Robinhood is launching an initial public offering for its second venture fund, targeting as much as $200 million to give retail investors access to early-stage private companies.
The vehicle, Robinhood Ventures Fund II, is structured as a business development company — a type of closed-end fund — and has set an expected listing date of August 13 on the New York Stock Exchange under the ticker symbol RVII, with shares priced at $25 each, the company said
The offering consists of up to 8 million shares, of which 400,000 are being sold by Robinhood itself. Starting Monday, Robinhood Financial customers can request IPO shares through Robinhood’s platform. Investment advisers on the TradePMR Fusion platform may also seek an allocation for their clients.
Robinhood said the share request period is set to end on August 12. The fund currently holds 80 private companies, with others expected to be added over time. Its stated focus is seed investments in companies that are current or former participants in the Y Combinator startup accelerator program, or whose founders have participated in the program, the company said.