Robinhood(US:HOOD) 美股IPO·2025-11-10 11:23Core Viewpoint - Robinhood plans to launch a new fund allowing retail investors to invest in privately held AI companies, reflecting a shift in the asset management industry towards retail investors as a new source of capital for private markets [3][6] Group 1: Investment Strategy - The fund will be managed by Robinhood Ventures and will focus on a highly concentrated portfolio of five or more top private companies, potentially enhancing returns through leverage [3][8] - Over the past year, ten AI companies have seen their valuations increase by nearly $1 trillion through private transactions, with notable companies like OpenAI and Anthropic leading this surge [3][7] Group 2: Market Context - The move comes as asset management firms are increasingly targeting retail investors, especially following regulatory changes that have lowered barriers for including private equity and private credit in retirement plans [6] - The number of private companies valued over $1 billion in the U.S. has skyrocketed from 20 in 2016 to over 1,000 by 2024, driven largely by the AI sector [7] Group 3: Risks and Concerns - The closed-end structure of the fund raises concerns about liquidity, as investors may not be able to redeem shares quickly, potentially trapping funds if too many investors seek to exit simultaneously [8][9] - There are warnings from Morningstar regarding the management of complex private equity strategies, which could severely impact the fast-moving retail investor demographic [4][9]