Local Tech Wire

RESEARCH TRIANGLE PARK, N.C. – Venture capital funds pulled in $7.5 billion the first six months of this year, an increase of 13 percent over the first half of 2009, according to data

However, the total is just over half the $14.2 billion raised in the same time period for 2008 before the recession truly took hold.

Seventy-two funds were able to raise cash.

Other private equity fund raises was actually weaker than a year ago, with 198 funds generating $45.1 billion. That’s a 26 percent drop from a year ago.

“Venture fund-raising was driven by substantial closes by industry stalwarts and renewed interest in smaller venture funds,” Jennifer Rossa, managing editor of Dow Jones Private Equity Analyst, said. “Many limited partners investing in venture believe the industry has finally found a size that can work for it and that proven managers who cap their fund-raising are worth backing.”

Early-stage VC funds raised $3 billion, a 19 percent jump from 2009. Some 49 funds raised money.

Later-stage funds raised $500 million, a 31 percent decline.

Sequoia Capital raised the biggest fund with $1 billion generated by its China Foreign Currency Fund III.

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