Robinhood's second private markets fund targets $200 million US IPO

Aug 3 (Reuters) - A newly ‌minted venture ​fund ​run by Robinhood for investing in early-stage companies is aiming to raise as much as $200 million in ‌its U.S. initial public offering, according to a regulatory ⁠filing on Monday.

The vehicle, Robinhood Ventures Fund II (RVII), is offering up to ‌8 million shares in the ‌IPO, including 400,000 shares owned by Robinhood. The IPO is being marketed at $25 apiece.

Here are some other details:

• The ​move comes as the Menlo Park, California-based Robinhood looks to broaden retail investors' access to private-company investments long dominated ⁠by Silicon Valley's largest venture capital firms.

• The venture fund, RVII, plans to invest ​in early- and growth-stage private companies, with a focus on those that are current or previous participants in ​the Y Combinator startup accelerator ‌program.

• Robinhood debuted its first venture fund, Robinhood Ventures Fund I, in March. That vehicle largely ⁠invests in late-stage companies and added OpenAI to its portfolio earlier this year.

• Robinhood CEO Vlad Tenev earlier this year said the firm's ⁠customers were seeking access to emerging AI companies at an earlier stage.

• ​Goldman Sachs is the lead bookrunner for the offering. Citigroup, J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities are joint bookrunners.

• The ‌window to request IPO shares is expected to close on August 12.

• The roadshow for RVII ‌was expected to kick off on Monday at 12 p.m. ET (1600 ⁠GMT). Shares are expected ‌to be listed on ​the New York Stock Exchange under the symbol “RVII."

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Sahal ‌Muhammed)

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