New York - U.S. venture capital firms raised $3.23 billion during the second quarter, a 62% drop from the same period last year and the biggest decline since 2002, according to figures released by Dow Jones VentureOne.

Venture capital firms raised just 15 funds during the quarter, the lowest quarterly fund total since the first quarter of 2003.

For the first half of 2007, firms raised $6.36 billion, down 50% from 2006, when five "mega" venture funds raised more than $7.92 billion in capital alone.

"Comparing 2007 to 2006 is almost unfair," said Jessica Canning, the director of global research for Dow Jones VentureOne.

"Remove those funds from the equation and what we're seeing is clear: Venture firms may be raising fewer funds than in years past but they are raising decidedly more capital, which is allowing them to extend the length of time between fund raisings."

During the quarter, both Institutional Venture Partners and Venrock raised $600 million funds, and four other firms closed funds of more than $250 million.

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