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US private equity fundraising in H1 sees first decline since 200308/07/2008. Source: AltAssets. 
 US private equity firms raised $132.7bn across 185 funds in the first six months of 2008, down from the $137.2bn raised by 199 funds during the first half of 2007, according to Dow Jones Private Equity Analyst.
Jennifer Rossa, managing editor of Dow Jones Private Equity Analyst, said, 'For the first time since 2003, we have seen year-over-year fundraising actually decline as some of the bigger firms - Blackstone Group, Carlyle Group, and Madison Dearborn Partners - ran into delays raising capital for their latest buy-out funds.'
Not surprisingly, LBO fundraising declined by 20 per cent compared to the same period last year. In the first half of this year firms raised only $85.5bn across 75 funds, down from $107.6bn raised in 91 funds in H1 2007.
'The weakness in the buy-out industry, however, has been offset by strong fundraising by mezzanine funds and a decent showing by venture capital funds,' Rossa added.
Mezzanine fundraising set a new first half record with $24bn raised by seven firms, thanks almost entirely to Goldman Sachs Capital Partners' record $20bn GS Mezzanine Partners V fund, which includes $7bn of leverage.
Venture capital fundraising increased by 15 per cent to $11.5bn raised by 72 funds from $10bn raised by 62 funds last year.
Warburg Pincus closed the largest buy-out fund of the first half, with its $15bn Warburg Pincus Private Equity X. The largest venture capital fund belonged to Lightspeed Venture Partners, which raised $800m for its Lightspeed Venture Partners VIII fund.
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