Robinhood's second listed venture fund began trading on the New York Stock Exchange on August 13 after raising $225.5 million in an initial public offering priced at $25 a share, extending the company's push to give retail investors public-market access to private startups without accreditation requirements. Robinhood Ventures Fund II, which trades under RVII, is structured as a business development company and launched with stakes in 80 private companies, with a particular focus on startups that have come through Y Combinator. The fund offers daily liquidity, allowing investors to buy and sell shares on trading days rather than lock up capital for years as in traditional venture funds, though it follows venture-style fees with a 2% base fee on net assets and a 20% incentive fee on realized capital gains. The offering could reach $255.5 million if underwriters exercise their option to buy additional shares. Goldman Sachs, J.P. Morgan and Citigroup served as underwriters. The launch follows Robinhood Ventures Fund I, which debuted in March 2026, raised $658.4 million and focused on later-stage private investments including Databricks and OpenAI. Together, the two funds have directed nearly $900 million from retail investors into private markets in roughly five months.