HighVista Strategies, a Boston-based alternative asset manager, has raised $270 million for its latest fund-of-funds focused on emerging venture managers, the firm told PitchBook exclusively.
“When I look back, having been in this seat for 20 years, at our portfolio, the times when we have backed first-time funds that have become true franchise managers tend to be immediately following periods of dislocation,” said Kirsten Morin, HighVista’s co-head of venture capital. “The trend feels like it might follow this time.”
The past couple of years have been difficult for emerging managers as limited partners have focused their stretched budgets on established bets. But some recent signs suggest the market is warming back up to them.
The tech-focused firm plans to back about 20 managers through the new fund, which exceeds the initial $200 million target. More specifically, it will focus on venture funds investing in startups from seed through Series B.
Despite some encouraging signs, emerging managers still face abundant roadblocks. Their share of overall LP inflows has stabilized at roughly 29%, according to the Q3 2025 PitchBook NVCA Venture Monitor. But with 177 emerging manager funds closed so far this year, 2025 is on track for a decade low.
“Ultimately, in our view, is that in any given vintage year, it is just a few companies that drive industry-level returns,” Morin said. “[We have to] cast a net wide enough so the fund captures the exposure of next-wave managers…and concentrated enough in a way that can drive performance, too.”
HighVista has also earmarked portions of its new fund to invest in more-established managers, though it shies away from VC mega-funds. The firm is also branching into opportunistic deals, including LP fund secondary stakes, and direct investments into companies at the Series C and later.
The firm has more than $10 billion of assets under management and investors in sectors including AI, enterprise software, fintech, life sciences and blockchain.
Correction: This story has been updated to reflect that HighVista Strategies raised $270 million for the fund. (Oct. 21, 2025)
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