Robinhood's Sarah Pinto: Bringing Private Markets to the Public

Robinhood Ventures is building exchange-traded 40 Act/BDC funds to give retail investors — 99% of whom currently have zero private-market exposure — direct access to late-stage and YC seed-stage companies.

• Access gap: Only ~1% of Americans have private-market exposure since just 10-12% are accredited and even they need invitations, large minimums, and illiquidity tolerance.
• RV1 structure: A $700M (now) 40 Act closed-end fund, IPO'd March 2026, invests in a concentrated ~14-20 company late-stage portfolio (SpaceX, Stripe, OpenAI, Databricks, 11 Labs, Canva, Whatnot) with 2% management fee, no carry, traded daily on NYSE.

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