Confusing VC fund raising stats

In the past, I’ve been tracking VC fund raising quarter-over-quarter during 2009.  In my last post on the subject, after the numbers for Q3 2009 were released by the NVCA, I predicted that less that $10b total would be raised for the full year.

now, curiously, the numbers for past quarters have changed. maybe i’m missing something; if so, somebody please point out where I’m confused.

If you take a look at the numbers in this NVCA report for Q3, the first three quarters look like this:

Q1′ 09: $4.8b

2Q’09: $1.97b

3Q’09: $1.6b

As of Q3 2009, the total for the year was right at $8.37 billion across 74 funds.

Then, in the most recent release that you can find here, the numbers have changed to the following:

Q1’09:  $5.2b

2Q’09: $4.1b

3Q’09: $2.1b

4Q’09: $3.8b

Total for 2009: $15.2 billion across 120 funds (and over $10b ahead of Q4)

which, of course, makes my prediction back in Q3 that the entire year may only yield $10b look pretty silly.   …the only thing I can gather is that better, more accurate numbers came into the system during Q4.  Seems like the NVCA would want to talk a bit more about why those numbers changed.  If I figure anything out, I’ll post it.


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