Top 10 holdings of public venture capital funds

Feb 19, 2026

"There is a new category of Venture fund - Public Venture Capital. Robinhood's IPO for RVI is the big news of the week in the space. Ron Hodgkinson reviewed the space - from SignalRank Update"

- Signal Rank Corporation

The VC closed-end fund world came alive this week with four announcements:

Robinhood Ventures announced intention to IPO next week on NYSE
Powerlaw Corporation has applied to list on the NASDAQ
Destiny Tech100 (DXYZ) announced raising $244m in Q4 2025
Fundrise Innovation Fund shareholders voted to list on NYSE as VCX

In November last year, we wrote a post that compared the platforms democratizing access to venture capital which included the four funds above. Figure 1 is an updated table from the post which summarizes the differences.

Figure 1. Comparing SignalRank to live VC closed end funds

SignalRank has a differentiated & complementary strategy to this group.

SignalRank is designed to systematically index the Series B layer of the venture ecosystem. Each of the other funds is more concentrated and more focused on later stage opportunities.

This differentiation is shown most clearly when we analyze the top ten positions of each of these funds (Figure 2).

Figure 2. Top 10 holdings of notable PVCs (as % of NAV from public information)

Note: Ark Invest is an interval fund, not a closed-end fund. It is included here as the positioning is designed to be analogous to other PVCs.

SignalRank shows higher diversification with less than one third of its NAV in the top ten positions. SignalRank is also investing at an earlier stage (Series B) which explains why eight of its top 10 positions are not in any of the portfolios of other PVCs.

It is interesting that Robinhood’s AI exposure is somewhat muted relative to its peers, who are all otherwise investors in OpenAI. Similarly, Destiny, Powerlaw and Ark Invest are all investors in xAI (as well as SpaceX, demonstrating access to the Elon Musk ecosystem). Only Fundrise & Powerlaw have positions in Anthropic today.

Beyond pure AI plays, there are some common investments. Databricks is a portfolio company for each of the other PVCs.

This is not to argue that one approach is better than another, but these differences do matter for investors choosing VC exposure.

We are seeing different swim lanes opening up in the PVC ecosystem. Increased retail investor choice is a sign of market maturity and development.