Merge pull request #5297 from willie-yao/release-notes-1.16.4

cut v1.16.4

Author: k8s-ci-robot

CHANGELOG/v1.16.4.md

@@ -0,0 +1,25 @@
+## Changes by Kind
+
+### Bug or Regression
+
+- Fixed an issue where CAPZ was accumulating memory over time that could never be garbage collected. ([#5285](https://github.com/kubernetes-sigs/cluster-api-provider-azure/pull/5285), [@k8s-infra-cherrypick-robot](https://github.com/k8s-infra-cherrypick-robot))
+
+### Other (Cleanup or Flake)
+
+- Bump CAPI to v1.7.8 ([#5256](https://github.com/kubernetes-sigs/cluster-api-provider-azure/pull/5256), [@mboersma](https://github.com/mboersma))
+
+## Dependencies
+
+### Added
+_Nothing has changed._
+
+### Changed
+- sigs.k8s.io/cluster-api/test: v1.7.7 → v1.7.8
+- sigs.k8s.io/cluster-api: v1.7.7 → v1.7.8
+
+### Removed
+_Nothing has changed._
+
+## Details
+<!-- markdown-link-check-disable-next-line -->
+https://github.com/kubernetes-sigs/cluster-api-provider-azure/compare/v1.16.3...v1.16.4