For purposes of this brochure, the “Adviser” means AH Capital Management, L.L.C., a Delaware
limited liability company, together (where the context permits) with its affiliated general partners
of the Funds (as defined below). The Adviser provides investment advisory services to pooled and
other investment vehicles (“Funds”) that are exempt from registration under the Investment
Company Act of 1940, as amended (the “1940 Act”) and whose securities are not registered under
the Securities Act of 1933, as amended (the “Securities Act”).
The Funds invest primarily in early stage and later-stage privately held companies as well as Digital
Assets, as defined below in Item 8, although certain Funds invest and/or hold securities in public
companies from time to time. The Adviser’s advisory services consist of investigating, identifying
and evaluating investment opportunities, structuring, negotiating and making investments on
behalf of the Funds, managing and monitoring the performance of such investments and disposing
of such investments.
The Adviser provides investment advisory services to the Funds in accordance
with the limited
partnership agreement of each Fund and separate management services agreement (each, an
“Advisory Agreement”).
Investment advice is provided directly to the Funds, subject to the discretion and control of the
applicable Fund’s general partner (a “General Partner”), and not individually to the investors in a
Fund (the “Investors” or the “Limited Partners”). Services are provided to a Fund in accordance
with the Advisory Agreement with a Fund and/or organizational documents of a Fund. Investment
restrictions for a Fund, if any, are established in the organizational or offering documents of the
Fund, Advisory Agreements and/or side letter agreements negotiated with investors in the Fund
(such documents collectively, the Fund’s “Organizational Documents”).
The principal owners of AH Capital Management, L.L.C. are Marc Andreessen and Ben Horowitz.
The Adviser has been in business since 2009. As of December 31, 2023, the Adviser manages
$56,035,682,377 in regulatory assets under management, on a discretionary basis. The Adviser
does not manage assets on a non-discretionary basis.