An early-stage software and marketplace venture firm set out to raise its largest fund yet, against a target of roughly $150 million. Its track record already included the IPOs of companies like DocuSign and Upwork and a company later acquired by Uber, but the raise needed to overcome the specific inertia and scrutiny that comes with scaling.

The firm's earlier funds were strong but had not yet matured enough to show a full cycle of returns, and a fund north of $150 million sets very different expectations than a smaller, first-time vehicle. Sophisticated institutional LPs needed to clearly understand why the firm warranted more capital, and to read its discipline and judgement as a repeatable strategy rather than a handful of standout wins.