- Robinhood Markets is listing Robinhood Ventures Fund II (RVII) on the NYSE, opening venture capital to non-accredited retail traders without income requirements.
- The closed-end fund launches with an initial portfolio of 80 private companies, focusing heavily on seed-stage startups linked to Y Combinator founders.
- Expected to price at $25 per share under the ticker “RVII,” the customer allocation request window closes August 12, with trading beginning August 13.
Robinhood Markets Inc. (HOOD) announced on Monday it will list a dedicated public vehicle on the New York Stock Exchange, allowing individual retail investors to buy into early-stage startup companies. The brokerage firm said customers can begin requesting shares in the initial public offering of Robinhood Ventures Fund II (RVII), a closed-end fund expected to price at $25 per share and trade under the symbol “RVII” starting August 13.
Historically, venture capital has been restricted to institutional funds and accredited high-net-worth investors, but RVII imposes no minimum income or asset requirements. “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,” said Sarah Pinto, head of Robinhood Ventures.
The fund debuts with a portfolio of 80 private companies and plans to review additional opportunities each quarter, emphasizing seed-stage funding for businesses connected to Y Combinator. Rich Aberman, portfolio manager for RVII, noted the goal is to make retail investor representation standard across seed and Series A cap tables as the fund scales.
Meanwhile, Robinhood Ventures, an SEC-registered investment adviser, will manage the vehicle with an annual base management fee of 2% of net assets and a 20% annual incentive fee on net realized capital gains. Individual traders on the Robinhood app and registered investment advisers on the TradePMR Fusion platform can submit share allocation requests ahead of the offering.
Consequently, HOOD stock gained 6% on Monday, breaking past four consecutive days of losses, though it has lost nearly 22% year-to-date. Retail sentiment on Stocktwits was ‘extremely bullish’ with ‘high’ message volumes, as chatter gained 277% over the past session.
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