FORTUNE — Flybridge Capital Partners is targeting $125 million for its fourth venture capital fund, according to an SEC filing. It previously had begun the fundraising with a $200 million target back in 2012.
A source familiar with the situation says that a first close is imminent, with plans to begin calling down the capital in the second half of 2014.
The $125 million target is significantly lower not only than its original target, but also than the $280 million that Boston-based Flybridge raised for its third fund in 2008. This seems to reflect a difficult fundraise, and also a pair of strategy changes: (1) Flybridge has been spending more and more time on seed-stage investments, and (2) The firm has scaled back its investment focus, by no longer participating in healthcare or Latin American deals.
Dropping healthcare was made official last fall, when firm co-founder Michael Greeley left to join Foundation Medical Partners. The change to Latin America strategy comes following the departure of general partner Jon Karlen (who last night was listed as an advisor on the firm’s website, but now has been completely removed). Flybridge also is making one significant promotion as part of this fund, as New York-based principal Matthew Witheiler will become the firm’s second New York-based partner (albeit is not listed as a GP on the SEC filing).
Flybridge declined to comment, citing SEC marketing restrictions.
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