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Joshua Posamentier and<\/span> Abe Yokell have spent the last seven years on the LP circuit, tirelessly pitching LPs on the financial and ESG (environmental, social, and governance) benefits of investing in climate tech.<\/p>\n \u201cWe\u2019ve had hundreds \u2014 I don\u2019t even want to fess to how many \u2014 but hundreds of conversations over the years,\u201d Yokell, a managing partner at Congruent Ventures<\/a>, told TechCrunch+. Some of those conversations ended with the limited partners investing in one of Congruent\u2019s funds, but for the most part, they didn\u2019t. \u201cWe\u2019re used to getting rejected. That\u2019s part of our life.\u201d<\/p>\n Well, the shoe is on the other foot now. When raising Congruent\u2019s third fund, the hard part wasn\u2019t finding limited partners but figuring out who to turn down. The firm had originally hoped to raise $200 million, a small step up from its second $175 million fund. Investors thought that was far too modest, and instead offered $600 million, a threefold oversubscription.<\/p>\n Congruent turned down $350 million of that, ultimately raising $250 million, TechCrunch+ exclusively reported in November<\/a>. \u201cThis is really the first time we have seen this complete abundance of interest,\u201d Yokell said.<\/p>\n The decision wasn\u2019t easy, but the team felt that they didn\u2019t want to expand too quickly.<\/p>\n<\/p><\/div>\n