In October, Terry McGuire of
Polaris is targeting $500 million for its sixth fund, after raising $1 billion for its fifth fund in 2006. At least one current partner will not be part of the new fund: Robert “Bob” Geiman, who joined the firm in September 2002 and focuses primarily on IT investments. Geiman sits on the boards of AePona, Paratek, Phreesia, Public Earth, Roundbox and Wakonda Technologies.
Polaris did not respond to requests for comment.
It appears that most of the rest of Polaris’s investment staff will stay put. This includes the growth equity/buyouts group.
One change, however, is that Polaris will no longer use the managing general partner title, which had been shared by McGuire, Jon Flint and Alan Spoon. It’s a bit of organizational flattening that probably plays well with younger partners. —Dan Primack
HLM holds first close
HLM Venture Partners
The firm raised $216 million for a fund that closed in 2005.
Trident aims to spear $400M
The Palo Alto, Calif.-based VC firm closed its sixth fund with $400 million in 2004.
Industrial companies launch VC fund in Europe
Alstom SA and Schneider Electric announced last week that they have launched a $100 million venture capital fund. The Paris-based fund, called
The companies said that Aster Capital will seek to take minority interests in startups based in Europe, North America and Asia that are developing new technologies related to energy and the environment
Cleantech fund holds first close
and Deutsche Bank have held a $265 million first close on a fund that will invest in expansion stage and late stage cleantech and renewable energy companies.
Limited partners include Siemens, Japan Oil Development Co., Nippon Oil Corp., Development Bank of Japan and General Electric.