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Exclusive: Highland Capital raises $400 million fund

October 11, 2013: 2:14 PM ET

Highland_Capital_LogoVC firm hits target for its ninth fund.

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 (GIMO) 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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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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