Net commitments made by institutional investors to US venture capital funds last year fell to $1.9bn (€1.8bn), the lowest amount since 1991 and 95% lower than the previous year's total, as early-stage private equity firms struggle to invest the amounts raised in previous years.

The US's National Venture Capital Association (NVCA) set off $5bn of fund reductions against a total of $6.9bn raised by 108 venture capital funds last year. This is far short of the $41bn raised in 2001 and the $107bn raised in 2000, which was the highest total ever committed to US venture capital funds.