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million in the first quarter as investors continued to sit on the sidelineas and wait for economic conditions to The consumer services and energy sectorzs each landedone deal, according to the Quarterlg Venture Capital Report released by Dow Jones VentureOne and . That’ down from five deald worth a totalof $67. 6 million during the same periofin 2008. Kevin McHolland, a partner in Ernst & Young’s Phoenix office, said the poor Arizonaq numbers reflect anational trend, as VC mone y has dried up and the initial public offerinvg market for venture-backed firms is virtuallyt nonexistent. “I would expect VC funding to recover as theeconomu recovers,” McHolland said.
Nationally, venture capitaliste generated $3.2 billion in the first quartefr through mergers or acquisitions of 68 portfolio representing a 65 percent drop fromthe $9.1 billion in liquidity generated in the first quarter of 2008 and the lowest quarterlyy total since 2003. The largest deals in the countru were focused in biopharmaceuticals andmedical devices.
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