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Highland Puts Off Fund Close

According to report today by PE Hub’s Dan Primack, Highland Capital Partners of Lexington, MA, has postponed the close of its eighth venture fund until mid-July to allow more time for limited partners to pony up. Primack’s analysis, based on conversations with unnamed limited partners, is that lackluster venture returns (8 percent on Highland’s sixth fund, -16 percent on its seventh) are making it difficult for the firm to entice back existing LPs or bring in new ones, despite a fee reduction; he reports that the firm is still about $100 million short of its $400 million target for the fund, which was originally scheduled to close this week.

Wade Roush is Xconomy's chief correspondent. You can e-mail him at wroush@xconomy.com, call him at (617) 252-7323, or follow him on Twitter at http://twitter.com/wroush.

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