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Venture-Capital Firms Caught in a Shakeout

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Venture-Capital Firms Caught in a ShakeoutVenture-Capital Firms Caught in a ShakeoutThe technology bubble popped a decade ago, butHydraulic power packthe venture-capital industry that helped finance the boom stayed largely intact. Now venture-capital firms #xare going through their own brutal culling.

Venture firms are struggling to raise new cash,katana, hampered by poor investment returns and a difficult economy. Last year, 125 venture funds in the U.S. collected $13.6 billion, down from 203 funds that raised $28.7 billion in 2008 and down from 217 funds that raised $40.8 billion in 2007, according to data tracker VentureSource.

"There are a lot of firms that have dropped off," says Rebecca Lynn, a principal at venture capital firm Morgenthaler Ventures in Menlo Park, Calif. "We'll see a continued shakeout as a lot of firms that aren't the top firms won't be around."

There were 794 active venture-capital firms in the U.S.Hydraulic power packat the end of 2009, meaning they have raised money in the last eight years, down from a peak of 1,023 in 2005, according to Thomson Reuters and the National Venture Capital Association.

Amid all the gloom, some start-ups are still managing to find backers. Pacific Biosciences Inc., which makes DNA sequencing instruments, has raised more than $260 million and tops a list of 50 venture-funded companies compiled by research firm VentureSource, a unit of Wall Street Journal owner News Corp. (See the complete list.)

Many venture firms—which put money into young companies with the aim of profiting later when those firms are sold or go public—profited handsomely in the boom years in the late 1990s and early 2000, when the industry fueled the dot-com bubble and spawned hits such as eBay Inc. and Yahoo Inc. Even when the boom went bust#x, venture firms kept going because their funds typically are set up as long-term, 10-year investmentHydraulic power packvehicles that don't quickly close down like a hedge fund might.相关的主题文章：

Venture-Capital Firms Caught in a Shakeout

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