However, if the Limited Partners were to hire a women-led venture capitalist to manage the current investments, we would reconsider our request and work directly with the LPs in this situation.
A statement from the team at Assist about Binary Capital:
Shane Mac

This isn’t how fund governance works. You can’t call on the LP’s of a fund to move the money the fund invested in your company to another fund. Furthermore, to suggest that the ONLY way you were willing to continue working with the LPs of the fund you no longer like would be if they transferred your investment to a female-led fund is beyond ridiculous. When you raised money from Binary you didn’t seem to mind that you were raising money from a misogynistic and patriarchal venture capital firm. If entrepreneurs could simply demand new venture capital firms from LPs anytime they were upset with their investors — the entire VC model would breakdown completely.

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