According to the National Venture Capital Association, 43 Venture Capital funds raised $3.4 billion in the fourth quarter of 2008, down sharply from both the previous quarter amount of $8.4 billion, and the fourth quarter of 2007 ($11.7 billion). Mark Heesen, president of the NVCA, said he expects the slowdown to continue well into 2009, until economic conditions improve, and institutional investors can “recommit with confidence.”