Dan Primack

Venture capital fund-raising hit a 15-year low last quarter, according to data released this morning by the National Venture Capital Association and Thomson Reuters (publisher of peHUB). Just 17 U.S.-based funds raised $1.6 billion, which is the puniest display since Q3 1994 -- when 17 funds raised $938 million. I guess VCs could take a bit of solice that the most recent batch raised more capital per fund than did the 1994 crew, but that really would be damning with faint praise.

Sequoia Capital is holding its next annual LP meeting in China. The objective is to emphasize the Silicon Valley-based firm’s global reach, which peHUB has learned will include a planned consolidation of all its different funds into a single vehicle. That means you shouldn't expect another fundraising drive for Sequoia Capital China. Or Sequoia Capital Israel. Or Sequoia Capital India. Or Sequoia Capital Growth. Just Sequoia Capital XIII, which will include all of the above (plus its traditional early-stage investments in U.S.-based technology companies). It's a bit unclear right now how LPs will react, which may determine whether or not Sequoia follows through. On the one hand, a global fund means less commitment decisions and (perhaps) better geographic synergy opportunities for portfolio companies. On the other hand, many LPs use "bucket" strategies, which makes laser-focused funds more

Earlier this week, we reported that Berkshire Partners had agreed to sponsor a partial recap of United BioSource, a Bethesda, Md.-based company that has raised well over $150 million in VC funding. Neither firm was willing to comment, but United BioSource made it official this morning with a press release. The only new info is that Berkshire paid $125 million for its minority stake. VC backers -- Grotech Capital Group, J.H. Whitney and New Enterprise Associates -- will retain equity positions. Read the press release after the jump...

We're still a couple of weeks away from official Q3 venture capital data, so here's a preliminary look at the year's busiest firms to date. The below statistics refer to investments in U.S.-based companies, and rank based on number of companies supported in 2009 (as opposed to investment rounds, which can be higher if certain companies raised multiple rounds). Enjoy: #1. New Enterprise Associates Deals this year: 36 3 recent deals: Serious Materials, Vuclip, Chelsio Communications #2. Kleiner Perkins Caufield & Byers Deals this year: 35 3 recent deals: Pacific Bioscience, Booyah, Juvaris BioTherapeutics

Last week we ran a list of the year's biggest VC-backed busts. Today I headed to the laundry room studio, to discuss it a bit further:

Ten years ago, Scott Connelly sold his bodybuilding supplement empire MetRx for $108 million. Now he's back with a new product and a pitchbook for potential investors. Connelley's latest effort is called Progenex Dairy BioActives Inc., which is developing a line of nonfat cow milk-based products aimed at accelerating wound healing and tissue regeneration. Its initial line is for athletes -- the company's advisory board includes ex-jocks like Joe Montana and Warren Moon, while Minnesota Vikings runningback Adrian Peterson and Chicago Bulls forward Luol Deng are beta clients -- and it hopes to later launch a medical division that would focus on such things as treating burn victims. According to documents obtained by peHUB, Progenex is looking to raise around $5 million in seed funding at a

Battery Ventures is planning to target $750 million for its ninth fund, with a first close expected to occur in Q1 2010. No placement memoranda yet, just initial correspondence with prospective investors. This is the same amount of money Battery raised for its eighth fund in July 2007, but that fund was later supplemented with a $250 million “overage” fund. The idea was that Battery wanted the flexibility to do larger, non-syndicated growth equity or buyout deals – without destroying the

Village Ventures is the latest firm to shy away from raising a new fund in turbulent waters, instead opting to top off an existing pool of capital. peHUB has learned that the Williamstown, Mass.-based firm so far has secured $27 million in new commitments from existing limited partners, which will be added to a $105 […]

We're now three quarters of the way through 2009, which makes it as good a time (as any) to look at the year's goriest PE-backed company collapses. This has been a particularly tough year for both buyout-backed and venture-backed companies, and it's showed in the number of bankruptcies and shutdowns. Well over 100 in all. Many buyout-backed companies have been drowned by their takeover-related debt, while VC-backed startups have struggled to secure customers at the same time that their investors have struggled to raise new funds. So, without further ado: 10 most expensive buyout-backed busts of 2009 10 most expensive VC-backed busts of 2009

Venture capitalists might keep talking about a resurgent exit market (save for dissenters like Pascal), but it's much more prospective than current. Data released this morning by Thomson Reuters and the National Venture Capital Association show that both IPO and M&A exits actually declined in the third quarter. Pretty troubling, considering that Q2 was no great shakes. Only three VC-backed companies went public last quarter, raising $572 million. This is down from the five VC-backed IPOs that raised $720 million in Q2. Twenty VC-backed companies currently have