Business Services Industry
Venture Capital Firms Return More Money to Investors, Take In Less.
Knight Ridder/Tribune Business News, August, 2002
By Beth Healy, The Boston Globe Knight Ridder/Tribune Business News
Aug. 6--For the first time on record, venture capitalists gave back more money to their investors last quarter than they took in for new funds.
Seven US venture firms returned -- or told investors they'd never collect -- $2.7 billion in the second quarter, while the industry raised just $1.8 billion in fresh cash, according to a report by the research firm Venture Economics and the National Venture Capital Association, a trade group. The decline in fund-raising came as venture firms struggled with how to manage giant funds amid a slower pace of investing and a dim near-term outlook for taking current portfolio companies public.
The net result was an outflow of $887...
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