Robinhood Markets is planning to take its second venture fund public, with Robinhood Ventures Fund II (NYSE: RVII) expected to list on the New York Stock Exchange on August 13 at an expected price of $25 per share.

RVII is structured as a business development company (BDC), a type of closed-end fund. It currently holds positions in 80 private companies, with a focus on early-stage startups that are current or former participants in the Y Combinator accelerator program, or companies whose founders have participated in the program. Additional portfolio companies are expected to be added over time.

Robinhood Financial customers can request IPO shares through Robinhood's platform, and registered investment advisers on the TradePMR Fusion platform may also seek allocations for clients. The window to request IPO shares is expected to close on August 12.

The fund carries a base management fee of 2.00% annually of net assets, calculated and payable quarterly. An incentive fee of 20% of realized capital gains from inception through fiscal year-end, less realized capital losses, unrealized capital depreciation, and previously paid incentive fees, is also payable annually.

RVII has no accreditation requirements or investment minimums and is described as offering daily liquidity as a publicly traded fund. The fund's registration statement on Form N-2 has been filed with the Securities and Exchange Commission but has not yet become effective.

According to the press release, Robinhood has also launched a separate Robinhood Employee Fund, allowing eligible employees to invest in a fund with exposure to Robinhood Ventures funds, including RVII.

The press release notes that an investment in RVII is speculative and involves a high degree of risk, including substantial risk of loss. Y Combinator does not sponsor, endorse, or promote the fund.