Back in April, I wrote that Polaris Venture Partners was steaming toward a final close on $500 million for its sixth fund. It was a big cut from the $1 billion Polaris raised for its last fund, but its process seemed smoother than that of local rival Highland Capital Partners (which also halved the target of its new fund, but took quite a while to get there).
Well, it seems Polaris is having troubles too (which means I was wrong). A regulatory filing indicates that the $500 million target has been cut to $400 million, and that the firm only had $233 million banked as of May 26. An LP source says that the revised timeline is to hit a final close sometime in Q3, but that Q4 remained a possibility.
It’s also worth noting that the regulatory filing reflects some succession planning inside of Polaris. The firm’s prior fund listed three primary partners on SEC docs: Jon Flint, Terry McGuire and Alan Spoon. The new filing lists six primary partners, but Spoon isn’t one of them.
I’m told that the actual PPM does indeed list Spoon as a GP, but that the move is to better enable the firm’s future viability after he eventually retires. Similar situation with Bob Metcalfe, in terms of being listed as a GP but not one of the lead six (Flint, McGuire, Amir Nashant, David Barrett, Bryce Youngren and Mike Hirshland)
Polaris did not return requests for comment.