1Q VC investments down significantly - Pittsburgh Business Times:

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million in the first quarter as investorsx continued to sit on the sidelines and wait for economix conditionsto improve. The consumer services and energy sectors each landedone deal, accordinhg to the Quarterly Venture Capital Report released by Dow Jonee VentureOne and . That’s down from five deals wortb a totalof $67.56 million during the same period in 2008. Kevin McHolland, a partner in Ernst Young’s Phoenix office, said the poor Arizona numbersx reflect anational trend, as VC money has dried up and the initialo public offering market for venture-backed firms is virtuallyh nonexistent. “I would expect VC funding to recover as theeconomh recovers,” McHolland said.
Nationally, venture capitalists generatecd $3.2 billion in the firstg quarter through mergers or acquisitions of 68portfoliok companies, representing a 65 percent drop from the $9.1 billionj in liquidity generated in the first quarte r of 2008 and the lowest quarterly total sincw 2003. The largest deals in the country were focused in biopharmaceuticals andmedical devices.