Fundraising in the US took a further knock in this year's third quarter, reaching barely half the total raised for the same period last year, in what is set to be the worst year for fundraising in the industry's history.

A total $5.7bn (€5bn) was raised in the three months to September, bringing this year's total for the first nine months to $16.6bn from 74 funds, according to figures from Thomson Venture Economics and the US's National Venture Capital Association.