Some $2.8 billion in venture capital was raised in 1988. That's far less than the record $4.2 billion gathered in 1987, according to Venture Capital Journal. The stock market crash of October 1987 delayed fund raising in early 1988, the publication reports. However, by the third quarter, venture capitalists were trying to raise $4.3 billion. But closings for most of these venture capital funds will not occur until some time this year.

Pension funds accounted for nearly half of all venture capital raised last year. Other sources, in order of importance, were foreign investors, corporations, endowments and foundations, insurance companies, and individuals and families.

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