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Print Edition StoriesThursday, November 12, 2009
Highland Capital’s eighth fund hits $400M
By Mass High Tech staff
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Highland Capital Partners, a Lexington-based venture capital firm, has announced the firm’s eighth fund, Highland Capital Partners VIII Limited Partnership, valued at $400 million.
The firm expects to use the fund to support investments in both early stage and growth stage companies in health care, technology, Internet and digital media industries. The fund is valued at half of Highland’s $800 million seventh fund, which closed in 2006.
The website Private Equity Hub reports the firm had delayed its first close on the fund, and had to reduce its carry from 25 percent to 20 percent, as well as trim operating expenses.
Highland numbers its partnering history at more than 200 ventures, with 90 of the companies exiting through IPOs or acquisitions. Its recent portfolio exits include the April sale of Magen BioSciences Inc. to North Carolina-based PPD Inc. for $14.5 million in cash — less than the $17.2 million reported invested in the company as of 2006. Highland portfolio company Codon Devices Inc. shut its doors earlier in April, having received $44 million in total investment.
Highland Capital Partners had invested in Starent Networks Corp., the Tewksbury-based mobile networking systems equipment maker that Cisco Systems Inc. acquired last month for $2.9 billion.
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