ventures is trying to do with these funds.
RVII builds directly on that strategy. Robinhood is betting that retail investors will pay for a managed, diversified window into the private markets — a space that has historically been off-limits to anyone without deep pockets or institutional connections.
Goldman Sachs Leads a Wall Street-Heavy Underwriting Team
Goldman Sachs & Co. LLC is serving as the lead bookrunner on the deal. Joining it are four major banks: Citigroup, J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities. Having five major Wall Street firms on the deal signals strong institutional interest in the offering.
Underwriters have a 30-day option to purchase up to 1.2 million additional shares at the same $25 price. If they exercise it in full, the deal grows by about $30 million, pushing total proceeds to $255.5 million. The offering is expected to close on August 14, 2026.
Robinhood's Push to Democratize Private-Market Investing
Robinhood built its name by offering commission-free stock trading to everyday users. RVII represents the next step in that mission. Rather than stocks, the company now wants retail investors to own a slice of the private startup world — the kind of deals that turned early backers of companies like OpenAI into billionaires.
The fund's $225.5 million raise is not enormous by Wall Street standards. But it marks a real shift. For the first time, a retail-focused brokerage is running a publicly traded venture fund at scale, according to Yahoo Finance. If RVII performs, it could push other brokerages to follow.
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