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Venture capital fundraising drops 9% in 2015; number of funds falls 13%

U.S. venture capital firms raised $28.2 billion in 235 funds in 2015, with total capital raised down 9% from $31 billion in 2014 and the number of funds down 13% from 271 funds raised in 2014, said a fundraising report from the National Venture Capital Association and Thomson Reuters.

Total capital raised in the fourth quarter was $5 billion in 46 funds, a 9% increase in dollars from $4.6 billion in 61 funds in the third quarter but a 20% decline in capital from $6.2 billion in 85 funds in the fourth quarter of 2014.

There were 26 follow-on funds in 2015, down 25% from the year before, and 20 new funds — first funds raised by new venture capital firms — down 5% from 2014.

The largest follow-on fund raised in the fourth quarter was the $2.5 billion Tiger Global Private Investment Partners X, managed by Tiger Global Management. The largest first fund in the fourth quarter was the $90 million Accion Frontier Inclusion Fund, managed by Quona Capital Management.