Robinhood Ventures Fund I has raised less than its initial target, with a 16% drop on the first day

Robinhood's venture fund, Robinhood Ventures Fund I, debuted on the NYSE this week, closing its first day at $21, down 16%. The fund aims to open up investment opportunities in popular private companies to retail investors, with a target of raising $1 billion, but has currently raised only $658.4 million (which could reach $705.7 million if underwriters exercise full subscription).

The fund's holdings include companies like Databricks, Stripe (pending transaction completion), Mercor, Oura, Ramp, Airwallex, and Revolut, but it lacks exposure to widely anticipated high-valuation upcoming public companies (such as OpenAI, Anthropic, SpaceX), which is considered a major reason for the lack of retail interest. Robinhood stated that it plans to expand the fund in the future to include 15-20 high-quality late-stage growth companies and is actively seeking to join the equity tables of popular startups like OpenAI.