Robinhood Ventures Fund II raised $200 million in its August 13, 2026 IPO, selling 8 million common shares at $25 each on the New York Stock Exchange under the ticker RVII. Structured as a closed-end business development company designed to be accessible to non-accredited investors, the fund primarily targets early-stage private companies, particularly those from Y Combinator. The fee structure is notable: a 2% management fee, a 4.18% annual expense ratio, and 20% carried interest on realized gains. This second fund follows the playbook of Robinhood Ventures Fund I, which launched in March 2026 at the same $25 price point and holds stakes in SpaceX and OpenAI. With potential proceeds reaching $255.5 million including underwriter options, the vehicle offers retail investors daily liquidity on a segment historically reserved for institutions, though market prices may diverge significantly from the underlying net asset value.
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