Group 1 - Institutional investors are moving away from private equity due to underperformance, with notable pension funds like Oregon and Washington lowering their target allocations [1] - Robinhood is launching a closed-end fund, the Robinhood Venture Fund, aimed at retail investors, allowing them access to private equity investments [1] - The fund will list on the NYSE under the ticker "RVI" with a buy-in price of $25 per share, targeting investments in companies like Oura Health and Databricks [1] Group 2 - A study by Ludovic Phalippou indicates that private equity funds have returned similarly to broad market stock indexes since 2006, with significant performance fees impacting net returns [1] - The Robinhood Venture Fund will not charge a performance fee but will have a 3.125% sales load and a 2% annual fee, which could compress returns for investors [1] - For investors to break even, the portfolio would need to outperform by approximately 13%, given the typical 10% discount to net asset value (NAV) for closed-end funds [1]