Only one venture capital firm managed to get an initial public offering (IPO) away in the US in the last three months, underscoring the predicament private investors worldwide now face in seeking to exit a new company.

The third quarter provides a stark contrast to the second quarter, when 12 exits were made. The total so far this year was 16, compared with 34 for the whole of last year, according to figures from the National Venture Capital Association (NVCA) and Thomson Venture Economics, the information provider.