Robinhood Ventures Fund II raised $225.5 million by pricing 8 million shares at $25 each. The fund opened at $22.50 on the NYSE, 10% below its IPO price. It targets early- and growth-stage companies connected to Y Combinator, allowing retail investors to invest in private businesses indirectly. The fund is structured as a business development company with risks and fees associated with private-market investing. Robinhood is expanding its retail-focused model to provide access to private-company investments through venture funds.

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