Fundraising for U.S.-based venture firms gained ground in May as they raised $2.33 billion in commitments during the month, up 37 percent from $1.7 billion in April.
May’s total was led by Clarus Ventures, which raised $789.7 million toward its fourth fund, targeted at $880 million.
Menlo Ventures raised the second largest amount in May when it closed its 14th fund with $450 million. The fund was oversubscribed.
Altogether, 27 U.S.-based firms raised capital in May, according to preliminary data from Thomson Reuters.
Through the first five months, 121 firms have raised a little more than $10 billion in commitments, compared with 120 funds collecting $18.25 billion in the year-earlier period.
The drop in commitments year-over-year reflects a lack of billion-dollar funds in 2017. The largest fund raised through May was the Clarus fund, whereas three billion-dollar funds were raised from January through May in 2016.
But this year’s fund totals are on the rise, thanks to a few mega funds that closed in June.
One of those was Sequoia Capital, which in early June raised nearly $2 billion for Sequoia Capital Global Growth Fund II, according to a regulatory filing. The firm had unveiled the fund in 2015 but without a target. Commitments came from 104 LPs, and the fund was one of a series of international funds that Sequoia recently closed.
In addition, New Enterprise Associates closed its 16th fund on June 20 at $3.3 billion. It the largest ever vehicle raised by the venture fund. Two years ago, NEA raised $2.8 billion for Fund 15 along with a $350 million opportunity fund.
Download Data: July 2017.Spotlight 1.Fundraising
Download Data: Top 10 U.S.-based funds raised, May 2017
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