Healthcare and technology-focused Polaris Partners is targeting $400m for its seventh fund.
The US and Ireland-based venture capital firm has not yet attracted any investors for the fund according to its filing with the Securities and Exchange Commission.
Polaris revealed in 2011 it had closed its sixth fundwith $375m in capital commitments, a little under its $400m target.
The firm announced its first investments in July that year, which included debt management platform ReadyforZero and early-stage health services company DeNova Care.
Polaris has been setting its fundraising sights lower since closing its $1bn fifth fund in 2007, due to the length of time that took to fill and the challenging fundraising environment according to PE commentator Dan Primack.
As well as healthcare and technology, Polaris Partners focuses on consumers sectors and currently has more than 100 companies in its portfolio. These include Editas Medicine, Navitor Pharmaceutical and enterprise software company Bitium.
In April Polaris led a $14.5m Series A round for AgBiome, which develops agricultural products to improve crop productivity.
The firm helped healthcare group US HealthVest raise $36m to buy and develop new psychiatric facilities earlier this year.
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