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Lerer Hippeau assumes management for Binary Capital fund

Binary Capital co-founders Jonathan Teo and Justin Caldbeck. Image: Axios visuals.

Lerer Hippeau has agreed to assume management of a $125 million venture capital fund raised and invested by Binary Capital, around nine months after the firm imploded over allegations of sexual harassment against co-founder Justin Caldbeck, according to multiple sources.

Why it matters: Startups backed by Binary no longer have a disreputable manager on their cap tables.