Twenty-two venture-capital funds raised a total of $996.1 million in...

Twenty-two venture-capital funds raised a total of $996.1 million in the first quarter, a substantial drop from the 42 funds that raised $1.68 billion in the previous quarter, according to Thomson Venture Economics and the National Venture Capital Association. "The industry currently has an $80 billion overhang, and we expect to see a significant portion of those reserves deployed prior to seeing a substantial increase in fund-raising activity,” said Mark Heesen, NCVA president.