RVI Fund Eyes Best Week Ever - Retail Chases Databricks Pre-IPO Exposure
Article excerpt
Shares of the Robinhood Markets, Inc.-backed Robinhood Ventures Fund I (RVI) are heading toward their best week since listing, as investors increasingly seek early exposure to the privately held AI firm Databricks ahead of a potential public offering. RVI stock jumped 11% on Thursday, pushing total gains for the week to nearly 37%. The closed-end venture fund, which debuted earlier this month with roughly $658.4 million in assets, has already gained about 50% since listing. As expectations build around a potential Databricks listing, investors are turning to publicly traded proxy vehicles that hold stakes in the company. Funds, including Fundrise Innovation Fund (VCX) and Destiny Tech100 (DXYZ), have recently drawn attention for offering similar pre-IPO exposure to private companies such as SpaceX, which is expected to go public soon. Within RVI’s portfolio, Databricks represents the fund’s largest allocation at 23.24%, making it the central driver behind recent investor interest. The fund carries a 3.13% gross expense ratio, with a temporary net expense ratio of 2.13% through Aug. 27, following Robinhood Ventures' waiver of part of the management fee. Morningstar said Databricks is among the strongest late-stage AI companies approaching the IPO window. The company crossed $5.4 billion in annual recurring revenue (ARR)...
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In December, Databricks raised over $4 billion at a $134 billion valuation, underscoring continued investor appetite for enterprise AI infrastructure platforms.
