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Volition’s Larry Cheng on trying to raise a fund right now: “All of the LPs felt more constrained”



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Last month, Volition Capital, a 13-year-old, 30-person Boston-based growth equity firm, announced it has closed its fifth fund with $675 million in capital commitments, bringing its total assets under management to $1.7 billion.
While most VCs will tell you they had no problem raising their newest fund, Volition cofounder Larry Cheng — an alum of Bessemer Venture Partners, Battery Partners and Fidelity Ventures — says that wasn’t his experience when trying to raise the firm’s latest vehicle. In the fourth quarter of last year, he says of Volition’s limited partners, “I don’t think anyone really knew — even the folks that we were interacting with —  whether they could come in for the amount …

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