Robinhood is raising $1B for a soon-to-be-listed fund (NYSE ticker RVI) that will buy stakes in private startups like Stripe, Databricks, and Ramp, letting retail investors trade exposure daily without owning the underlying shares directly. Since last fall, Robinhood Ventures has already bought about $300M of private-company stock that the fund will hold, with pricing based on estimated portfolio value and a 2% management fee. The big risk is the Destiny Tech100 problem, where public vehicles trading private-stock exposure can get bid up far above NAV, turning “access” into an overpay.
