Stockman Scott's Political Debate Porch Message Board

To: tonka552000 who wrote (24309)	8/5/2003 7:42:02 PM
From: stockman_scott	of 89448

U.S. venture capital fund raising falls 29% in second quarter By HUI-YONG YU BLOOMBERG NEWS Tuesday, August 5, 2003 U.S. venture capital firms' fund raising fell 29 percent in the second quarter, the 11th straight drop, as a surfeit of unspent commitments and slower investment pace diminished the need for new capital, a survey showed. Companies raised 32 new funds with $1.63 billion in commitments, down from 43 and $2.29 billion in the same period in 2002, according to Newark, N.J.-based Thomson Venture Economics and the National Venture Capital Association in Arlington, Va. The second quarter was an improvement from the first three months of the year, when 28 funds raised $1.2 billion. New funds included Sequoia Capital XI, Lighthouse Capital Partners V and Forward Ventures V as well as funds from new firms Inverness Capital Partners LP and Valhalla Partners LP. Accel Partners and Worldview Technology Partners canceled $287.7 million of commitments after concluding they wouldn't be able to invest the money profitably, according to Thomson Venture Economics and the NVCA. Accel is working on its eighth fund and Worldview Technology its fourth. The reductions brought net industry fund raising to $1.34 billion for the second quarter. seattlepi.nwsource.com