Asymmetric Capital Partners, an early-stage technology investment firm founded in 2021, announced the close of Asymmetric Fund II at $137 million, exceeding its $125 million target.
The new fund attracted strong participation from returning investors in Fund I, along with new family offices and institutional limited partners (LPs) that share Asymmetric’s vision for disciplined, operator-led investing.
This milestone brings the firm’s total assets under management to over $240 million.
Fund II will continue Asymmetric’s high-conviction approach, focusing on early-stage investments where concentrated ownership and deep operational involvement can drive transformative outcomes.
The firm will make lead investments ranging from $2 million to $10 million from the Pre-seed through Series A stages. The fund’s strategy centers on three key areas of innovation:
- Vertical Software for Legacy Industries — Backing platforms that modernize workflows and unlock efficiency in large, underserved markets.
- Healthcare IT & Services — Partnering with founders building technologies that improve care delivery, reduce costs, and enhance patient outcomes.
- SMB Consolidations (“Rollups”) — Supporting technology-driven operators consolidating fragmented industries to create category leaders.
The closing of Fund II underscores Asymmetric’s growing reputation for disciplined, founder-focused investing at a time when the broader venture capital market faces fundraising challenges.
Since launching in 2021 with $105 million, Asymmetric Fund I has achieved top-tier results and demonstrated the strength of the firm’s model. Fund I backed 29 core investments and completed three successful exits: Torc (acquired by Randstad), EvolutionIQ (acquired by CCC Intelligent Solutions), and Zorus (acquired by DNSFilter). According to Cambridge Associates, Fund I ranks in the top 5% of its vintage by DPI, outperforming across multiple benchmarks.
Asymmetric’s investor base in Fund II includes LPs with deep operational experience in venture-backed startups, investing, and technology scaling. The General Partner team has also committed over $5 million of personal capital to Fund II, reinforcing long-term alignment with investors and confidence in the firm’s focused strategy.
A significant share of Asymmetric’s deal flow comes from founders of companies already in its portfolio, a reflection of the firm’s reputation for partnership and consistent operational support.
KEY QUOTES:
“With Fund II, we’re doubling down on the strategy that made Fund I so successful: disciplined, high-conviction investing in sectors where we bring deep expertise and real operational value. This fund is designed to be more concentrated — allowing us to take meaningful ownership stakes and work shoulder-to-shoulder with founders to build enduring companies.”
Rob Biederman, Managing Partner
“I’ve seen firsthand how rare it is to find investors who combine high conviction with humility, speed, and strategic depth. The Asymmetric team stands out not only for their results, but for how they achieve them — with respect, thoughtfulness, and genuine partnership.”
Chris Douvos, founder of Ahoy Capital, a Limited Partner in Fund II and long-time institutional investor known for writing early checks into new venture firms that have become blue chip names, among them First Round Capital
“What sets Asymmetric apart is how deeply they commit. They understood our vision right away and have supported us across every front — recruitment, strategy, and fundraising. They’ve been true partners, always stepping in with the right support at the right time.”
Muthu Alagappan, Founder & CEO of Counsel Health
