Honestly, I don't understand the implications this has on their investing activities or the mechanism of this structure. I also don't fully understand the regulations around VC Funds and RIA's in USA (I'm from India).

From what I understand though, a16z is trying to breakaway from investing in the limited scope of securities (e.g. equities) of private companies. They want to offer a suite of wealth management services to their Investors in addition to VC investing.

But then, will the Investors pool capital in the Fund and the Fund be advised by the RIA? Or will the RIA directly advise the Investors? The structure isn't too clear to me. Apologies for the ignorance.