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Illustration: Eniola Odetunde/Axios

Lerer Hippeau has promoted four women to partner, the New York City venture capital firm tells Axios.

Why it matters: The move reflects a deal activity surge that's causing firms to expand their partnerships and shows the VC industry's ongoing efforts to remedy its extreme gender imbalance.

Details: The new partners are: Andrea Hippeau (joined in 2014 from Bark & Co. and The Dodo), Caitlin Strandberg (joined in 2018 from FirstMark Capital), Isabelle Phelps (first joined as a summer intern in 2017, previously at Dorm Room Fund), and platform director Stephanie Manning Cohen (joined in 2017 from Work-Bench).

  • Investing partners at Lerer Hippeau source, diligence and negotiate deals.
  • The firm's three managing partners have veto power, but they've never exercised it in the firm's 11-year history.

Big picture: Venture capital firms typically used to raise new funds once every four years. That timeframe has now been condensed to two years (or less), due to the rapid deal pace, with firms like Lerer Hippeau raising several different types of funds to meet the opportunity (plus a SPAC).

Note: Lerer Hippeau is an investor in Axios.

Go deeper

DOJ declines to defend Mo Brooks in Capitol riot lawsuit

Rep. Mo Brooks during a June news conference on Capitol Hill. Photo: Anna Moneymaker/Getty Images)

The Department of Justice declined late Tuesday to represent Rep. Mo Brooks in a civil lawsuit against the Georgia congressman concerning the Capitol riot.

Why it matters: Brooks had argued he should have immunity in the suit, filed by Rep. Eric Swalwell (D-Calif.) against him, former President Trump, his son Donald Trump Jr. and lawyer Rudy Giuliani over the insurrection. He said he was acting as a government employee when he spoke at a rally before the insurrection.

Updated 1 hour ago - Sports

Katie Ledecky wins gold in first women's 1500m freestyle

Team USA's Katie Ledecky celebrates after winning the final of the women's 1,500m freestyle swimming event during the Tokyo 2020 Olympic Games at the Tokyo Aquatics Centre in Tokyo on Wednesday. Photo: Attila Kisbenedek/AFP via Getty Images)

Katie Ledecky took home the Olympic gold medal in the women's 1,500-meter freestyle swimming race Tuesday evening, becoming the first female swimmer to win the newly added division. Team USA's Erica Sullivan won silver.

Of note: The Tokyo Games mark the first time that the long-distance race has been open to women, and Ledecky paid tribute to her predecessors after the race. "I just think of all the great U.S. swimmers who didn’t have a chance to swim that event," she said on NBC.

Updated 2 hours ago - Sports

Olympics dashboard

Katie Ledecky celebrates with teammate Erica Sullivan after winning the women’s 1500m freestyle final. Photo: Tom Pennington/Getty Images

🚨: Katie Ledecky wins gold in first women's 1500m freestyle

🤸🏾‍♀️: Simone Biles pulls out of gymnastics team finals, citing her mental health

🎾: "This one sucks more than the others," Naomi Osaka says on upset loss

⚽️: USA women's soccer ties Australia, propelling them to the quarterfinals

🏊‍♀️: Teen swimmer Lydia Jacoby wins first U.S. women's Tokyo Games gold

👟: World Athletics president supports reviewing marijuana rules in doping

🏄‍♀️: American Carissa Moore wins first-ever women's Olympic gold in surfing

Go deeper: Full Axios coverage - Medal tracker