Fifty-five venture capital funds raised $8.1 billion in the third quarter of 2008 according to Thomson Reuters and the National Venture Capital Association (NVCA). The number of funds raised in the quarter decreased by 29% from the same period in 2007, while the dollar value decreased by 6%.

“The third quarter fundraising statistics reflect the already anticipated trend that is likely to be pervasive in the coming year – fewer firms raising larger funds,” said Mark Heesen, president of the NVCA.

The largest funds raised in the third quarter were Sequoia Capital US Growth Fund IV, L.P. (later stage; $929.5 million), Austin Ventures X, L.P. (balanced stage; $900 million), and InterWest Partners X, L.P. (early stage; $650 million).

The ratio of follow-on to new funds approached 5-to-1 in the third quarter of 2008, compared to 4-to-1 in the third quarter of 2007. Ten new funds and 45 follow-on funds were raised in the third quarter. A “new” fund is defined as the first fund at a newly established firm, although the general partner of that firm may have previous experience investing in venture capital.