Robinhood Ventures Fund II has priced an 8 million-share preliminary public providing at $25 per share, elevating $200 million earlier than charges as Robinhood expands its retail-focused personal market fund enterprise.
In line with a press launch from Robinhood Ventures Fund II, the providing values the fund at $225.5 million earlier than gross sales load and providing bills, with the entire doubtlessly reaching $255.5 million if underwriters totally train an possibility protecting one other 1.2 million widespread shares.
Shares of the fund are anticipated to start buying and selling on the New York Inventory Trade on Aug. 13 underneath the ticker RVII. Topic to customary closing situations, the providing is scheduled to shut on Friday.
Underwriters have additionally acquired a 30-day choice to buy as much as 1.2 million extra RVII shares on the $25 IPO value, much less underwriting reductions and commissions. A full train would add one other $30 million to the transaction.
The Securities and Trade Fee declared the registration assertion protecting the common-share sale efficient on Tuesday, clearing the fund to proceed with the general public providing.
Robinhood Ventures Fund II provides retail traders personal market publicity
Structured as a enterprise improvement firm, Robinhood Ventures Fund II is a closed-end funding car designed to provide public-market traders entry to a portfolio of personal companies.
The construction permits traders to buy exchange-traded shares in a fund that may maintain positions in firms earlier than they develop into publicly listed. Robinhood Ventures serves as RVII’s funding adviser and is wholly owned by Robinhood Markets.
The second fund builds on Robinhood’s current private-market technique via Robinhood Ventures Fund I, which trades on the NYSE underneath the ticker RVI.
As crypto.information beforehand reported, Robinhood Ventures Fund I purchased OpenAI shares price about $75 million in April. The acquisition, accomplished on April 17, turned one of many fund’s largest investments and gave the car publicity to one of many world’s most intently watched personal expertise firms.
RVI launched in March 2026 and was structured to make personal firms out there to retail traders with out accreditation necessities or funding minimums. Its portfolio has included personal companies similar to OpenAI, Stripe, Ramp, Revolut and Databricks, in keeping with the April report.
Earlier investments additionally put capital into firms with hyperlinks to crypto infrastructure. In March, the primary Robinhood Ventures fund invested about $35 million throughout funds firm Stripe and synthetic intelligence startup ElevenLabs. About $14.6 million went to Stripe and roughly $20 million to ElevenLabs, in keeping with protection on the time.
Stripe’s crypto operations embrace stablecoin and tokenization infrastructure, whereas ElevenLabs develops AI-based audio expertise. The investments positioned personal expertise firms with totally different enterprise fashions inside the identical retail-access fund construction.
RVII IPO follows Robinhood’s first enterprise fund
Robinhood Markets has already used the primary car to construct positions throughout a number of personal firms whereas its shares commerce publicly via the NYSE.
Extra not too long ago, a July regulatory submitting confirmed Robinhood Markets promoting 21,294 widespread shares of helpful curiosity in RVI on July 6 and July 7. The RVI share gross sales have been accomplished at costs starting from $30.815 to $34.31.
The identical report mentioned RVI had gained publicity to personal firms together with Canva, SpaceX, Stripe and ElevenLabs. Robinhood designed the fund round personal companies working in early or pre-public phases, giving traders a publicly traded route into firms that in any other case might not be straight out there via abnormal brokerage accounts.
RVII will use an identical enterprise improvement firm construction. In contrast to buying shares straight from a personal firm, traders purchase shares within the listed fund and obtain publicity via the portfolio managed by Robinhood Ventures.
Goldman Sachs & Co. LLC is serving as lead bookrunner for the brand new providing. Citigroup, J.P. Morgan, UBS Funding Financial institution and Wells Fargo Securities are performing as joint bookrunners.
The group of underwriters can collectively buy the extra 1.2 million shares through the 30-day possibility interval, topic to the phrases of the providing.
Robinhood is including extra routes into capital markets
Alongside its enterprise funds, Robinhood has been constructing different merchandise that join retail customers with belongings or transactions traditionally dominated by institutional traders.
In June, Robinhood Securities acquired underwriting approval, permitting the enterprise to function an underwriter in public choices. CEO Vlad Tenev mentioned on the time that retail traders had moved from being an afterthought in IPO planning to enjoying a bigger function in how issuers contemplate allocations.
Robinhood had already operated IPO Entry since 2021, a service via which retail clients can take part in chosen public choices. The underwriting approval expanded its function from offering clients entry to IPO allocations to taking part straight within the underwriting enterprise.
Non-public-company publicity has additionally develop into a part of Robinhood’s crypto technique outdoors the U.S. In July, the corporate launched Robinhood Chain, an Ethereum Layer 2 community constructed utilizing Arbitrum expertise, alongside tokenized shares and decentralized perpetual futures.
Eligible Robinhood Pockets customers in additional than 120 international locations got entry to tokenized shares on supported decentralized exchanges, though the product was not made out there to customers in the US, Canada, the UK, Switzerland, the United Arab Emirates and a number of other different restricted jurisdictions.
Robinhood additionally retained its earlier Basic Inventory Tokens product inside its European app. The sooner model originated from the corporate’s 2025 tokenized-equity rollout, which included merchandise offering financial publicity to personal firms similar to OpenAI and SpaceX.
Non-public firm entry has carried totally different possession constructions
Robinhood’s private-market merchandise don’t all present traders with the identical authorized relationship to the underlying firms.
RVI, for instance, bought OpenAI widespread inventory via the fund, whereas traders purchased shares within the listed funding car somewhat than changing into direct OpenAI shareholders. Robinhood additionally deliberate to make use of the funding as an underlying asset for enterprise tokens designed to trace publicity via the fund.
The excellence beforehand turned a difficulty when OpenAI rejected any suggestion that Robinhood’s European OpenAI-linked tokens represented direct possession within the firm. OpenAI mentioned in July 2025 that the merchandise weren’t OpenAI fairness and that it had not partnered with Robinhood or permitted an fairness switch related to them.
Tenev later defined that the merchandise weren’t technically fairness however have been meant to offer retail traders with publicity to personal belongings. Robinhood’s newer listed enterprise funds as an alternative function as funding firms whose portfolios can straight maintain private-company positions whereas traders personal publicly traded pursuits within the funds.
For RVII, the SEC’s Tuesday effectiveness declaration lined the registration assertion for the widespread shares being bought within the IPO. The fund expects the 8 million shares priced at $25 every to start NYSE buying and selling underneath RVII on Aug. 13, with the providing scheduled to shut Friday if customary closing situations are happy.
