New York - U.S. private equity firms raised $58.5 billion during the first quarter -- up nearly 32% over the $44.3 billion raised during the first quarter of 2007 -- according to industry newsletter Dow Jones Private Equity Analyst.

The largest fund raised was Goldman Sachs Capital Partners' GS Mezzanine Partners V, which accounted for nearly one-third of all capital raised in the quarter with $20 billion -- a record for a mezzanine investment fund.

Meanwhile, leveraged buyout fund-raising fell 22% to $27.6 billion.

"The shakeup in the credit markets has slowed the pace of buyout deals," said Jennifer Rossa, the managing editor of Dow Jones Private Equity Analyst.

"With the big buyout funds no longer taking up all the attention of private equity investors, other strategies like venture and mezzanine are gaining ground."

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