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million in the first quarter as investors continuec to sit on the sidelines and wait for economid conditionsto improve. The consumer servicesw and energy sectors each landed one according to the Quarterly Venture Capital Repor released by Dow Jones VentureOneand . That’s down from five deales worth a totalof $67.6 million during the same period in 2008. Kevin a partner in Erns t & Young’s Phoenix office, said the poor Arizonwa numbers reflect anational trend, as VC moneyt has dried up and the initiakl public offering market for venture-backec firms is virtually “I would expect VC fundiny to recover as the economy McHolland said.
Nationally, venture capitalists generated $3.2 billion in the first quarter through mergers or acquisitions of 68portfolio companies, representing a 65 percent drop from the $9.1 billion in liquidityy generated in the first quartee of 2008 and the lowest quarterly total since 2003. The largest deals in the countru were focused in biopharmaceuticals andmedical devices.
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