From a VentureWire story about the (relatively) easy time Polaris is having closing its current $900mm fund:
Polaris Managing General Partner Alan Spoon said the amount of capital offered by limited partners “vastly exceeded” what the Waltham, Mass.-based firm wanted to raise. Some LPs were in even before the private placement memorandum was out, he said. [Emphasis mine]
Polaris is a great fund, and I like the partners I’ve met there (Mike Hirshland bought me dinner in San Francisco once, and I teased Bob Metcalfe about his Internet meltdown prediction at the same dinner). Nevertheless, it is still fairly remarkable the LP ardor for marquee funds, including Polaris.