Robinhood Ventures

Robinhood Ventures Fund I (NYSE: RVI) is a registered closed-end fund that Robinhood Markets seeded with $350 million, took public at $25.00 a share on March 6, 2026 in an offering underwritten by Goldman Sachs, with its brokerage affiliate Robinhood Financial distributing an undisclosed portion through IPO Access, and now advises through a wholly owned subsidiary for 2.00% of net assets with no performance fee. At June 30, 2026 it held thirteen private companies bought directly on their cap tables, led by Databricks, OpenAI, Mercor and Revolut, with 32% of net assets still in a money market fund, and a net asset value of $25.02 against a $24.05 audited NAV at March 31. The market did the rest: the shares closed at $73.71 on May 13, 2026, about 206% above the last published NAV, and at $24.81 on July 31, below it. Between June 3 and August 31, Robinhood Markets, the adviser's parent and the fund's largest disclosed holder, sold 1,233,062 shares for $38.5 million at an average of $31.23, against a seed cost of $24.62, and filed notice to sell more. Robinhood Ventures Fund II (NYSE: RVII), a business development company holding SAFEs in 79 Y Combinator companies with a 2.00% fee and a 20% incentive fee on realized gains, listed on August 13, 2026 at $25.00 and closed at $21.55 on October 2.