Robinhood Ventures Fund II debuts on NYSE below IPO price

Robinhood's second publicly traded venture fund, Robinhood Ventures Fund II, debuted on the New York Stock Exchange on Thursday, August 13, 2026, raising $225.5 million to provide retail investors with access to early-stage private companies. The fund, trading under the ticker RVII, opened at $22.50 per share, below its initial public offering price of $25.

The offering priced 8 million shares at $25 each, generating $200 million in proceeds. Combined with Robinhood's initial capital, the fund's total size reached $225.5 million before sales charges and expenses. Underwriters, led by Goldman Sachs with Citigroup, JPMorgan, UBS Investment Bank, and Wells Fargo Securities as joint bookrunners, have a 30-day option to purchase an additional 1.2 million shares at the IPO price. If exercised, this would increase the fund's total size to as much as $255.5 million.

RVII is structured as a closed-end business development company, allowing its shares to trade on a public exchange while investing in private, illiquid assets. The fund targets early and growth-stage private companies, with a specific focus on current and former participants of the Y Combinator startup accelerator. This...