Private equity funds raised a record $88.4 billion in 1998, up 25.5% over the $70.4 billion raised in 1997, according to preliminary figures from Venture Economics. Some 50% of the commitments to the 364 funds in the survey came from pension funds, up from 45% a year earlier. In 1998, 199 venture capital partnerships increased total fund-raising efforts by 69% to $23.6 billion. Warburg Pincus Equity Partners Fund took in the most last year, raising $5 billion. Buyout fund commitments increased 21.2% to $53.5 billion in 1998.