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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.

New York-based LV has has some experience in this sort of thing, having assumed management of the SoftBank Ventures portfolio in 2015. It also may become the general partner of Binary's second fund, which has far fewer portfolio companies than its first, but those discussions remain ongoing.

The firm, which has several limited partners in common with Binary and also is an investor in Axios, declined comment.