Robinhood’s second fund for retail investors begins trading on the NYSE

Robinhood just made it a little easier for regular people to invest like venture capitalists. The company’s second private markets fund, Robinhood Ventures Fund II, started trading on the New York Stock Exchange on August 13 under the ticker RVII, priced at $25 per share.

The IPO raised $225.5 million, with the potential to reach $255.5 million if underwriters exercise their option to purchase additional shares. Goldman Sachs, J.P. Morgan, and Citigroup all served as underwriters.

What RVII actually is

The fund is structured as a business development company, or BDC. It holds stakes in 80 private companies at launch, with a particular focus on startups that have come through Y Combinator.

Robinhood Ventures Fund I, which debuted in March 2026, raised $658.4 million and concentrated on later-stage private investments, including stakes in companies like Databricks and OpenAI.

Two important features stand out. First, no accreditation requirements. RVII skips that entirely. Second, the fund offers daily liquidity, meaning investors can buy and sell shares on any trading day rather than locking up capital for years the way traditional VC limited partners do.

The fee structure follows venture capital conventions: a 2% base fee on net assets and a 20% incentive fee on realized capital gains.

Why this matters for retail investors

Robinhood kicked off RVII’s investor roadshow on August 3, and raised over $225 million for a fund targeting early-stage companies with no accreditation barriers.

The risks and competitive landscape

The 2% management fee also erodes returns over time, particularly during periods when the underlying portfolio isn’t generating realized gains to offset costs.

With RVI’s $658.4 million raise and RVII’s $225.5 million, Robinhood has now channeled nearly $900 million from retail investors into private markets in roughly five months.

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