Exclusive: Highland Capital raises $400 million fund

Oct 11, 2013

Dan Primack was a senior editor at Fortune from 2010 to 2016. He was also the author of Term Sheet, Fortune's daily newsletter about deals and dealmakers.

FORTUNE -- Venture capital firm Highland Capital Partners has secured $400 million in capital commitments for its ninth fund, Fortune has learned. That means that it has hit its target with institutional investors, and now is just rounding up some individual investors (mostly entrepreneurs) for a small sidecar fund.

This is the same amount that Highland raised for its eighth fund in 2009, but with three big differences:

  1. 1. Founding partners Bob Higgins and Paul Maeder aren't listed as general partners this time around.
  2. 2. Highland's European team is now investing out of their own, affiliated fund.
  3. 3. Without Higgins, Highland no longer has a general partner focused on life sciences investing.

So far this year Highland has had two portfolio companies go public -- Gigamon and Violin Memory (vmem) -- and has made notable investments in such companies as Aereo, Ink and QD Vision.

Highland partner Sean Dalton declined to comment on the fundraising.

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