San Francisco - With no initial public offerings (IPOs) and just $3.9 billion generated through venture-backed mergers and acquisitions during the fourth quarter, 2008 was the worst year in terms of liquidity for U.S. venture capitalists since the post-tech-bust doldrums of 2003, according to a new report from Dow Jones VentureSource.

San Francisco - U.S. venture capitalists ended 2007 on a high note, garnering nearly $16.2 billion in liquidity from the sale of 106 venture-backed companies and more than $2 billion from the initial public offerings of 26 others during the fourth quarter, according to a new report from Dow Jones VentureSource.