FORTUNE — Venture capital firm Matrix Partners has quietly raised $450 million for its tenth fund, Fortune has learned. That’s the same size as Matrix’s eighth fund (raised in 2006), but a bit smaller than the $600 million it raised for Fund IX in 2009.

“Matrix focuses on early-stage investments, so a fund size of $450 million probably makes more sense than one of $600 million,” explains one of the firm’s limited partners.

Matrix is one of the oldest venture capital industry’s oldest firms, tracing its roots back to a 1977 predecessor formed by Paul Ferri and the late Warren Hellman. The pair would split five years later, with Ferri forming Boston-based Matrix to focus on early-stage deals — he had already backed Apple AAPL — while Hellman formed a later-stage firm in San Francisco that would become Hellman & Friedman.

Ferri is no longer involved in the firm’s day-to-day, giving way to a younger group of partners that include three partners who weren’t around during the last fundraise Antonio Rodriquez (ex-HP/Tabblo), Josh Hanna (ex-Betfair/Benchmark) and Jared Fleisler (ex-Slide/Google).

Notable Matrix investments have included Sycamore Networks, Cascade Communications, SanDisk, TheLadders, HubSpot, Gilt Groupe and Quora.

The firm currently has five global offices, including domestic ones in Boston and Palo Alto. A Matrix spokeswoman declined to comment.

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