Robinhood Ventures Fund II began trading on the New York Stock Exchange after pricing 8 million shares at $25 each, a sale that raised $200 million and brought the fund's size to $225.5 million before charges when Robinhood's initial capital is included. The shares opened at $22.50, 10% below the IPO price, underscoring how the closed-end, business development company structure can trade away from the value of its private holdings. RVII is aimed at early- and growth-stage companies tied to Y Combinator and was prepared with holdings in about 80 private businesses, giving U.S. retail investors listed access to startups without direct ownership, while Robinhood said it is already working on additional funds after March's launch of RVI.