Venture capital fund commitments in the first quarter decreased 32% from the fourth quarter of 2000, according to statistics from Venture Economics and the National Venture Capital Association. The number of funds also slid, with 95 U.S.-based venture cap funds raising $16.1 billion in the quarter, compared with 147 funds raising $23.8 billion in the fourth quarter. Of those 95 funds, 66 were follow-on funds, indicating that institutional investors have become more selective, according to a news release from the association. Statistics also showed $5.7 billion, or 36%, of the $16.1 billion went to funds focusing on early-stage investments. Thirty-three buyout and mezzanine funds raised $8.9 billion in the first quarter, a 57% decrease from the fourth quarter, when 34 funds raised $20.6 billion.