Robinhood (HOOD) Launches $658M Private Markets Fund for Retail Investors

TLDR

• Robinhood launched a $658.4 million closed-end venture fund, ticker RVI, on the NYSE on March 6, giving retail investors access to private companies.
• The fund holds stakes in Databricks (valued at $134B), Ramp ($32B), and Revolut.
• Robinhood priced the IPO at $25 per share, selling 12.6 million shares — raising less than initially targeted.
• Robinhood CFO Shiv Verma said the fund focused on late-stage companies that are “much less risky” than early-stage startups.
• HOOD stock was down 3.89% on the day of the launch.

Robinhood (HOOD) launched its first venture fund on Friday, bringing private market investing to everyday retail investors for the first time through a listed product. The $658.4 million closed-end fund began trading on the New York Stock Exchange under the ticker RVI.

Robinhood Markets, Inc., HOOD

The fund gives retail investors exposure to some of the biggest names in private tech — companies that were previously accessible only to large venture capital firms and institutional money. Holdings include Databricks, Ramp, and Revolut.

Databricks raised at a $134 billion valuation in February. Ramp was valued at $32 billion in November. These are not small bets.

Verma said the fund deliberately targets late-stage, industry-leading companies. His view is that these carry meaningfully less risk than early-stage startups.

The IPO was priced at $25 per share with 12.6 million shares sold. That total came in below initial targets, a reminder that IPO appetite is still patchy right now.

Retail Access to Private Markets

Private market valuations have surged in recent years, but retail investors have had little way to participate. Most of the upside in companies like Databricks has accrued to VC firms long before any public listing — if one ever comes.

RVI is structured as a closed-end fund, meaning it trades on an exchange like a stock. Investors can buy and sell it without the fund needing to liquidate its private holdings.

That structure matters. It means Robinhood doesn’t have to sell Databricks or Ramp just because an investor wants to exit. The private holdings stay intact.

Institutional Interest and Expansion Plans

Despite the below-target raise, Verma said institutional investors also showed up during the IPO roadshow. The fund wasn’t purely a retail play.

Robinhood has flagged potential expansion of the fund into energy, robotics, aerospace, and defense down the line. For now, the focus is on tech.

HOOD stock fell 3.89% on the day of the launch. Robinhood’s overall market cap sits above $72 billion.

The broader VC exit market has been slow in recent years, with IPO activity down. That’s part of why late-stage private companies like Databricks and Ramp remain private — and why a product like RVI has a market.

RVI began trading March 6, 2026, on the NYSE at an initial price of $25 per share.

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