Robinhood Ventures Fund II

What they do

The company pursues long-term capital appreciation by making direct investments, including follow-on investments, typically in non-controlling equity and equity-related securities such as SAFEs, common stock, warrants, convertible preferred stock, convertible debt and equity-linked interests. It targets 'Promising Companies' that are current or previous participants in the Y Combinator accelerator or have a founder who participated, though it may also invest in non-YC companies. As a BDC, at least 70% of assets must be qualifying assets, with up to 30% permitted in non-qualifying investments such as non-U.S. companies and private vehicles.

Revenue drivers

• SAFE investments — At June 30, 2026, the entire $19.6 million portfolio was held in SAFEs, representing 100% of total portfolio fair value; these are the sole asset class disclosed and carry no current investment income.
• New portfolio company deployments — During the three months ended June 30, 2026, the company made $10,750,000 of investments in 43 new portfolio companies, versus $8,850,000 across 36 companies in the period from March 16 to March 31, 2026.
• Long-term capital appreciation — The stated investment objective is long-term capital appreciation; no investment income was generated in the three months ended June 30, 2026, so returns depend entirely on unrealized and realized gains on the private portfolio.

Recent performance

For the three months ended June 30, 2026, total operating expenses before cost support and reimbursement were $1,384,164, driven largely by organizational costs, mostly offset by a $1,603,347 organizational cost support and reimbursement. After that reimbursement, total expenses were negative $219,183, producing net investment income and a net increase in net assets from operations of $219,183. No investment income was recorded, and net realized and unrealized gain on investments was zero. At June 30, 2026, total assets were $25.8 million, total liabilities $3.5 million, and shareholder equity $22.3 million, with cash and equivalents of $3.0 million. The company made $10,750,000 of investments in 43 new portfolio companies during the quarter, with no sales or exits.

Strategy

The company intends to build a diversified portfolio of early- and growth-stage private companies, concentrating on YC Companies and other Promising Companies selected on factors including founding team track record, market size, industry trends, product differentiation, commercial traction and business model. It makes direct investments and follow-on investments, typically as non-controlling equity and equity-related securities including SAFEs, common stock, warrants, convertible preferred stock, convertible debt and equity-linked interests. It may invest up to 30% of the portfolio opportunistically in non-qualifying assets such as non-U.S. companies and private vehicles. As of June 30, 2026, at least 70% of assets were qualifying assets, and the company intends to elect RIC treatment beginning with its first taxable year following the IPO.

Risks

• Highly concentrated asset type — The entire disclosed portfolio at June 30, 2026 was $19.6 million of SAFEs, so results depend on the performance and liquidity of a single instrument type.
• No current investment income — The company reported no investment income for the three months ended June 30, 2026, meaning operations rely on capital appreciation rather than recurring cash yield.
• Illiquid private holdings and no exits — Portfolio companies are private, thinly traded or non-public, and the company reported no sales or exits in either the quarter ended June 30, 2026 or the period ended March 31, 2026.
• Early-stage YC focus — The strategy concentrates on early-stage and growth-stage companies, including current or previous Y Combinator participants, which the filing identifies as a focus area subject to risk factors.

Outlook

The filing provides no specific forward guidance beyond the stated objective of long-term capital appreciation and the disclosed investment approach. It notes the intention to elect RIC treatment beginning with the first taxable year following the IPO and to maintain at least 70% of assets in qualifying assets. The company also states it has no corresponding prior period with which to compare the three months ended June 30, 2026 because it commenced operations on March 16, 2026.