Robinhood Aims for Private Market Access
Robinhood announced ambitions to give retail investors access to private market opportunities, including stakes in startups like Databricks and Ramp. This raises questions about risk and suitability, as private companies often lack the transparency and liquidity of public markets.
Robinhood Ventures Fund I (RVI) began trading on the NYSE on March 6, 2026, under the ticker symbol "RVI". The fund gives retail investors access to late-stage private companies. The IPO was priced at $25 per share, with 12.6 million shares sold. The fund initially raised $658.4 million, but could reach $705.7 million if the underwriter's option is fully exercised. However, on its debut, the fund's stock fell by 11% from its initial offering price. HOOD shares dropped over 3% on the same day. RVI's portfolio includes stakes in Databricks (valued at $134 billion as of February 2026), Ramp ($32 billion as of November 2025), Stripe, Revolut, Airwallex, Boom, Mercor, and Oura. Robinhood plans to expand the portfolio to include 15-20 companies and is exploring exposure to OpenAI. Robinhood CFO Shiv Verma stated that there is "a big gap in the market where the retail customer cannot access private assets". RVI targets late-stage companies considered less risky than early-stage ventures. The fund charges a 1.00% management fee for the first six months, then 2.00% annually, with no performance fees or minimum investment requirements. Databricks, one of RVI's holdings, has an annualized revenue run rate of $5.4 billion, a 65% increase from last year. Ramp generates more than $1 billion in annualized revenue and serves over 50,000 customers. Other firms are also trying to provide access to private companies; Fundrise is launching a similar fund under the ticker "VCX" on March 10, 2026. ERShares has the Public-Private Crossover ETF XOVR, which includes investments in SpaceX. Historically, private market investing has been limited to institutions and accredited investors. Robinhood CEO Vlad Tenev has long argued that restricting private market investments to accredited investors contributes to the wealth gap.
