Emily Mendell, NVCA, 610-565-3904, emendell@nvca.org
Matthew Toole, Thomson Financial, 646-822-7560, matthew.toole@thomson.com
Sandy Anglin, Thomson Financial, 646-822-7334, sandy.anglin@thomson.com
2008 VENTURE CAPITAL FUNDRAISING ACTIVITY SLOWS IN FIRST QUARTER
Follow-On Funds Dominate Fundraising Activity
New York, April 14, 2008 – Fifty-seven venture capital firms raised $6.3 billion in the first quarter of 2008
according to Thomson Financial and the National Venture Capital Association (NVCA). The number of
funds raised in the first quarter of 2008 decreased by 31% from the same period in 2007 while the dollar
value remained unchanged.
Fundraising by Venture Funds, 2002-1Q
2008*
Venture Capital
Number of Venture
Year/Quarter Funds Capital ($M)
2003 152 10,629.2
2004 211 19,144.3
2005 231 28,396.9
2006 233 31,757.1
2007 248 35,855.4
YTD 2008 57 6,264.5
1Q'06 75 6,584.8
2Q'06 79 14,245.2
3Q'06 68 5,390.3
4Q'06 67 5,536.8
1Q'07 83 6,214.7
2Q'07 84 9,136.1
3Q'07 79 8,810.5
4Q'07 79 11,694.1
1Q'08 57 6,264.5
Source: Thomson Financial & National
Venture Capital Association
*These figures take into account the
subtractive effect of downsized funds
“The interest by venture capitalists in capital intensive industries such as life sciences and clean
technologies will likely drive fund sizes upwards for the foreseeable future,” said Mark Heesen, president
of the NVCA. “The long term investment horizon coupled with the dollars required to bring these
companies from the garage or lab to the market place will compel venture capital firms to raise larger funds
or accelerate their fundraising cycle to sustain these promising companies. Yet, since many top tier firms
have raised funds in the last few years, fundraising activity may actually slow in 2008. But there is no

shortage of opportunities, nor is there a shortage of institutional investors interested in participating in the
venture capital asset class.”
In the first quarter of 2008, 29 early stage focused funds raised $2.8 billion, 23 balanced stage focused
funds raised $3.2 billion, and two later stage focused funds raised $119.8 million. Three expansion or seed
stage focused funds raised $108.3 million.
VC Funds: New vs. Follow-On
No. of No. of
New Follow-on Total
2003 37 115 152
2004 50 161 211
2005 56 175 231
2006 47 186 233
2007 58 190 248
YTD 2008 5 52 57
1Q'06 18 57 75
2Q'06 12 67 79
3Q'06 12 56 68
4Q'06 17 50 67
1Q'07 22 61 83
2Q'07 15 69 84
3Q'07 15 64 79
4Q'07 23 56 79
1Q'08 5 52 57
Source: Thomson Financial & National
Venture Capital Association
The ratio of follow-on to new funds was approximately 10-to-1 in the first quarter of 2008, compared to
less than 3-to-1 in the first quarter of 2007. Five new funds and 52 follow-on funds were raised in the first
quarter.
The largest funds raised in the first quarter were Essex Woodlands Health Ventures Fund VIII, L.P.
(balanced stage; $734 million), Clarus Lifesciences II, L.P. (balanced stage; $660 million), and Canaan
VIII, L.P. (balanced stage; $650 million).
Thomson Financial, with 2007 revenues of US$2.2 billion, is a provider of information and technology
solutions to the worldwide financial community. Through the widest range of products and services in the
industry, Thomson Financial helps clients in more than 70 countries make better decisions, be more
productive and achieve superior results. Thomson Financial is part of The Thomson Corporation
(www.thomson.com), a global leader in providing essential electronic workflow solutions to business and
professional customers. With operational headquarters in Stamford, Conn., Thomson provides value-added
information, software tools and applications to professionals in the fields of law, tax, accounting, financial
services, scientific research and healthcare. The Corporation's common shares are listed on the New York
and Toronto stock exchanges (NYSE: TOC; TSX: TOC).
The National Venture Capital Association (NVCA) represents approximately 480 venture capital and
private equity firms. NVCA's mission is to foster greater understanding of the importance of venture capital
to the U.S. economy, and support entrepreneurial activity and innovation. According to a 2007 Global
Insight study, venture-backed companies accounted for 10 million jobs and $2.3 trillion in revenue in the
United States in 2006. The NVCA represents the public policy interests of the venture capital community,

strives to maintain high professional standards, provides reliable industry data, sponsors professional
development, and facilitates interaction among its members. For more information about the NVCA, please
visit www.nvca.org.