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Lawrenceville, NJ-based Edison Ventures, which has been busy lately, is planning to begin raising its eighth fund for about $250 million later this year, according to Dow Jones VentureWire (as reported by the Washington Business Journal).
Edison closed on its seventh fund for $250 million in 2012. At the time, the firm emphasized its intention to make considerable investments in the Philadelphia area, although it has not really done so. In fact, Edison's investment activity in the Philly area has been spotty going back several years before that, though it has no particular obligation to invest here as far as I know.
Instead, more of its investments have gone to New York and North Jersey, New England, the Washington DC area, and the midwest. My sense is that they have scaled into larger investment positions than perhaps they can find easily in the Philadelphia area in the sectors they are most interested in (SaaS, Big Data, FinTech).