Data report: U.S. fundraising drops in April

Fundraising in April by U.S.-based venture firms dropped 38 percent to $1.68 billion from nearly $2.71 billion the month before, according to preliminary data from Thomson Reuters.

The largest amount raised last month was $730 million by Summit Partners for Summit Partners Venture Capital Fund IV, which was targeted at $600 million, according to Thomson Reuters.

Obvious Ventures, which is still fundraising for its sophomore fund, raised $178.4 million in commitments during April. The target is not known, but a source familiar with the firm said it is close to about $200 million and the fund will close soon.

Through the first four months of the year, 92 venture firms collectively raised $7.89 billion. That indicates declines of 7 percent in firms and 50 percent in dollars from the year-earlier period, when 99 funds raised more than $15.9 billion. The year-earlier fundraising total was lifted thanks to several billion-dollar funds.

So far, this year’s largest fund comes from Mithril Capital Management, which collected $740 million for its second flagship fund.

That should change this quarter when New Enterprise Associates is expected to close its 16th fund, which is targeted at $3 billion.

Download Data: Top 10 fundraising by U.S. venture firms, April 2017

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