Polaris Cuts Target for Sixth Fund

Polaris Venture Partners has cut the target of its sixth fund from $500 million to $400 million, according to a recent regulatory filing.

The Boston-based venture firm had raised $233 million as of May 26, still a long way from the $1 billion secured for its fifth fund, which closed in 2006. Polaris did not respond to requests for comment.

A Polaris limited partner says that the revised plan is to hold a final close sometime in the third quarter, although the fourth quarter is also a possibility.

The regulatory filing reflects some succession planning inside of Polaris. The firm’s prior fund listed three primary partners in the regulatory filings: Jon Flint, Terry McGuire and Alan Spoon. The latest filing lists six primary partners, but Spoon isn’t one of them.

A source says that the private placement memorandum lists Spoon as a general partner, and that the downgrade from primary partner may be intended to better enable the firm’s viability after he eventually retires. A similar situation exists with Bob Metcalfe, in terms of being listed as a general partner, but not one of the lead six. The six primary partners are Flint, McGuire, Amir Nashant, David Barrett, Bryce Youngren and Mike Hirshland. —Dan Primack