Robinhood Markets Inc. (HOOD) has filed with the U.S. Securities and Exchange Commission (SEC) to launch a publicly listed fund that would allow retail investors to buy into private, pre-IPO companies.
The proposed Robinhood Ventures Fund I would trade on the New York Stock Exchange under the ticker RVI. The company said the fund will hold long-term stakes in private firms through IPO and beyond, with investments spread across multiple sectors.
“For decades, wealthy people and institutions have invested in private companies while retail investors have been unfairly locked out,” CEO Vlad Tenev said in a statement. “With Robinhood Ventures, everyday people will be able to invest in opportunities once reserved for the elite.”
Private Market backdrop
Robinhood framed the move against a changing market landscape, noting the number of U.S. public companies has dropped from about 7,000 in 2000 to just 4,000 in 2024, while private firms now command more than $10 trillion in value.
Against this backdrop, Robinhood has been expanding access to assets traditionally walled off from retail investors, earlier unveiling tokenized stock products in Europe tied to companies like OpenAI and SpaceX. The proposed U.S. fund extends that push, aiming to pry open private markets long treated as the preserve of institutions.
If approved, the Robinhood Ventures Fund I could mark a significant shift in how U.S. retail investors participate in private markets, turning once-exclusive opportunities into publicly tradable exposure.
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