Robinhood has launched the Robinhood Ventures Fund II (RVII), providing retail investors with a channel to invest in seed-stage startups from Y Combinator. The fund is issuing 7.6 million shares at $25 each, aiming to raise up to $200 million, and is set to list on the New York Stock Exchange on August 13 (ticker: RVII), pending regulatory approval. RVII will focus on seed-stage startups, including those currently or previously incubated by Y Combinator, as well as companies founded by YC alumni. The fund already holds stakes in 80 private companies, charging a 2% annual management fee and a 20% performance fee, with a total annual expense ratio of approximately 4.18%. Robinhood describes the investment portfolio as "speculative," with a "significant risk of loss" and does not offer redemption rights. The subscription window will close on August 12, with Goldman Sachs serving as the lead underwriter.
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