In the wake of allegations of sexual harassment and the resignation of Binary Funds co-founder Justin Caldbeck, the firm has delayed closing its 2nd fund, Axios stories.
Caldbeck issued a statement saying he would acquire an indefinite go away of absence just after many ladies in the tech marketplace alleged they confronted undesirable and inappropriate improvements from him. The Facts initially claimed the stories, with Caldbeck putting out the statement late Friday.
It is not obvious how substantially facts LPs in Binary Capital’s future fund experienced ahead of the stories went out yesterday. But both way, it appears like the firm experienced been actively hunting capital and the controversy may possibly have altered the calculus of how the remaining offer is heading to conclusion.
Presented the gravity of the predicament, as effectively as the sexist habits going on at Uber that led to CEO Travis Kalanick resignation, LPs may possibly conclusion up rethinking the way they are deploying their capital. Axios notes that it is not obvious how substantially capital was fully commited to its future fund. Binary capital shut its most-current fund — which amounted to $one hundred seventy five million — in August final calendar year.
A agent from Binary Funds declined to comment.
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