A. Overview a16z Perennial, a Delaware limited partnership established in 2022, is an asset management firm providing tailored financial advisory and wealth management services. The Adviser provides investment and advisory services to a diverse client base including families, family offices, endowments, foundations, and other long-term investors. a16z Perennial is owned by a16z Holdings, L.L.C., an entity owned by Marc Andreessen and Ben Horowitz, and a16z Perennial Employee Holdings, L.P., an investment vehicle formed for the benefit of employees of a16z Perennial and its affiliates. B. Types of Advisory Services The Adviser provides services primarily through two different channels: a16z Perennial Funds The Adviser currently manages privately offered investment vehicles (collectively, the “Funds”) across several asset classes. The Adviser currently advises a16z Perennial Diversifying Investments Fund, L.P. (“DI Fund”), which focuses on income-producing and diversifying strategies, a16z Perennial Real Assets Fund, L.P. (“RA Fund”), which invests in the real estate asset class, and a16z Perennial Venture Capital Fund, L.P. (“VC Fund”), which invests in the venture capital asset class. The RA Fund and DI Fund have not yet held initial closings admitting Limited Partners (as defined below), but plan to do so in the near future. In the future, the Adviser intends to manage additional Funds, including a16z Perennial Private Equity Fund, L.P. (“PE Fund”), which will invest in the private equity asset class. The Funds are perpetual life, open-ended, private funds with investment strategies designed to maximize long-term capital appreciation by investing in investment vehicles, discretionary accounts, investment partnerships and direct investments focused within the applicable asset class or strategy. The DI Fund and VC Fund will largely invest in investment vehicles managed by third- party managers (an “External Fund”), but will likely also make direct investments (such direct investments together with the External Funds, “External Investments”). The VC Fund will also invest in investment vehicles sponsored by an affiliate of a16z Perennial (“Affiliate Funds” and together with the External Funds, the “Portfolio Funds”). Each Fund is designed to be a full solution for clients seeking a diversified portfolio within the applicable investment strategy or asset class. The Funds are offered to investors including families, family offices, endowments, foundations, and other long-term investors, as well as to Managed Account Clients (defined below). The Adviser’s investment personnel have economic interests in the general partnerships that manage the Funds (each, a “General Partner”). The Funds are primarily structured as limited partnerships, in which investors are limited partners (each, a “Limited Partner” and collectively, “Limited Partners”) and a16z Perennial, or an affiliate, serves as the general partner. a16z Perennial provides investment advisory services to the Funds in accordance with the limited partnership agreement of each Fund and a separate management services agreement (each, an “Advisory Agreement”), as applicable. The Funds are not registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the U.S. Investment Company Act of 1940, as amended (the “1940 Act”). Investors in the Funds are required to satisfy certain eligibility and suitability requirements. They must all be: (1) “Accredited Investors” (as defined in Rule 501 of Regulation D under the Securities Act), (2) “Qualified Clients” (as defined in Rule 205-3 under the Advisers Act), and (3) “Qualified Purchasers” (as defined in Section 2(a)(51)(A) of the 1940 Act), unless otherwise waived by the Adviser. Managed Account Clients The Adviser helps clients steward their wealth and accomplish

other life objectives by managing their portfolios of liquid and illiquid investments (“Managed Account Investments”) on a discretionary basis as informed by the relevant investment management agreement (each, an “Investment Management Agreement” and such portfolios managed by the Adviser on behalf of each Managed Account Client, a “Managed Account Portfolio”). Adviser’s client services are designed to act as an outsourced Chief Investment Officer for families, family offices, high-net worth individuals and others (together, “Managed Account Clients”). The Adviser provides these advisory services in conjunction with an investment in the Funds, Portfolio Funds, accounts or other arrangements with third-party managers, and direct investments with the goal of maximizing expected returns on a risk-adjusted basis. The Adviser also offers services to assist in developing and implementing estate and charitable giving plans. Depending on a Managed Account Client’s objectives, the Adviser may invest directly or indirectly through Portfolio Funds in a broad mix of U.S. and foreign securities and financial instruments, in both traditional and alternative asset classes. In addition to investments in the Funds, the Adviser typically invests in pooled vehicles (i.e., hedge funds, private equity funds, venture capital funds, mutual funds and exchange-traded funds) managed by other investment advisers (including affiliates of the Adviser) (i.e., External Funds and Affiliates Funds), accounts managed by other investment advisers, public equities, fixed income securities, cash equivalent instruments, currencies, real assets, natural resources, privately offered securities, private equity and co-investments in private equity, private debt, sponsors or general partners of private investment funds, warrants, derivatives and commodities, among other public and private instruments. When the Adviser recommends that Managed Account Clients invest in the Adviser’s Funds, it faces actual and potential conflicts of interest, many of which are discussed further in this Brochure, in Part 1A of our Form ADV, and in the related offering documents. C. Tailoring of Advisory Services or Client Imposed Restrictions With respect to Managed Account Clients, although the Adviser provides these services on a discretionary basis, Managed Account Clients are permitted to impose restrictions on their investments by, for instance, limiting exposure to certain asset classes or certain securities or assets, or by identifying other specific investment restrictions. With respect to the Funds, the Adviser provides advisory services to the Funds based upon the criteria set forth in the Fund Governing Documents (as defined below). Each Fund’s investment strategy and any applicable investment restrictions are set forth in detail in those documents. Because the Adviser manages these pooled investment vehicles on a fully discretionary basis, the Adviser generally does not take the specific circumstances of individual Limited Partners into account in making investment decisions for the applicable Fund. The general partners of the Funds are authorized, but do not expect to in the ordinary course, to enter into side letters with certain Limited Partners providing for additional rights or varying the terms of the applicable Fund Governing Documents with respect to such Limited Partners (the effect of which might, in summary and amongst other matters, provide such side letter Limited Partners with more favorable terms or treatment than other Limited Partners). D. Wrap Fee Programs Not applicable to the Adviser. E. Assets Under Management As of December 31, 2023, the Adviser managed approximately $812,165,651 in client assets on a discretionary basis.