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Highland snares $300 million for new VC fund

July 16, 2013: 2:52 PM ET

Highland_Capital_LogoEarly-stage venture capital firm heading toward $400 million target.

FORTUNE -- Venture capital firm Highland Capital Partners has held a first close on around $300 million for its ninth fund, Fortune has learned.

The overall target is $400 million, as we previously reported. That's the same amount that Highland raised for its eighth fund back in 2009, although one big difference is that firm co-founders Bob Higgins and Paul Maeder aren't listed as general partners this time around.

Highland has offices on both coasts, and now mostly focuses on early-stage companies in the tech sector. Higgins had been healthcare-focused, while Maeder had led a stalled push into cleantech.

Its big recent this year was network traffic visibility company Gigamon (GIMO), whose stock is up nearly 60% since its June IPO, while hot portfolio companies include Aereo, Privalia and Leap Motion. It also helped incubate mobile payment startup Clinkle, although it didn't participate in that company's recent $25 million round.

Highland partner Sean Dalton declined to comment, citing SEC restrictions on fund marketing.

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About This Author
Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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