Robinhood plans to launch a private equity fund to assist American retail investors in investing in private companies

Financial trading platform Robinhood (HOOD.US) announced on Monday that it has submitted a preliminary registration statement to the U.S. Securities and Exchange Commission (SEC) to launch a closed-end fund "Robinhood Ventures Fund I," aimed at providing retail investors in the U.S. with access to invest in private companies.

Robinhood stated that in the past, retail investors have found it difficult to participate in high-growth opportunities in private enterprises, a market primarily dominated by wealthy individuals and institutions. Robinhood CEO Tenev expressed that the new fund will allow ordinary investors to enjoy opportunities that were previously reserved for the elite.

The fund will invest in a portfolio of industry-leading private companies and will be listed on the New York Stock Exchange under the ticker "RVI" once approved by the SEC, allowing retail investors to trade through Robinhood and other brokerages