Robinhood's second venture fund trades below its $25 IPO price on NYSE debut

Robinhood Ventures Fund II, the second listed venture vehicle from @RobinhoodApp, made its New York Stock Exchange debut on August 13, 2026 under the ticker RVII, but quickly fell below its offer price. Shares priced at $25 and were changing hands near $22.96 by midday, leaving the fund trading at a roughly 8 percent discount to its IPO level on the first day of trading.

Structure and Size

RVII filed a registration statement on Form N-2 with the U.S. Securities and Exchange Commission to offer up to 8,000,000 common shares at an expected initial public offering price of $25 per share. That puts the total fund size at approximately $225.5 million. The offering consists of up to 7,600,000 shares being offered by RVII itself and up to 400,000 shares being offered by Robinhood Markets as a selling shareholder.

Managed by Robinhood Ventures DE, LLC, RVII is a business development company (BDC), a type of closed-end fund regulated under the Investment Company Act of 1940. As a closed-end structure, shares carry no redemption right, meaning investors cannot simply redeem at net asset value. Instead, they must sell on the open market, where prices can and do trade below the value of underlying assets.

Portfolio Focus: Early-Stage Startups and Y Combinator

RVII is designed to give retail investors exposure to a diversified portfolio of private companies in their earliest stages. Today, RVII includes 80 private companies, with others expected to be added over time. The fund plans to focus on companies that are current or previous participants in the Y Combinator startup accelerator program, or whose founders participated in the program.

The fund charges a 2.00 percent annual base management fee on net assets plus a 20 percent incentive fee on realized capital gains, net of certain losses and prior fees. Key risks include illiquidity of underlying holdings, potential share price volatility, and the possibility of shares trading at a discount to net asset value.

The below-par open reflects the inherent tension in the BDC model: retail buyers receive listed access to illiquid, early-stage private companies, but that convenience comes with valuation uncertainty and the prospect of a persistent market discount.

Sources:
Robinhood Newsroom: Introducing Robinhood Ventures Fund II (RVII)
GlobeNewswire: Introducing Robinhood Ventures Fund II (RVII)
Yahoo Finance: Robinhood Ventures Fund II (RVII) Announces Launch of Initial Public Offering