# EDGAR Filing Document

**Accession Number:** 0002085091
**File Stem:** 0001628280-26-010711
**Filing Date:** 2026-2
**Character Count:** 36891
**Document Hash:** 2a41a70a29610970e7b0f2ad1b72ae3b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-010711.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001628280-26-010711

**CONFORMED SUBMISSION TYPE**: N-2/A

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Robinhood Ventures Fund I
- **CENTRAL INDEX KEY:** 0002085091

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24119
- **FILM NUMBER:** 26666137

**BUSINESS ADDRESS:**
- **STREET 1:** 85 WILLOW ROAD
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025
- **BUSINESS PHONE:** (703) 200-5952

**MAIL ADDRESS:**
- **STREET 1:** 85 WILLOW ROAD
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Robinhood Ventures Fund I
- **CENTRAL INDEX KEY:** 0002085091

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290253
- **FILM NUMBER:** 26666136

**BUSINESS ADDRESS:**
- **STREET 1:** 85 WILLOW ROAD
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025
- **BUSINESS PHONE:** (703) 200-5952

**MAIL ADDRESS:**
- **STREET 1:** 85 WILLOW ROAD
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025

?xml version='1.0' encoding='ASCII'? ck0002085091-20260223

thou

**As filed with the U.S. Securities and Exchange Commission on February 23, 2026**

**Securities Act File No. 333-290253**

**1940 Act File No. 811-24119**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-2**

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933 ☒

PRE-EFFECTIVE AMENDMENT NO. 5 ☒

POST-EFFECTIVE AMENDMENT NO. ☐

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940 ☒

AMENDMENT NO. 5 ☒

**Robinhood Ventures Fund I**

(Exact name of Registrant as Specified in Charter)

85 Willow Road

Menlo Park, CA 94025

(Address of Principal Executive Offices)

(650) 761-7789

(Registrant's Telephone Number, including Area Code)

John Markle

Maureen Montgomery

85 Willow Road

Menlo Park, CA 94025

(Name and Address of Agent for Service)

***Copies to:***

---

| | |
|:---|:---|
| **Christopher P. Healey** | **William G. Farrar** |
| **Davis Polk & Wardwell LLP<br>1050 17th Street, NW<br>Washington, DC 20036<br>Tel: (202) 962-7000** | **Sullivan & Cromwell LLP<br>125 Broad Street<br>New York, NY 10004<br>Tel: (212) 558-4000** |
| **Emily Roberts** | **John L. Savva** |
| **Davis Polk & Wardwell LLP**<br>**900 Middlefield Road**<br>**Redwood City, CA 94063**<br>**Tel: (650) 752-2000** | **Sullivan & Cromwell LLP**<br>**550 Hamilton Avenue**<br>**Palo Alto, CA 94301**<br>**Tel: (650) 461-5600** |
| **Gregory S. Rowland** |  |
| **Davis Polk & Wardwell LLP**<br>**450 Lexington Avenue**<br>**New York, NY 10017**<br>**Tel: (212) 450-4000** |  |

---

**Approximate Date of Commencement of Proposed Public Offering**: As soon as practicable after the effective date of this Registration Statement.

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☐ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

☐ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

**It is proposed that this filing will become effective (check appropriate box):**

☒ when declared effective pursuant to section 8(c) of the Securities Act

☐ immediately upon filing pursuant to paragraph (b) of Rule 486

☐ on (date) pursuant to paragraph (b) of Rule 486

☐ 60 days after filing pursuant to paragraph (a) of Rule 486

☐ on (date) pursuant to paragraph (a) of Rule 486

**If appropriate, check the following box:**

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: _____.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: _____.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: _____.

**Check each box that appropriately characterizes the Registrant:**

☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("1940 Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the 1940 Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the 1940 Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act")).

☐ If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

☒ New Registrant (registered or regulated under the 1940 Act for less than 12 calendar months preceding this filing).

**THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.**

------

thou

**EXPLANATORY NOTE**

This Pre-Effective Amendment No. 5 to the Registration Statement on Form N-2 (File Nos. 333-290253 and 811-24119) of Robinhood Ventures Fund I (the "Registration Statement") is being filed solely for the purpose of filing Exhibit (l). No changes have been made to Part A, Part B or Part C of the Registration Statement, other than Item 25 of Part C as set forth below. Accordingly, this Pre-Effective Amendment No. 5 consists only of the facing page, this explanatory note and Part C of the Registration Statement. This Registration Statement incorporates by reference the information contained in <u>[Part](https://www.sec.gov/Archives/edgar/data/2085091/000162828026008313/ck0002085091-20260217.htm)[s A and B of the Registration Statement](https://www.sec.gov/Archives/edgar/data/2085091/000162828026008313/ck0002085091-20260217.htm)</u>.

------

**PART C: OTHER INFORMATION**

**Item 25. Financial Statements and Exhibits**

(1)Financial Statements:

The Registrant's audited schedule of investments and statement of assets and liabilities as of November 30, 2025 and statement of operations, statement of changes in net assets, statement of cash flows and financial highlights for the period from September 5, 2025 (commencement of operations) to November 30, 2025 and the notes thereto and report of independent registered public accounting firm thereon indicating that the Registrant has met the net worth requirements of Section 14(a) of the 1940 Act are included in Part B of the Registrant's Registration Statement on Form N-2.

(2)Exhibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| (a) | (1) | <u>[Certificate of Trust, effective as of August 22, 2025, incorporated by reference to Exhibit (a)(1) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on September 15, 2025](https://www.sec.gov/Archives/edgar/data/2085091/000208509125000009/exhibita1-nx2.htm)</u>. |
|  | (2) | <u>[Declaration of Trust, dated as of August 22, 2025, incorporated by reference to Exhibit (a)(2) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on January 22, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026002976/exhibita2-nx2a2.htm)</u> |
|  | (3) | <u>[Amended and Restated Declaration of Trust, dated as of January 21, 2026, incorporated by reference to Exhibit (a)(3) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on January 22, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026002976/exhibita3-nx2a2.htm)</u> |
| (b) | <u>[Bylaws, dated as of January 21, 2026, incorporated by reference to Exhibit (b) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on January 22, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026002976/exhibitb-nx2a2.htm)</u> | <u>[Bylaws, dated as of January 21, 2026, incorporated by reference to Exhibit (b) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on January 22, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026002976/exhibitb-nx2a2.htm)</u> |
| (c) | Not applicable. | Not applicable. |
| (d) | Not applicable. | Not applicable. |
| (e) | <u>[Dividend Reinvestment Plan, incorporated by reference to Exhibit (e) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on January 22, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026002976/exhibite-nx2a2.htm)</u> | <u>[Dividend Reinvestment Plan, incorporated by reference to Exhibit (e) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on January 22, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026002976/exhibite-nx2a2.htm)</u> |
| (f) | Not applicable. | Not applicable. |
| (g) | (1) | <u>[Investment Advisory Agreement between the Registrant and Robinhood Ventures DE, LLC, dated as of January 21, 2026, incorporated by reference to Exhibit (g)(1) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on January 22, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026002976/exhibitg1-nx2a2.htm)</u> |
|  | (2) | <u>[Management Fee Waiver Agreement between the Registrant and Robinhood Ventures DE, LLC (filed herewith)](exhibitg2.htm)</u> |
| (h) | <u>[Form of Underwriting Agreement between the Registrant and Goldman Sachs & Co. LLC,](https://www.sec.gov/Archives/edgar/data/2085091/000162828026008313/exhibith-nx2a4.htm)[incorporated by reference to Exhibit (h) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on February 17, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026008313/exhibith-nx2a4.htm)</u> | <u>[Form of Underwriting Agreement between the Registrant and Goldman Sachs & Co. LLC,](https://www.sec.gov/Archives/edgar/data/2085091/000162828026008313/exhibith-nx2a4.htm)[incorporated by reference to Exhibit (h) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on February 17, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026008313/exhibith-nx2a4.htm)</u> |
| (i) | Not applicable. | Not applicable. |
| (j) | (1) | <u>[Custody Agreement between the Registrant and U.S. Bank National Association, dated as of October 31, 2025, incorporated by reference to Exhibit (j)(1) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on January 22, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026002976/exhibitj1-nx2a2.htm)</u> |
|  | (2) | <u>[Document Custody Agreement between the Registrant and U.S. Bank National Association, dated as of January 15, 2026, incorporated by reference to Exhibit (j)(2) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on January 22, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026002976/exhibitj2-nx2a2.htm)</u> |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| (k) | (1) | <u>[Administration and Accounting Services Agreement between the Registrant and U.S. Bancorp Fund Services, LLC, dated as of January 16, 2026, incorporated by reference to Exhibit (k)(1) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on January 22, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026002976/exhibitk1-nx2a2.htm)</u> |
|  | (2) | <u>[Transfer Agency and Registrar Services Agreement between the Registrant and Equiniti Trust Company, LLC, dated as of February 10, 2026, incorporated by reference to Exhibit (k)(2) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on February 17, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026008313/exhibitk2-nx2a4.htm)</u> |
|  | (3) | <u>[Registration Rights Agreement between the Registrant and Robinhood Markets, Inc., dated as of February 9, 2026, incorporated by reference to Exhibit (k)(3) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on February 17, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026008313/exhibitk3-nx2a4.htm)</u> |
| (l) | <u>[Opinion and Consent of Richards, Layton & Finger](exhibitl-nx2a5.htm)[,](exhibitl-nx2a5.htm)[P.A., Delaware Local Counsel to the Registrant (filed herewith)](exhibitl-nx2a5.htm)</u> | <u>[Opinion and Consent of Richards, Layton & Finger](exhibitl-nx2a5.htm)[,](exhibitl-nx2a5.htm)[P.A., Delaware Local Counsel to the Registrant (filed herewith)](exhibitl-nx2a5.htm)</u> |
| (m) | Not applicable. | Not applicable. |
| (n) | <u>[Consent of Independent Registered Public Accounting Firm](https://www.sec.gov/Archives/edgar/data/2085091/000162828026004270/exhibitn-nx2a3.htm)[(previousl](https://www.sec.gov/Archives/edgar/data/2085091/000162828026004270/exhibitn-nx2a3.htm)[y filed)](https://www.sec.gov/Archives/edgar/data/2085091/000162828026004270/exhibitn-nx2a3.htm)</u> | <u>[Consent of Independent Registered Public Accounting Firm](https://www.sec.gov/Archives/edgar/data/2085091/000162828026004270/exhibitn-nx2a3.htm)[(previousl](https://www.sec.gov/Archives/edgar/data/2085091/000162828026004270/exhibitn-nx2a3.htm)[y filed)](https://www.sec.gov/Archives/edgar/data/2085091/000162828026004270/exhibitn-nx2a3.htm)</u> |
| (o) | Not applicable. | Not applicable. |
| (p) | (1) | <u>[Form of Seed Capital Purchase Agreement, incorporated by reference to Exhibit (p) (1) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on January 22, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026002976/exhibitp1-nx2a2.htm)</u> |
| (q) | Not applicable. | Not applicable. |
| (r) | (1) | <u>[Code of Ethics of the Registrant, incorporated by reference to Exhibit (r)(1) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on January 22, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026002976/exhibitr1-nx2a2.htm)</u> |
|  | (2) | <u>[Code of Ethics of the Adviser, incorporated by reference to Exhibit (r)(2) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on January 22, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026002976/exhibitr2-nx2a2.htm)</u> |
|  | (3) | <u>[Code of Ethics of ACA Group, incorporated by reference to Exhibit (r)(3) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on January 22, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026002976/exhibitr3-nx2a2.htm)</u> |
| (s) | <u>[Filing Fee Table, incorporated by reference to Exhibit (s) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on February 17, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026008313/exfilingfees.htm)</u> | <u>[Filing Fee Table, incorporated by reference to Exhibit (s) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on February 17, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026008313/exfilingfees.htm)</u> |
| (t) | <u>[Power of Attorney, dated as of January 21, 2026, incorporated by reference to Exhibit (t) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on January 22, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026002976/exhibitt-nx2a2.htm)</u> | <u>[Power of Attorney, dated as of January 21, 2026, incorporated by reference to Exhibit (t) to the Registrant's Registration Statement on Form N-2 (File No. 333-290253) filed on January 22, 2026.](https://www.sec.gov/Archives/edgar/data/2085091/000162828026002976/exhibitt-nx2a2.htm)</u> |

---

**Item 26. Marketing Arrangements**

Reference is made to Exhibit (h) to this Registration Statement, to be filed by amendment.

------

**Item 27. Other Expenses of Issuance and Distribution**

The following table sets forth the estimated expenses expected to be incurred in connection with the offering described in this Registration Statement:

---

| | |
|:---|:---|
| SEC Registration Fees | $158677.00 |
| FINRA Filing Fees | $173000.00 |
| Trustees' Fees | $— |
| Transfer Agent Fees | $8000.00 |
| Printing and engraving expenses | $148300.00 |
| Accounting Fees and Expenses | $90000.00 |
| Legal Fees and Expenses | $3500000.00 |
| Exchange Listing Fees | $40000.00 |
| Miscellaneous | $426716.00 |
| Total | $4544693.00 |

---

**Item 28. Persons Controlled by or Under Common Control with the Registrant**

Immediately prior to this offering, Robinhood Markets, Inc. ("Robinhood") will own 100% of the Registrant's outstanding common shares. Immediately following completion of this offering, Robinhood's share ownership is expected to represent between approximately 10 and 30% of the Registrant's outstanding common shares.

**Item 29. Number of Holders of Securities**

The following table sets forth, as of January 31, 2026, the number of record holders of each class of the Registrant's securities:

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holders** |
| Shares of Common Stock | 1 |

---

**Item 30. Indemnification**

Reference is made to Article V, Section 5.2 of Registrant's Amended and Restated Declaration of Trust, to be filed by amendment as Exhibit (a)(3). Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act") may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions described above, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person in the successful defense of an action, suit or proceeding) is asserted by a director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of Investment Adviser**

Robinhood Ventures DE, LLC, a limited liability company organized under the laws of the State of Delaware, acts as investment adviser to the Registrant.

The descriptions of the Adviser under the captions "Prospectus Summary – The Adviser," "Risks – Adviser Risk," and "Robinhood Overview" in the Prospectus and under the caption "Management of the Fund" in the Statement of Additional Information of this Registration Statement are incorporated by reference herein. Information

------

as to the trustees and officers of the Adviser, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by the trustees and officers of the Adviser in the last two years, will be included in the Adviser's application for registration as an investment adviser on Form ADV to be filed under the Investment Advisers Act of 1940, as amended, and will be incorporated herein by reference in a subsequent pre-effective amendment filing.

**Item 32. Location of Accounts and Records**

The Registrant's accounts, books and other documents are currently located at the offices of the Registrant, c/o Robinhood Ventures DE, LLC, 85 Willow Road, Menlo Park, CA 94025 and at the offices of U.S. Bank National Association, the Registrant's Custodian, at 5065 Wooster Rd, Cincinnati, Ohio 45226; Equiniti Trust Company, LLC, the Registrant's Transfer Agent, at 28 Liberty Street, 53<sup>rd</sup> Floor, New York, NY 10005; and U.S. Bancorp Fund Services, LLC, the Registrant's administrator, at 777 E. Wisconsin Ave, Milwaukee, WI 53202.

**Item 33. Management Services**

Not applicable.

**Item 34. Undertakings**

1. The Registrant hereby undertakes to suspend the offering of its common shares until it amends its prospectus if (a) subsequent to the effective date of this Registration Statement, the net asset value declines more than 10 percent from its net asset value as of the effective date of the Registration Statement or (b) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus.

2. Not applicable.

3. Not applicable.

4. The Registrant undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)for the purpose of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant under Rule 424(b)(1) under the Securities Act of 1933 shall be deemed to be part of this Registration Statement as of the time it was declared effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)for the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.

5. Not applicable.

6. Not applicable.

7. The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Pre-Effective Amendment No. 5 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Menlo Park and State of California, on the 23rd day of February, 2026.

---

| | | |
|:---|:---|:---|
| **ROBINHOOD VENTURES FUND I** | **ROBINHOOD VENTURES FUND I** | **ROBINHOOD VENTURES FUND I** |
| By: | /s/ Sarah Pinto | /s/ Sarah Pinto |
|  | Name: | Sarah Pinto  |
|  | Title: | President  |

---

Pursuant to the requirements of the Securities Act of 1933, this Pre-Effective Amendment No. 5 to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  | /s/ Sarah Pinto | |
| | | Date: February 23, 2026 |
|  | Name: Sarah Pinto <br>Title: President and Trustee (Principal Executive Officer)<br>/s/ Josh Hunter\* | Date: February 23, 2026 |
| | Name: Josh Hunter<br>Title: Assistant Treasurer, Principal Financial Officer and Principal Accounting Officer<br>/s/ Shiv Verma\* | Date: February 23, 2026 |
| | Name: Shiv Verma<br>Title: Chair of the Board of Trustees<br>/s/ Jill E. Sommers\* | Date: February 23, 2026 |
| | Name: Jill E. Sommers<br>Title: Trustee<br>/s/ Michael J. Gallagher\* | Date: February 23, 2026 |
| | Name: Michael J. Gallagher<br>Title: Trustee<br>/s/ Meredith Whitney\* | Date: February 23, 2026 |
| | Name: Meredith Whitney | |
| | Title: Trustee | |
| \*By: | /s/ Aaron Ellias |  |
|  | Aaron Ellias |  |
|  | as attorney-in-fact  |  |

---

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**EXHIBIT LIST**

---

| | |
|:---|:---|
| (g)(2) | <u>[Management Fee Waiver Agreement between the Registrant and Robinhood Ventures DE, LLC](exhibitg2.htm)</u> |
| (l) | <u>[Opinion and Consent of Richards, Layton & Finger](exhibitl-nx2a5.htm)[,](exhibitl-nx2a5.htm)[P.A., Delaware Local Counsel to the Registrant](exhibitl-nx2a5.htm)</u> |

---

## Ex-99.(G)(2)

**Exhibit (g)(2)**

**Execution Version**

**MANAGEMENT FEE WAIVER AGREEMENT**

ROBINHOOD VENTURES FUND I

85 Willow Road

Menlo Park, CA 94025

January 21, 2026

Robinhood Ventures DE, LLC

85 Willow Road

Menlo Park, CA 94025

Ladies and Gentlemen:

Robinhood Ventures DE, LLC (the "Adviser") hereby agrees, for the six-month period following the closing of the initial public offering (the "Limitation Period"), to reduce the annual rate of its Management Fee payable under the Investment Advisory Agreement, dated January 21, 2026, between Robinhood Ventures Fund I (the "Fund") and the Adviser (the "Investment Advisory Agreement") from 2.00% to 1.00% (the "Fee Waiver"). The amounts waived pursuant to this agreement (the "Agreement") are not subject to recoupment by the Adviser. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Investment Advisory Agreement.

This Agreement will be governed by, construed under and interpreted and enforced in accordance with the laws of the State of Delaware, without regard to principles of conflicts of laws of any jurisdiction to the contrary and the applicable provisions of the Investment Company Act of 1940, as amended (the "1940 Act"), if any. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of Delaware and waive any objection with respect thereto, for the purpose of any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

Any amendment to this Agreement shall be in writing signed by the parties hereto, and requires the approval of the Board of Trustees of the Fund (the "Board"), including a majority of the Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Fund (the "Independent Trustees"). This Agreement may not be terminated by the Adviser prior to the expiration of the Limitation Period. This Agreement supersedes any prior agreement with respect to the subject matter hereof.

The Adviser may extend or otherwise amend the terms of this Agreement, subject to approval of the Board, including a majority of the Independent Trustees, after the initial term of this Agreement.

If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed counterpart hereof and return the same to us.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| ROBINHOOD VENTURES FUND I | ROBINHOOD VENTURES FUND I |
| By: | /s/ Sarah Pinto |
|  | Name: Sarah Pinto |
|  | Title: President |

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| | |
|:---|:---|
| ROBINHOOD VENTURES DE, LLC | ROBINHOOD VENTURES DE, LLC |
| By: | /s/ Manan Shah |
|  | Name: Manan Shah |
|  | Title: Senior Director, Corporate Treasurer |

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*[Signature Page to Management Fee Waiver Agreement]*

## Ex-99.(L)

**Exhibit (l)**

![richardslogo.jpg](richardslogo.jpg)

February 23, 2026

Robinhood Ventures Fund I

85 Willow Road

Menlo Park, CA 94025

**Re:&nbsp;&nbsp;&nbsp;&nbsp;<u>Robinhood Ventures Fund I</u>**

Ladies and Gentlemen:

We have acted as special Delaware counsel for Robinhood Ventures Fund I, a Delaware statutory trust (the "Trust"), in connection with the matters set forth herein. At your request, this opinion is being furnished to you.

We have examined and relied upon such records, documents, certificates and other instruments as in our judgment are necessary or appropriate to enable us to render the opinions expressed below, including the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The certificate of trust of the Trust, as filed with the office of the Secretary of State of the State of Delaware (the "Secretary of State") on August 22, 2025 (the "Certificate of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Declaration of Trust, dated as of August 22, 2025, as amended and restated by the Amended and Restated Declaration of Trust, dated as of January 21, 2026, by the trustees of the trust named therein (as so amended and restated, the "Trust Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Bylaws of the Trust, dated as of January 21, 2026 (the "Bylaws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;A certificate of the secretary of the Trust, dated the date hereof, and attaching copies of resolutions adopted by the Board of Trustees (the foregoing are collectively referred to as the "Resolutions" and, together with the Trust Agreement and the Bylaws, are collectively referred to as the "Trust Documents")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement (the "Registration Statement") on Form N-2, as amended, including a prospectus (and the statement of additional information incorporated by reference therein) dated February 17, 2026 (the "Prospectus"), with respect to the issuance of up

![exhibitlfooter.jpg](exhibitlfooter.jpg)

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Robinhood Ventures Fund I

February 23, 2026

to $1,150,000,000 of common shares of beneficial interest in the Trust (the "Shares"), filed by the Trust with the United States Securities and Exchange Commission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;A Certificate of Good Standing for the Trust, dated February 23, 2026, obtained from the Secretary of State.

Initially capitalized terms used herein and not otherwise defined are used as defined in the Trust Documents.

As to various questions of fact material to our opinion, we have relied upon the representations made in the foregoing documents and upon certificates of officers of the Trust.

With respect to all documents examined by us, we have assumed (i) the authenticity of all documents submitted to us as authentic originals, (ii) the conformity with the originals of all documents submitted to us as copies or forms, (iii) the genuineness of all signatures, and (iv) that there exists no provision of any such other document that bears upon or is inconsistent with our opinions as expressed herein.

For purposes of this opinion, we have assumed (i) that the Trust Documents constitute the entire agreement among the parties thereto with respect to the subject matter thereof, including with respect to the formation, operation and termination of the Trust, and that the Trust Documents and the Certificate of Trust are in full force and effect and will not be amended, (ii) except to the extent provided in paragraph 1 below, the due organization or due formation, as the case may be, and valid existence in good standing of each party to the documents examined by us under the laws of the jurisdiction governing its organization or formation, (iii) the legal capacity of natural persons who are parties to the documents examined by us, (iv) that each of the parties (other than the Trust) to the documents examined by us has the power and authority to execute and deliver, and to perform its obligations under, such documents, (v) except to the extent provided in paragraph 2 below, the due authorization, execution and delivery by all parties thereto of all documents examined by us, (vi) the payment by each Person to whom a Share has been or is to be issued by the Trust (collectively, the "Shareholders") for such Share, in accordance with the Trust Documents and as contemplated by the Registration Statement, (vii) that the Shares will be issued and sold to the Shareholders in accordance with the Trust Documents and as contemplated by the Registration Statement, and (viii) that any amendment or restatement of any document reviewed by us has been accomplished in accordance with, and was permitted by, the relevant provisions of said document prior to its amendment or restatement from time to time. We have not participated in the preparation of the Registration Statement (other than this opinion) and assume no responsibility for its contents except for this opinion.

This opinion is limited to the laws of the State of Delaware (excluding the securities laws of the State of Delaware), and we have not considered and express no opinion on the laws of any other jurisdiction, including federal laws and rules and regulations relating

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Robinhood Ventures Fund I

February 23, 2026

thereto. Our opinions are rendered only with respect to Delaware laws and rules, regulations and orders thereunder which are currently in effect.

Based upon the foregoing, and upon our examination of such questions of law and statutes of the State of Delaware as we have considered necessary or appropriate, and subject to the assumptions, qualifications, limitations and exceptions set forth herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The Trust has been duly formed and is validly existing in good standing as a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. § 3801, <u>et</u>. <u>seq</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;The Shares of the Trust have been duly authorized and, when issued, will be validly issued, fully paid and nonassessable beneficial interests in the Trust.

We consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement. In giving the foregoing consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

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| |
|:---|
| Very truly yours, |
| /s/ Richards, Layton & Finger, P.A. |

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JWP/CZD

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