Robinhood's second Pre-IPO fund begins its roadshow on Monday. |
Do you want to BUY a stake in Anthropic and OpenAI before they go public? I’m hosting a private event called the IPO Insider Project to show you how. |
Simply go here now to confirm your spot. |
It's called Robinhood Ventures Fund II. Here are the details: |
Name: Robinhood Ventures Fund II Ticker and exchange: NYSE: RVII Structure: Business development company (BDC) Offering size and price: Not yet determined Prospectus contact: Goldman Sachs & Co. LLC
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The roadshow itself is unusual. |
Roadshows are normally closed events. Bankers walk institutional investors through the deal privately, and retail investors read about it afterward. |
Robinhood is putting this one on video for everyone. CEO Vlad Tenev, CFO Shiv Verma, Robinhood Ventures head Sarah Pinto, and RVII portfolio manager Rich Aberman are presenting. You can watch in the Robinhood app or on the company's YouTube channel. |
This fund will NOT own Anthropic or OpenAI. So, if you want to invest in the next Mega IPOs – please check this out. |
Now the important part. This fund is not a copy of the first one. |
Robinhood Ventures Fund I (NYSE: RVI) went public on March 6 at $25.00 per share, raising $658.4 million. It holds a concentrated portfolio of late-stage private companies — OpenAI, Databricks, Stripe, Revolut, Ramp, Airwallex. |
Retail investors bid up shares of RVI after it listed. By late May the stock traded at roughly a 90% premium to its net asset value. |
That premium is gone. RVI traded at $24.66 on Friday, against a net asset value of $25.02 reported as of June 30. The fund now changes hands at a slight discount to the assets it holds. |
I purchased shares directly in RVI from Robinhood at the $25 offering price in March. And I was able to sell the stock in June at $36 – for a 44% gain in 3-months. |
So, what’s the story with Fund II? |
Fund II aims to make earlier stage investments. It plans to hold a diversified portfolio of early-stage and growth-stage private companies, with a specific focus on current or former Y Combinator participants, or companies whose founders went through the program. |
That's a meaningfully different risk profile. Later-stage companies are closer to a liquidity event and easier to value. Early-stage companies are cheaper going in, and far more of them fail. |
There's also the structure. A BDC operates under different rules than a standard closed-end fund, including the ability to use leverage. |
Here’s my playbook for this upcoming IPO. |
I’ll request an allocation in the Robinhood Ventures Fund II through my Robinhood account. I’d predict the offering price will be $25.00. |
Allocations are random and never guaranteed. Once shares list on the NYSE, RVII trades like any other stock and investors can buy or sell the stock through any brokerage. |
I'll watch tomorrow's presentation and report back on the terms. And if you’re interested in investing in private companies before they go public… |
Please be sure to check out my IPO Insider Project. |
I’ll instantly send you a just released special report – Inside the Anthropic & OpenAI Pre-IPOs. |
Just go here to download your report. |
Ian Wyatt
Editor, IPO Watch |
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