Avalon Ventures closed its seventh fund, its first fund offered to institutional investors, said Kevin J. Kinsella, general partner. Avalon executives held to their hard target of $75 million even though they were offered twice that by institutional investors, Mr. Kinsella said.
More than $60 million was invested by institutions. Harvard Management Co., which oversees the $22.6 billion endowment of Harvard University, Cambridge, Mass., invested one-third of the fund, he said. Other investors included Paul Capital, Grove Street and INVESCO.