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1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsRobinhood Ventures Fund I (RVI) was announced in February 2026 as a way for retail investors to gain exposure to private companies through shares in a publicly traded closed-end fund. It is not direct ownership of startup shares, and investors cannot redeem RVI shares on demand. Robinhood later announced RVI’s IPO pricing and expected NYSE trading in March 2026, then introduced a separate second fund, RVII, in August 2026.
What is Robinhood Ventures Fund I?
RVI is a non-diversified closed-end fund that invests in private companies. When an individual buys an RVI share, that investor owns a share of the fund—not an individual stake in each company in its portfolio. Robinhood describes the fund and its structure on its official RVI page.
Robinhood’s February 2026 announcement named Airwallex, Boom, Databricks, Mercor, Oura, Ramp and Revolut among the fund’s private-company exposures, and said it had agreed to buy Stripe shares in a transaction expected to close after the IPO. That was the announcement-date description, not a guarantee of current holdings. The fund’s disclosures, including its schedule of investments, are the place to check for current portfolio information.
Can retail investors invest in RVI?
Robinhood said in its February 2026 announcement that RVI was designed for all investors, without an accreditation requirement or investment minimum. It also said shares would be available through Robinhood and other brokerages after the IPO. Those access terms do not establish that the fund is suitable for every investor; review current offering documents and your own circumstances before investing.
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Robinhood CEO Vlad Tenev described the company’s rationale as “Opening up private markets will resolve one of the greatest longstanding inequities in capital markets today, and we’re excited to bring these opportunities to all with Robinhood Ventures Fund I.” That is the company’s stated aim, not evidence that RVI will deliver a particular return or outcome.
How RVI shares work—and how you may exit
RVI is a closed-end fund, not an open-end mutual fund that routinely redeems investors’ shares at net asset value (NAV). Robinhood says RVI shares do not carry redemption rights. An investor seeking to exit generally must sell shares in the market, if a trading market is available. The market price can be above or below NAV, which represents the fund’s net asset value per share.
Robinhood’s use of “daily liquidity” refers to the opportunity to trade listed shares when a market exists; it does not mean the fund must buy shares back each day or that a seller will receive NAV. Robinhood warns that an active trading market may not develop, and investors could be unable to access their invested money for an indefinite period.
RVI fees disclosed at launch
Robinhood’s February 2026 announcement disclosed a 2.00% annual management fee on net assets, reduced to 1.00% for the first six months immediately following the IPO, and no performance fee. These are launch-announcement terms, not confirmation of the current total cost. Other expenses may apply, including costs incurred through underlying private investment vehicles. Check the latest prospectus and fund disclosures for current fees, expenses and operating terms before buying.
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Risks to weigh before investing
Robinhood characterizes RVI as speculative and says it carries a high degree of risk and substantial risk of loss. Private-company investing through a listed fund can add several risks beyond the uncertainty of any one startup:
- Limited information: Private companies generally disclose less information than public companies, making it harder for outside investors to assess operations and financial condition.
- Valuation uncertainty: Private-company valuations may be based on estimates and may not reflect what the assets could be sold for. The fund’s NAV and its exchange-traded share price can also diverge.
- Illiquidity: Underlying private holdings may be difficult to sell, and a portfolio company may not have an IPO, acquisition or other liquidity event. The fund itself may not develop an active trading market.
- Leverage and underlying costs: Robinhood identifies possible leverage, capital calls and additional fees through illiquid private vehicles. These can affect the fund’s expenses and losses.
- Volatility and loss: Fund shares may fluctuate sharply, trade at a discount or premium to NAV, or lose some or all of their value.
How RVI differs from Robinhood Ventures Fund II
Robinhood announced a second, separate fund, Robinhood Ventures Fund II (RVII), in August 2026. The company described RVII as a BDC/closed-end fund focused on early- and growth-stage private companies, with an emphasis on current or former Y Combinator companies or founders. It said RVII included 80 private companies at announcement. Those details and fee terms belong to RVII, not RVI.
| Feature | RVI | RVII |
|---|---|---|
| Structure described by Robinhood | Non-diversified closed-end fund | BDC/closed-end fund; Robinhood describes a diversified mandate while disclosing concentrated private-company portfolio risk |
| Focus | Private-company exposure; the February 2026 announcement named several companies and a planned Stripe share purchase | Early- and growth-stage private companies, with a focus on current or former Y Combinator companies or founders |
| Portfolio announced | Announcement-date names included Airwallex, Boom, Databricks, Mercor, Oura, Ramp and Revolut; current holdings can change | 80 private companies at the August 2026 announcement |
| Fee terms announced | 2.00% annual management fee on net assets, temporarily reduced to 1.00% for six months after IPO; no performance fee | 2.00% annual base management fee plus an incentive fee equal to 20% of realized capital gains, subject to described loss and depreciation offsets |
Both are closed-end structures, so compare redemption rights, exchange trading, fees and expenses, leverage, valuation methods, portfolio concentration and market price relative to NAV. Do not assume their shares work like redeemable open-end mutual fund shares.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why Robinhood says private markets matter
In its RVI announcement, Robinhood cited more than 6.5 times as many private companies as public companies and an estimated U.S. private-firm value above $10 trillion. The company’s cited valuation context traces to Federal Reserve Financial Accounts data for Q1 2025 and includes definitional exclusions; the figures are Robinhood’s framing, not a current inventory of investable companies or a forecast of RVI performance.
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The announcement also cited a decline in the number of U.S.-listed domestic companies from about 7,000 in 2000 to about 4,000 in 2024, attributing those figures to World Bank Group DataBank data retrieved August 14, 2025. This context helps explain Robinhood’s stated motivation, but the number of private companies or their aggregate value says nothing by itself about the returns, liquidity or risk of RVI.
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