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 VC firms saw fundraising fall by 63% in the first half of 2009, giving them plenty of reason to commiserate with their buyout brethren in a cold climate for private capital fundraising.According to a report released Wednesday by Dow Jones Private Equity Analyst, only 51 new venture funds closed on $5.1 billion in the first half of the year, compared with 115 funds raising $13.6 billion in the same period last year. The first-half total is the worst since the post-bubble 2003 period when 34 funds raised $2.2 billion. The largest fund of the year so far is August Capital Management LLC's $650 million balanced-stage vehicle. (David Hornik, a partner at the firm, recently spoke with The Deal about the state of the industry. Read the interview here.) The dismal figures add to the industry's woes as overall venture capital investment falls and profitable exits become ever harder to come by. - George White
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