1Q VC investments down significantly - Business First of Buffalo:

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million in the first quarter as investor continued to sit on the sidelinesd and wait for economic conditions to The consumer services and energy sectors each landed one according to the Quarterl y Venture Capital Report released by Dow Jones VentureOneand . That’s down from five deals worth a totapof $67.6 million during the same period in 2008. Kevin McHolland, a partner in Ernst & Young’ Phoenix office, said the poor Arizona numbers reflect a national as VC money has dried up and the initialk public offering marketfor venture-backed firms is virtually nonexistent. “I wouldr expect VC funding to recover as theeconomy recovers,” McHollanf said.
Nationally, venture capitalists generated $3.2 billion in the first quarter througn mergers or acquisitions of 68 portfolio representing a 65 percent drop fromthe $9.1 billion in liquidit y generated in the first quarter of 2008 and the lowes quarterly total since 2003. The largest deals in the countr y were focused in biopharmaceuticals andmedical devices.