NEW YORK, March 6, 2026, 08:51 EST
Robinhood Markets priced the initial public offering of its first private-markets fund, Robinhood Ventures Fund I, at 12,615,608 shares at $25 apiece on Friday, well below the 40 million-share plan it outlined when the roadshow began last month. Robinhood said the deal would give RVI a total fund size of $658.4 million, or up to $705.7 million if the underwriter’s option is exercised in full. GlobeNewswire
The smaller deal lands as Robinhood tries to broaden its business beyond trading and crypto activity. The company posted record quarterly revenue in February but still missed Wall Street estimates after slower crypto trading, and this week rolled out new family-finance products alongside its latest card push. Reuters
RVI is a closed-end fund, meaning it sells shares in an IPO and then trades on an exchange. Robinhood said it will give retail investors exposure to a concentrated portfolio of private companies; Goldman Sachs is the sole bookrunner, and the shares are due to start trading on the New York Stock Exchange under the symbol RVI on Friday. GlobeNewswire
When Robinhood launched the roadshow on Feb. 17, it said the deal would cover 40 million shares, with 35 million sold by the fund and 5 million by Robinhood Markets itself. Friday’s pricing statement showed all the shares in the final IPO were being sold by the fund. GlobeNewswire
The listing comes two days after Robinhood unveiled a $695 Platinum card, trust and custodial accounts, tax-aware transfers and early dividend payments. The company is trying to keep customers inside its app as they move from first trades into family finance, credit and longer-term investing. Robinhood
“We want to go after the legacy players’ customers,” Deepak Rao, vice president and general manager of Robinhood Money, told Reuters this week. Abhishek Fatehpuria, Robinhood’s vice president of product, said the company’s customers were “maturing,” and Reuters reported their median age is now in the mid-30s. Reuters
That puts Robinhood up against American Express and JPMorgan Chase in premium cards and pulls it deeper into broader wealth services. Craig Siegenthaler at BofA Securities wrote that this week’s launches signaled a move upmarket toward wealthier, digitally native clients. Reuters
Robinhood said last month that it had 27.2 million funded customers and $324 billion in total platform assets at the end of January. In February it also said fourth-quarter revenue rose to a record $1.28 billion, but crypto trading revenue of $221 million missed analysts’ estimates of $248 million. Robinhood Investors
But the new fund comes with clear risks. Robinhood said the investment is speculative, and an SEC filing showed the newly organized vehicle may hold hard-to-sell private assets and may struggle to build a liquid market for its shares. The filing also warned that closed-end funds often trade below net asset value, or NAV, the value of their underlying holdings, which could make Robinhood’s pitch to open private markets to retail investors harder to scale if the shares slip to a persistent discount. GlobeNewswire
