TLDR
- Robinhood filed with the SEC to launch Robinhood Ventures Fund I, a closed-end fund that would trade on the NYSE
- The fund aims to give retail investors access to private companies before they go public, traditionally reserved for wealthy individuals and institutions
- Shares would be available through participating brokerage platforms if SEC approval is granted
- The fund would invest in a small basket of private companies across various industries and hold them through IPO and beyond
- This follows Robinhood’s previous push into private equity tokens in the EU, which faced criticism from companies like OpenAI
Robinhood has filed with the Securities and Exchange Commission to launch a venture capital fund that would give everyday investors access to private companies. The brokerage submitted a Form N-2 registration statement on Monday for the Robinhood Ventures Fund I.
Many ground-breaking companies stay private for years. Soon, everyone will be able to invest in them before they go public.
Stay tuned for more updates on Robinhood Ventures: https://t.co/KExWTkvBUo pic.twitter.com/qp9A7xAVfE
— Robinhood (@RobinhoodApp) September 15, 2025
The closed-end fund would be managed by Robinhood Ventures DE, a newly formed subsidiary. If approved by regulators, shares of the fund would trade on the New York Stock Exchange.
The fund represents Robinhood’s latest effort to democratize access to private markets. For decades, investments in early-stage private companies have been limited to venture capital firms and wealthy individuals.
Robinhood CEO Vlad Tenev said wealthy people and institutions have invested in private companies while retail investors have been locked out. The company pointed to Federal Reserve data showing the private market has grown to over $10 trillion in estimated value.
The number of public companies in the US has dropped by nearly half since 2000. This decline has reduced retail investors’ access to high-growth companies that remain private longer.
Private Market Access Strategy
Robinhood’s venture fund would invest in a small basket of private companies across various industries. The fund plans to hold these investments through initial public offerings and beyond.
The brokerage said the fund will back companies at the frontiers of their respective industries. It did not specify which sectors the fund would target, though venture funds typically focus on emerging technologies and blockchain.
Shares would be available to buy and sell through traditional brokerage platforms. This structure would provide liquidity that direct private company investments typically lack.
The fund filing comes as venture capital activity has increased. Global VC investment reached $189.3 billion in the first half of 2025, up from $152.4 billion in the same period of 2024.
Previous Private Equity Push
Robinhood faced criticism earlier this year over its private equity token offerings in the European Union. The company offered tokenized shares in companies like OpenAI and SpaceX to EU users.
OpenAI warned that Robinhood’s tokens did not represent actual equity in the firm. The tokens were held through a special purpose vehicle, which Robinhood had to clarify after the controversy.
The company also launched its own layer-2 blockchain network for EU users. This network provides access to tokenized publicly traded US stocks.
Crypto venture funding has seen growth, with $10 billion raised in the second quarter of 2025. This represents the strongest showing for crypto VC since 2022, according to CryptoRank data.
Key investment themes include tokenization, stablecoin infrastructure and decentralized finance. Many of these private offerings remain limited to accredited investors under US securities law.
The proposed venture fund would provide an indirect path for retail investors to gain exposure to private companies. This could include companies working on blockchain and Web3 technologies that Robinhood has been expanding into through acquisitions like Bitstamp and WonderFi.
