Joshua Posamentier and Abe Yokell have spent the final seven years on the LP circuit, tirelessly pitching LPs on the monetary and ESG (environmental, social, and governance) advantages of investing in local weather tech.
“We’ve had hundreds — I don’t even want to fess to how many — but hundreds of conversations over the years,” Yokell, a managing associate at Congruent Ventures, informed TechCrunch+. A few of these conversations ended with the restricted companions investing in one in all Congruent’s funds, however for probably the most half, they didn’t. “We’re used to getting rejected. That’s part of our life.”
Effectively, the shoe is on the opposite foot now. When elevating Congruent’s third fund, the onerous half wasn’t discovering restricted companions however determining who to show down. The agency had initially hoped to lift $200 million, a small step up from its second $175 million fund. Buyers thought that was far too modest, and as a substitute supplied $600 million, a threefold oversubscription.
Congruent turned down $350 million of that, in the end elevating $250 million, TechCrunch+ exclusively reported in November. “This is really the first time we have seen this complete abundance of interest,” Yokell mentioned.
The choice wasn’t straightforward, however the staff felt that they didn’t need to develop too shortly.
