Key facts
- Robinhood's second venture fund, RVII, is targeting a $200 million IPO.
- The fund will focus on early- and growth-stage private companies, especially those from the Y Combinator accelerator.
- Robinhood's first fund, RVII, invested in late-stage companies and added OpenAI to its portfolio.
- The IPO is priced at $25 per share, with Goldman Sachs as the lead bookrunner.
- Shares are expected to trade on the New York Stock Exchange under the ticker symbol "RVII."
Robinhood's second private markets venture fund, Robinhood Ventures Fund II (RVII), is seeking to raise as much as $200 million through an initial public offering in the U.S. The fund intends to invest in early- and growth-stage private companies, with a particular emphasis on those that have participated in the Y Combinator startup accelerator program.
The offering includes up to 8 million shares, with 400,000 shares to be sold by Robinhood itself. The IPO is being marketed at $25 per share, and the shares are expected to be listed on the New York Stock Exchange under the ticker symbol "RVII."
This move aligns with Robinhood's strategy to expand retail investors' access to private company investments, an area traditionally dominated by large venture capital firms. Robinhood launched its first venture fund, Robinhood Ventures Fund I, in March, which primarily invests in late-stage companies and has included OpenAI in its portfolio.
Robinhood CEO Vlad Tenev has previously stated that the company's customers are interested in gaining earlier access to emerging AI companies. Goldman Sachs is serving as the lead bookrunner for the offering, supported by joint bookrunners Citigroup, J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities. The deadline to request IPO shares is August 12, and the roadshow was scheduled to begin on Monday.