TLDR
- Robinhood is launching a $1B closed-end fund IPO (RVI) to give retail investors direct access to private companies.
- Shares are priced at $25, with orders open from February 17 and NYSE trading beginning February 26.
- The fund holds stakes in Stripe, Databricks, Revolut, Ramp, and others, with no single position exceeding 20% of assets.
- No accreditation, no investment minimums, and a 2% annual management fee, dropping to 1% for the first six months.
- HOOD shares gained 0.9% on the announcement.
Robinhood Markets is taking aim at one of investing’s oldest barriers — access to private companies — with the launch of Robinhood Ventures Fund I (RVI), a closed-end fund targeting a $1 billion IPO.
The fund is set to trade on the New York Stock Exchange under the ticker RVI starting February 26. Customers can place orders for shares from February 17 at an expected price of $25 per share. Goldman Sachs is leading the offering.
CEO Vlad Tenev framed it simply: “Opening up private markets will resolve one of the greatest longstanding inequities in capital markets today.”
Robinhood cited data from Apollo Academy and the Federal Reserve showing there are 6.5 times as many private companies as public ones in the U.S., with private companies’ total value now exceeding $10 trillion.
What the Fund Holds
RVI’s launch portfolio includes Airwallex, Boom, Databricks, Mercor, Oura, Ramp, and Revolut. Robinhood has also entered an agreement to acquire shares of Stripe (STRIP), expected to close after the IPO completes.
No single holding can exceed 20% of total fund assets. Any capital raised beyond initial investments will be deployed into new positions over time.
The fund will not pay regular dividends. CFO Shiv Verma confirmed payouts would only be considered when excess cash exists in the portfolio.
Open to All Investors
Unlike traditional private equity structures, RVI has no accreditation requirements and no investment minimums. There are no performance fees either.
The annual management fee is 2%, calculated and paid quarterly — but reduced to 1% for the first six months following the IPO. For retail investors used to being shut out of pre-IPO deals, the structure is a notable shift.
HOOD shares edged up 0.9% in Tuesday afternoon trading after the announcement.
Where Robinhood Fits in the IPO Wave
Robinhood’s move comes as several crypto-linked platforms push toward public listings. Kraken filed for a U.S. IPO late last year. Ledger is targeting a $4 billion valuation, working with Goldman Sachs and Barclays on a potential offering in 2025.
BitGo Holdings (BTGO) has already made its debut, listing on the NYSE on January 22, 2026 at $18 per share and raising approximately $213 million at a $2.08 billion valuation.
Robinhood has been steadily expanding its product set. In June 2025, it launched tokenized stock trading for European users.
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