Robinhood is launching a publicly traded fund that invests in Y Combinator startups. Anyone can buy shares.

Robinhood is launching a second publicly traded closed-end fund that will invest in private companies from the Y Combinator ecosystem, the company announced. Robinhood Ventures Fund II filed to offer 7.6 million shares at $25 each, with pricing expected after market close on August 12. The fund will trade on the NYSE under the ticker RVII. Goldman Sachs, Citigroup, JPMorgan, UBS, and Wells Fargo are underwriting the offering. The fund will target a diversified portfolio of early-stage and growth-stage private companies that have participated in Y Combinator's programmes. YC accepts 500 to 700 startups per year and has produced Airbnb, Stripe, and Instacart. The fund may also invest in companies outside YC. Robinhood's first fund, RVI, went public in March at $25 per share, raised $315 million, and holds stakes in Databricks, Stripe, and Canva. It was trading at $25.50 on Monday, up 2.8%. The structure gives retail investors access to private startup equity through a product they can buy on a stock exchange. The fee is 2% management and 20% of cumulative realised capital gains. Robinhood CEO Vlad Tenev will present the fund via the Robinhood app and YouTube on Monday.