RVII vs RVI — Robinhood Ventures Fund II Guide

Robinhood Ventures Fund II — ticker RVII — priced at $25 a share and began trading on the NYSE on August 13, 2026, holding 80 Y Combinator-connected startups behind a 2-and-20 fee structure. It opened its first session at $22.50, a discount to that IPO price, and six weeks in it is still below it: RVII closed at $22.11 on September 25, 2026, about 12% under $25 (Yahoo Finance). We've already broken down all 80 companies, position by position, on our interactive RVII dashboard. What's still not disclosed matters just as much: no post-IPO NAV, no distribution policy, and no regulatory holdings report yet. This page tracks both columns — and it gets updated as details drop.

We've covered Robinhood's first venture fund since it listed in March — the holdings, the NAV math, and above all the premium that peaked at roughly 3x NAV and then collapsed. Fund II is a genuinely different product wearing the same wrapper, and the single most useful thing you can do before buying it is understand what happened to Fund I. That story is below, with real prices.

What Is Robinhood Ventures Fund II?

RVII is a closed-end business development company registered under the Investment Company Act of 1940 — the same legal wrapper as RVI, and the only structure the SEC permits for a retail-accessible fund holding mostly illiquid private securities. Robinhood announced it August 3, 2026, filed a Form N-2 to offer 8 million common shares, and ran a share-request window for Robinhood Financial customers and TradePMR Fusion advisers that closed August 12 — one day before the NYSE debut. The IPO priced at $25/share on August 13, raising $200 million toward a $225.5 million total fund, and closed August 14.

The mandate is what makes it interesting: instead of chasing the biggest names in the late-stage private market, RVII invests in a diversified portfolio of 80 early-stage companies that are current or former Y Combinator participants, or whose founder or co-founder came through the accelerator. It's closer to buying a slice of YC's pipeline than to buying a stake in any single marquee company — and its prospectus reserves the right to layer leverage on top, borrowing up to 66 2/3% of total assets, which would amplify whatever that basket does in both directions.

Confirmed Facts vs. What's Still Undisclosed

Here is every material fact about RVII, labeled honestly. "Confirmed" means it comes from Robinhood's announcement, the registration statement, or the completed IPO itself; "expected" means an estimate still pending actual reporting; "not disclosed" means exactly that — and we'll fill those rows in as the filings land.

Sources: Robinhood August 3, 2026 announcement (GlobeNewswire), Robinhood's August 13 pricing release, the final prospectus on SEC EDGAR, Robinhood's RVII page (allocation as of July 15, 2026), Yahoo Finance daily closes through September 25, 2026, and our own filing analysis on the RVII dashboard. Rows marked "not disclosed" will be updated as filings publish.

What RVII Holds: 80 Companies, Near-Equal Weights, 100% YC

We went through the disclosed portfolio company by company — the full interactive breakdown of all 80 names, with descriptions, lives on our RVII dashboard. The allocation is the one Robinhood publishes as of July 15, 2026. RVII hasn't filed an N-PORT or shareholder report since listing, so that is still the most recent disclosed breakdown. The headline findings: every single holding passes the YC filter (current YC company or YC-alum founder), and the weighting is almost mechanical. 78 of the 80 companies sit at a standard ~1.12% weight. The only overweight is Tasklet, a cloud agent OS, at 4.50%. That lines up with the prospectus, which lists a $1,000,000 SAFE in Tasklet maker Shortwave Communications against $250,000 for most names. The only underweight is Luel at 0.45%, a $100,000 SAFE. Cash and equivalents are 7.39% — well below Fund I's 32.28% cash drag (money-market position in its June 30 N-PORT).

By sector, this is overwhelmingly a technology fund: 64.31% of the portfolio across 55 companies. Industrials (8.96%, including defense names like Tenet Industries' strike drones and Apollo Atomics' compact nuclear reactors) come second, then financial services (7.84%), healthcare (6.72%, including CellType's AI drug discovery), consumer cyclical, energy, and communications. The near-equal weighting is the tell for how to think about this fund: nobody is picking winners here. It's a systematic bet that YC's ~1.5% acceptance rate is itself the selection mechanism — a venture index fund on the accelerator's pipeline, not a portfolio manager's conviction list.

Full interactive breakdown of all 80 companies →

How RVII Differs From RVI

Same wrapper, same $25 sticker, nearly opposite bet. RVI concentrated its book in a handful of late-stage names — Databricks, OpenAI, Mercor and Revolut lead the June 30, 2026 N-PORT disclosure, while its SpaceX stake, bought in the June IPO, was just 1.25% of net assets. Since that disclosure, RVI's largest named position has repriced higher in private markets: Databricks closed a $5B round at a $190B valuation on August 13, a change RVI's disclosed weights don't yet reflect, while OpenAI's $852B valuation, set in its March 2026 round, held flat in an August employee tender. RVII spreads capital across 80 companies that are years from any IPO, which changes almost every property of the investment:

For the deeper side-by-side — fee tables, share counts, stage focus — see our full RVII vs RVI breakdown and our Pulse deep-dive on the RVII IPO published when the fund was announced.

The RVI Lesson: A 3x-NAV Peak, Round-Tripped by July

If you read one section on this page before buying RVII, make it this one. RVI priced its IPO at $25.00 and began trading March 6, 2026, closing its first session at $21.00. It then ran far above NAV: RVI closed as high as $73.71 on May 13, roughly 3x its $24.05 NAV at March 31 (per the N-CSR). Buyers at the top were paying about $3 for every $1.00 of underlying holdings, on the theory that being a rare liquid path to OpenAI and Databricks justified it.

Then the premium unwound. SpaceX listed on Nasdaq June 12 (RVI took a $6.75M IPO allocation, 1.25% of net assets at June 30), and the premium kept unwinding week after week: $35 by mid-June, $26 by mid-July, and $24.81 by the end of July, back below the March listing price. Anyone who bought the May peak was down more than 50% while the fund's reported net assets actually rose, from $655.3M at March 31 to $681.8M at June 30. The bounce to $28.64 by August 12 came only after Robinhood announced RVII, By August 27 it had settled back to $27.77, and it closed at $27.92 on September 25 (Yahoo Finance), a reminder that these funds trade on narrative as much as NAV.

The mechanism is structural, not a fluke. Closed-end funds have a fixed share count and no arbitrage keeping price near NAV, so the price is purely what the marginal retail buyer will pay. When enthusiasm exceeds float, you get triple-digit premiums; when the story fades, you get NAV or below — the median closed-end fund trades at a discount. We documented this dynamic in real time across the premium explainer, the premium/discount history, and the discount-history tracker. RVII inherits the exact same structure on day one.

Should You Wait for RVII or Buy RVI?

Honest answer: they're different enough that "which one" is the wrong frame — the real question is what exposure you actually want, and at what price relative to NAV.

And one rule applies to both: the premium you pay at entry matters more than the portfolio. RVI proved that NAV can rise while shareholders lose half their money, purely from premium compression. If RVII opens hot, the RVI chart above is what the other side of that trade looks like. Our five-question premium framework was written for RVI, but every question transfers directly to RVII — as does the step-by-step buying mechanics guide and the closed-end fund tax treatment.

The Complete RVI & RVII Coverage Library

We've tracked the Robinhood Ventures funds since Fund I listed. Everything below is kept current: