Robinhood plans to give customers more access to invest in privately held companies by unveiling a new publicly traded fund that will invest in a collection of start-ups.
Why it matters: Opening up private markets has become big business, as Wall Street firms pitch products linked to markets once available only to big institutions and wealthy investors.
The details:
- Robinhood Ventures Fund I, a closed-end fund that Robinhood is registering with the S.E.C., will trade on the New York Stock Exchange.
- It will invest in a concentrated portfolio of what it called leading start-ups across several sectors.
- The plan is subject to S.E.C. approval.
- Robinhood pointed to two longstanding trends: a sharp drop-off in the availability of U.S. public offerings and the exploding growth in the value of privately held start-ups.
“For decades, wealthy people and institutions have invested in private companies while retail investors have been unfairly locked out,” Vlad Tenev, Robinhood’s chairman and C.E.O., said about the new fund. “With Robinhood Ventures, everyday people will be able to invest in opportunities once reserved for the elite.”
The other side: Caution is advised—Robinhood has a history of making bold, market-disrupting moves often at the expense of its customers.
What’s next: The Form N-2 registration statement is subject to SEC review, and shares may not be sold until the registration statement is declared effective. Robinhood intends for the shares to be traded under the symbol RVI on the NYSE.
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