We advised Robinhood on the establishment of Robinhood Ventures and the IPO and NYSE listing of Robinhood Ventures Fund I

Davis Polk advised Robinhood Markets, Inc. and Robinhood Ventures Fund I (RVI) in connection with RVI’s initial public offering and listing on the New York Stock Exchange. RVI, whose common shares are listed under the symbol “RVI,” is a closed-end fund designed to democratize access to private markets traditionally reserved for institutional or accredited investors. RVI sold 12,615,608 shares of beneficial interest in its IPO, bringing the total fund size to $658.4 million.

Davis Polk also advised Robinhood Markets, Inc. on the establishment of Robinhood Ventures DE, LLC. Robinhood Ventures serves as RVI’s investment adviser and is a wholly owned subsidiary of Robinhood Markets, Inc.

RVI, the first fund from Robinhood Ventures DE, LLC, targets a concentrated portfolio of private companies operating at the cutting edge of their industries.

The Davis Polk investment management team included partners Christopher P. Healey and Gregory S. Rowland, counsel Elise Dolan and Leon E. Salkin and associates Nick Ward and Yanyu Mao. Partner Emily Roberts and associate Paula Gergen provided capital markets advice. Partner Kara L. Mungovan and associate Dmitry Dobrovolskiy provided tax advice. Members of the Davis Polk team are based in the Washington DC, New York and Northern California offices.

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