Robinhood Ventures Fund II, a closed‑end business development company, raised $225.5 million after selling 8 million shares at $25 each. The fund opened on the New York Stock Exchange at $22.50, 10 percent below its offering price. The shares began trading on Thursday and are available to retail investors through brokerage accounts. The fund’s prospectus lists approximately 80 private companies, with a focus on early‑ and growth‑stage businesses founded by Y Combinator alumni or connected to the accelerator’s network. Y Combinator has stated it does not sponsor or endorse the fund. Rich Aberman, portfolio manager and former Y Combinator partner, said the vehicle represents a new frontier for venture investing and aims to give everyday Americans access to startups that have traditionally been limited to accredited investors. The fund operates as a regulated exchange‑listed security, charges a 2 percent annual management fee and a 20 percent incentive fee on realized gains, and projects total annual expenses of about 4.18 percent. Market demand can cause the share price to trade above or below the fund’s net asset value, as seen at the opening price. Unlike direct startup investment, shareholders do not receive voting rights or direct claims against the underlying companies. The offering was led by Goldman Sachs, with joint bookrunners including Citigroup, JPMorgan, UBS Investment Bank and Wells Fargo Securities. An option to purchase an additional 1.2 million shares at the IPO price remains exercisable for 30 days, potentially adding $30 million to the fund’s size.