Robinhood (NASDAQ:HOOD) is seeking to raise up to $200 million through the U.S. initial public offering of its second private markets investment fund, according to a regulatory filing released on Monday.
The new vehicle, Robinhood Ventures Fund II (RVII), plans to offer as many as 8 million shares, including 400,000 shares owned by Robinhood itself. The shares are being marketed at $25 each.
Expansion of Retail Access to Private Markets
The new offering forms part of Robinhood’s broader strategy to give retail investors greater access to private companies, an area traditionally dominated by leading Silicon Valley venture capital firms.
Robinhood Ventures Fund II will focus on investing in early-stage and growth-stage private businesses, with particular emphasis on companies that currently participate in, or have previously graduated from, the Y Combinator startup accelerator.
Building on the First Venture Fund
The launch follows the debut of Robinhood Ventures Fund I in March.
That earlier fund primarily targets later-stage private companies and expanded its portfolio earlier this year with an investment in OpenAI.
Robinhood Chief Executive Vlad Tenev has previously said that customers are increasingly looking for opportunities to invest in emerging artificial intelligence companies before they reach the public markets.
Major Banks Back the Offering
Goldman Sachs is acting as the lead bookrunner for the offering.
Citigroup, J.P. Morgan, UBS Investment Bank and Wells Fargo Securities are serving as joint bookrunners.
The period for investors to request IPO shares is expected to remain open until August 12.
Roadshow Underway Ahead of NYSE Listing
Robinhood was scheduled to begin the marketing roadshow for Robinhood Ventures Fund II on Monday at 12:00 p.m. ET (1600 GMT).
Following the offering, the fund’s shares are expected to trade on the New York Stock Exchange under the ticker symbol “RVII.”
Robinhood stock price
