Thus, there is a U-shaped relationship between the syndicate’s portfolio similarity with new partners and its incumbent partners’ withdrawal possibility. Furthermore, we considered the negative moderating role of partner network characteristics, namely, the relational and structural chasm. Our research not only suggested the dependence of network dynamics to complete the theory of network evolution but also provided advice on partner selection and syndicate governance. We tested our hypotheses using the dataset of VC investment in the United States between 1985 and 2016, based on Thomson Reuter’s VentureXpert Database and ORBIS Database.