Next Legacy Management, LLC (“Next Legacy Partners” or “Next Legacy”) is a combination of Legacy Venture
Management, LLC (“Legacy Venture”) and Next Play Capital, LLC (“Next Play”), both venture firms
headquartered in Silicon Valley, California. Legacy Venture Management, LLC was formed in 1999. Next Play
Capital, LLC was formed in 2014. The combined firms was effective as of May 11, 2023. Next Legacy
Management, LLC is principally and equally owned by Ben Choi, Kelli Cullinane, and Ryan Nece.
Next Legacy Partners is a mission-driven venture capital firm that seeks to democratizes access to venture
capital by investing on behalf of philanthropists, foundations, endowments, athletes, and other centers of
influence.
Next Legacy Partners provides discretionary investment advisory services managing $3,831,905,383 in
regulatory assets under management (as of December 31, 2023) in private investment funds, which include
Next Legacy’s private investment funds (the “Next Legacy Funds”), Legacy Venture private investment funds
(the “LV Funds”), Next Play Capital private investment funds (the “NPC Funds”), and special purpose vehicles
(the “SPVs”, and together with the NPC Funds, the LV Funds, and the Next Legacy Funds, the “Funds”). In
addition, Next Legacy provides discretionary advisory services for separately managed accounts (the
“Managed Accounts” and, together with the Funds, are the “Advisory Clients”).
Next Legacy does not manage any assets on a non-discretionary basis.
All investors in the Funds (“Investors”) are provided with a Private Placement Memorandum (“PPM”) and/or
operating
agreement and are urged to review it carefully.
Next Legacy does not tailor its advisory services to the individual needs of Investors and Investors may not
impose restrictions on investing in certain securities or types of securities of the Funds.
Each Fund’s PPM and/or operating agreement sets forth such Fund’s investment strategy, including guidelines
regarding the types of securities the Fund will invest in and portfolio limits.
In accordance with common industry practice, one or more of the Next Legacy Funds or their general partners
have entered into “side letters” or similar agreements with certain investors pursuant to which the general
partner granted the investor specific rights, benefits, or privileges that were not made available to investors
generally. Next Legacy may in the future enter into additional agreements, or “side letters,” with certain
2 0 2 4 N E X T L E G A C Y P A R T N E R S 5
prospective or existing Fund Investors whereby such Fund Investors may be subject to terms and conditions
that are more advantageous than those set forth in the offering memorandum/operating agreement for a given
Fund.
Next Legacy does not participate in any wrap fee programs.
The Managed Account’s investment objectives and the types of investments that such portfolio will hold are
individually negotiated and established between Next Legacy and the Managed Account.
Next Legacy has full and exclusive management authority over all investments, asset dispositions,
distributions, and other affairs of the Funds.
2 0 2 4 N E X T L E G A C Y P A R T N E R S 6