Robinhood Ventures Fund II prices $200M IPO at $25 per share

Robinhood’s venture capital arm just pulled off its second IPO in less than six months. Robinhood Ventures Fund II priced 8 million common shares at $25 each on August 13, 2026, raising $200M in a deal that will see shares trade on the New York Stock Exchange under the ticker RVII.

The base raise is $200M, but with underwriter options factored in, the total capital could stretch to somewhere between $225.5M and $255.5M. That’s a meaningful war chest for a fund whose primary mandate is buying stakes in startups most retail investors could never touch.

Venture capital, but make it public

RVII is structured as a closed-end business development company, or BDC. Think of it as a wrapper that lets a venture fund trade on a stock exchange like any other ticker, meaning your average brokerage account holder can buy in without being an accredited investor.

The fund’s focus is on early-stage private companies, with a particular emphasis on startups that have gone through Y Combinator. YC has produced companies like Airbnb, Stripe, and DoorDash over the years.

What is worth scrutinizing: the fee structure. RVII charges a 2% management fee, carries a total annual expense ratio of 4.18%, and takes a 20% carried interest on realized gains.

Following Fund I’s playbook

RVII isn’t charting new territory so much as replicating a formula. Robinhood Ventures Fund I, trading under the ticker RVI, priced its own IPO back in March 2026 at the same $25 per share. That fund assembled a portfolio that includes stakes in SpaceX and OpenAI.

The roadshow for Fund II kicked off in early August and wrapped up quickly, with the order book closing on August 12. Pricing the very next day suggests solid institutional and retail demand.

The democratization trade-off

The broader significance here is what RVII represents for market structure. Venture capital has historically been the domain of endowments, pension funds, and wealthy individuals who can lock up capital for a decade. A publicly traded BDC flips that model by offering daily liquidity through stock exchange trading.

That liquidity comes with caveats, though. Closed-end funds frequently trade at discounts or premiums to their net asset value, meaning the market price of RVII shares may not reflect the actual value of the underlying startup stakes.

The fee question looms large for retail participants. A 4.18% annual expense ratio means the fund needs to clear that hurdle before investors see any real return. Add the 20% carry on top, and the math demands genuinely exceptional portfolio performance to justify the cost relative to simpler alternatives.

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