Polaris hits fund-raising speed bump

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

The Boston-based firm had closed on $233 million, as of May 26. The firm raised $1 billion for its fifth fund. Polaris did not return requests for comment.

An LP source says that the revised plan is to hold a final close sometime in the third quarter, although the fourth quarter is also 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 regulatory docs: 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 PPM lists Spoon as a general partner, but that the move is to better enable the firm’s future viability after he eventually retires. A similar situation exists with Bob Metcalfe, in terms of being listed as a GP but not one of the lead six, which includes Flint, McGuire, Amir Nashant, David Barrett, Bryce Youngren and Mike Hirshland. —Dan Primack