Robinhood’s Second Venture Fund Drops 10% in NYSE Debut

Robinhood Markets is expanding its push to open private markets through Robinhood Ventures Fund II, or RVII, a publicly traded vehicle targeting early- and growth-stage companies linked to Y Combinator. Structured as a closed-end business development company, the fund is designed to give retail investors and clients of independent investment advisers diversified startup exposure without accreditation thresholds, lockups, redemption gates or capital calls. Y Combinator has permitted use of its name but does not sponsor or manage the fund.

RVII publicly filed its Form N-2 registration statement with the US Securities and Exchange Commission on June 30, 2026, and began its roadshow and indications-of-interest process on Aug. 3. The preliminary filing shows an expected offering price of $25 a share and says the fund’s seed portfolio held investments in 79 private companies as of June 30. The shares are slated to list on the New York Stock Exchange under the ticker RVII, subject to SEC effectiveness; the final offering size has not been set.

Robinhood Ventures Fund I (RVI) is Robinhood Ventures’ first closed-end fund and began trading on the New York Stock Exchange on March 6, 2026. Investors can trade fund shares like stocks, gaining indirect exposure to equity in private companies. The model lowers the barriers to private markets, which have traditionally been dominated by institutions and accredited investors, but also carries risks from opaque valuations and market prices that may diverge from net asset value.

RVI announced its first investments on March 17, 2026. It purchased Class B common stock in Stripe Global Holdings for $14,577,645 in a secondary-market transaction on March 9. On March 12, it invested about $20 million in a primary transaction involving AI voice startup ElevenLabs, acquiring Series D preferred shares. The two investments totaled about $34.58 million.