Venture capital firm Polaris Partners has begun raising its seventh fund, Fortune has learned.

The target is $400 million, which represents a small bump from the $375 million that the bi-coastal firm raised for its sixth fund back in 2011. At the same time, it remains much less than the $1 billion that Polaris raised for Fund V in 2005, or the $900 million it raised four years earlier for its fourth fund.

Polaris appears to be maintaining its overall “generalist” investment strategy, which includes both early-stage and growth equity investments in technology, healthcare and consumer companies. One change, however, is that firm co-founders Jon Flint and Terry McGuire now are referred to as “founding partners,” while a group of four younger professionals are listed as “managing partners.” That latter quartet consists of Dave Barrett, Brian Chee, Amir Nashat and Bryce Youngren.

A Polaris spokeswoman declined to comment on the fundraise.

In other Polaris news, the firm recently added former ODesk CEO Gary Swart as a venture partner. You can read Fortune’s Q&A with Swart by going here.

Sign up for Dan Primack’s daily email newsletter on deals and deal-makers: GetTermSheet.com