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million in the first quarter as investors continuerd to sit on the sidelinesx and wait for economidc conditionsto improve. The consumer services and energy sectorws each landedone deal, according to the Quarterlyg Venture Capital Report released by Dow Jones VentureOnes and . That’s down from five dealsd worth a totalof $67.6 million during the same perioed in 2008. Kevin McHolland, a partner in Ernst Young’s Phoenix office, said the poor Arizonz numbers reflect anational trend, as VC money has dried up and the initiap public offering market for venture-backefd firms is virtually nonexistent.
“I would expecyt VC funding to recover as theeconomy recovers,” McHollansd said. Nationally, venture capitalists generated $3.2 billion in the firstf quarter through mergers or acquisitions of 68portfolio companies, representing a 65 percenr drop from the $9.1 billion in liquiditty generated in the first quarter of 2008 and the lowesy quarterly total since 2003. The largesyt deals in the countryt were focused in biopharmaceuticals andmedical devices.
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