a16z restructured themselves into an RIA and is no longer a VC fund according to the SEC. By giving up the VC fund exemption, they have to follow the regulatory

a16z restructured themselves into an RIA and is no longer a VC fund according to the SEC. By giving up the VC fund exemption, they have to follow the regulatory rules for hedge funds including background checks for employees, many more disclosures, 13F filings, etc. They did it because the change lets them to invest in public company stock, buy secondaries, buy crypto tokens, etc.