Ninety-two private equity funds worldwide closed on a total of $42.3 billion in the first quarter, down from 155 funds and $47.1 billion raised in the fourth quarter and 142 funds and $76.7 billion in the first quarter of 2010, according to data released Friday by Preqin.
Another 110 funds held interim closes in the first quarter, raising $26.3 billion so far. By country, the most capital was raised by U.S. firms, with 45 funds raising a combined $25.9 billion.
By investment style, buyout firms raised the most capital; $12.6 billion from 20 funds.
Twenty-seven venture capital funds closed in the first quarter with a combined $9.4 billion.
There are currently 1,649 funds seeking to raise a total of $663 billion worldwide, the highest number of funds in the market ever at one time, Preqin stated. However, the average fund that closed in the first quarter took 16 months to close, down from the 20.4 months it took the average fund to close in 2010.