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Binary Capital reportedly delays closing new fund amid controversy



In the wake of allegations of sexual harassment and the resignation of Binary Capital co-founder Justin Caldbeck, the firm has delayed closing its second fund, Axios reports.

Caldbeck issued a statement saying he would take an indefinite leave of absence after multiple women in the tech industry alleged they faced unwanted and inappropriate advances from him. The Information first reported the stories, with Caldbeck putting out the statement late Friday.

It’s not clear how much information LPs in Binary Capital’s upcoming fund had before the stories went out yesterday. But either way, it seems like the firm had been actively searching capital and the controversy may have altered the calculus of how the final deal is going to end.

Given the gravity of the situation, as well as the sexist behavior happening at Uber that led to CEO Travis Kalanick resignation, LPs may end up rethinking the way they are deploying their capital. Axios notes that it’s not clear how much capital was committed to its upcoming fund. Binary capital closed its most-recent fund — which amounted to $175 million — in August last year.

A representative from Binary Capital declined to comment.

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