Vlad Tenev

Chairman & Chief Executive Officer

Vlad Tenev co-founded Robinhood in 2013 and has served as CEO and President since November 2020, setting the strategic vision and spearheading global growth. Before co-founding Robinhood, he established two financial startups in New York, building deep experience in algorithmic trading and fintech innovation. He met his co-founder, Baiju Bhatt, at Stanford in the physics department.

Shiv Verma

Chief Financial Officer

Shiv Verma is listed as the Chief Financial Officer of Robinhood Markets, Inc.

Sarah Pinto

Head of Robinhood Ventures

Sarah Pinto serves as the Head of Robinhood Ventures, the investment adviser for Robinhood Ventures Fund II (RVII).

Rich Aberman

Portfolio Manager for Robinhood Ventures Fund II

Rich Aberman recently joined as the Portfolio Manager for Robinhood Ventures Fund II.

The key risks to the business of Robinhood Ventures Fund II (symbol: RVII) are primarily related to its investment strategy in early-stage private companies, the potential illiquidity of its own shares, and its fee structure and use of leverage.

1. High-Risk Investment Strategy in Early-Stage, Illiquid Private Companies with Substantial Risk of Loss and Volatile Net Asset Value (NAV): RVII invests in a diversified portfolio of early-stage private companies, an inherently high-risk strategy that carries a substantial risk of loss. Seed-stage investing, which RVII focuses on, has a very high failure rate, with venture-backed companies having a failure rate of roughly 75% to 90%. The underlying holdings are private and illiquid, meaning there is no assurance that these companies will ever have a liquidity event, making the fund's NAV per share volatile and dependent on such events, which can be distant.
2. Potential Illiquidity of RVII Shares and Risk of Trading at a Discount to NAV: Although RVII's shares are expected to be listed on the New York Stock Exchange, there is no guarantee that an active, orderly public trading market for these shares will develop or be sustained. This means shareholders may not be able to liquidate their investment for an indefinite period, or sell their shares at or above the initial purchase price. As a closed-end fund, RVII shares frequently trade at a discount to their net asset value, and funds holding illiquid assets typically experience wider disparities.
3. High Fees and Use of Leverage: RVII charges significant fees, including a 2.00% annual base management fee on net assets and a 20% incentive fee on realized capital gains. Total estimated annual expenses can reach 4.18%, meaning the fund's holdings must generate returns exceeding this threshold before shareholders see any positive returns. Additionally, RVII intends to use leverage of approximately 67% of its total assets, which, while potentially boosting returns, also amplifies downside risks in the event of investment failures. The performance fee structure may also incentivize the investment adviser to make riskier and more speculative investments.

Here are 3-5 expected drivers of future revenue growth for Robinhood Ventures Fund II (RVII) over the next 2-3 years:

1. Increased Assets Under Management (AUM) from Retail Investor Inflows: As a business development company (BDC), RVII's revenue, particularly its base management fee, is directly tied to the size of its assets under management. The fund's unique proposition of offering retail investors access to early-stage and growth-stage private companies, a market traditionally exclusive to accredited investors and venture capital firms, is a significant draw. The successful IPO, which aimed to raise $200 million, demonstrates initial investor interest. Continued investor confidence and the "democratization of finance" strategy are expected to drive further capital inflows, thereby increasing AUM and, consequently, management fee revenue.
2. Successful Exits and Realized Capital Gains from Portfolio Companies: A key component of RVII's revenue comes from incentive fees, which are 20% of realized capital gains from its investments. RVII invests in a diversified portfolio of "Promising Companies"—early-stage and growth-stage private companies, often linked to the Y Combinator accelerator program, that demonstrate significant growth potential. The successful growth and subsequent liquidity events (such as acquisitions or initial public offerings) of these underlying private companies at higher valuations will directly contribute to realized capital gains and, in turn, drive incentive fee revenue for RVII.
3. Continuous Investment in New Y Combinator Cohorts: RVII's investment strategy includes regularly adding selected companies from new Y Combinator cohorts to its portfolio, with plans to do so quarterly. This ongoing replenishment and expansion of its investment portfolio ensure a continuous pipeline of potential high-growth companies. As these new investments mature, they increase the overall potential for future realized capital gains and, consequently, incentive fee generation.
4. Leverage to Amplify Returns: RVII has the option to utilize leverage, which, if managed effectively, could magnify the returns generated from its investment portfolio. Higher returns on the underlying investments would directly contribute to greater realized capital gains, thereby increasing the incentive fees earned by the fund. This strategy could enhance overall revenue growth, though it also carries increased risk.

Share Issuance

• Robinhood Ventures Fund II completed its Initial Public Offering (IPO) on August 13, 2026, issuing 8.0 million shares at $25 per share.
• The IPO raised $200 million in gross proceeds for the fund.
• The total size of the fund at the time of its IPO pricing was $225.5 million.

Inbound Investments

• The primary inbound investment for Robinhood Ventures Fund II was the capital raised through its Initial Public Offering, totaling $200 million.

Outbound Investments

• Robinhood Ventures Fund II's investment strategy focuses on investing in a diversified portfolio of early-stage and growth-stage private companies.
• The fund primarily targets private companies that are current or previous participants in the Y Combinator startup accelerator program.
• At the time of its IPO, RVII's portfolio included approximately 80 private companies, with plans to add more over time.