[kenneth]

I feel like there's some misunderstanding of what these terms are. All VCs are investment advisors (either Exempt Reporting Advisors or Registered Investment Advisor depending on assets under management and investment types).

The article is vague in what it actually means, but it sounds to me like A16Z is going through the process of giving up its VC exemption to the Investment Advisers Act and registering as a RIA. It could also mean they're registering as a broker-dealer and getting its relevant employees licensed as such (e.g. Series 65)

Source: I run a VC firm.

Here is some more info: https://www.strictlybusinesslawblog.com/2018/05/31/the-ventu...

[delta-neutral]

it's renouncing the IAA exception, registering as RIA, i confirmed with the Forbes journalist yesterday

[rattray]

What is an RIA?

I know what these things are: hedge fund, private equity, wealth management, venture capital.

Which is A16Z now closest to? Or is there a class of financial firm I'm not aware of?

Edit: I'm also curious, does this place any material restrictions on their startup investment activity?

[bernardom]

Registered Investment Advisor. Legal entity that allows you to manage other people's money.

VCs, hedge funds and wealth management tend to be RIAs. Private Equity I'm unsure. Wealth managers are all either RIAs, brokers, or banks.

The article is unclear. A16Z are forgoing a certain exception that VCs have, I'm not sure what their legal structure was beforehand.

You can look up all RIAs on the SEC website https://adviserinfo.sec.gov/