Robinhood's publicly traded fund, RVI, closed down about 16% on its first day of trading, with fundraising progress falling short of expectations.

PANews reported on March 7th that Robinhood's newly launched Robinhood Ventures Fund I debuted on the NYSE this week, but closed at $21, a 16% drop. The fund, which aims to open up investment opportunities in popular private equity firms to retail investors, had a fundraising target of $1 billion but has only raised $658.4 million so far (up to $705.7 million if underwriters exercise their full subscription rights). The fund's holdings reportedly include companies such as Databricks, Stripe, Mercor, Ora, Ramp, Airwallex, and Revolut, but its lack of exposure to widely anticipated high-valuation soon-to-be-listed companies (such as OpenAI, Anthropic, and SpaceX) is considered a major reason for the lack of retail interest. Robinhood stated that it plans to expand the fund to 15-20 high-quality late-stage growth companies in the future and is actively seeking to add equity to the portfolios of popular startups such as OpenAI.