Clearing the Hurdles: Women Building High-Growth Businesses

214 CLEARING THE HURDLES: WOMEN BUILDING HIGH-GROWTH BUSINESSES

In 1990, venture capitalists raised 50 new funds at an average

value of $53.6 million. The industry grew so rapidly during the next

decade that, in 2000, 632 new funds were raised with an average size

of $153.8 million, and several of the funds topped $1 billion. More

than 50% of all capital raised came from public and private pension

funds. Foundations, endowments, insurance companies, banks, and

private individuals rounded out the list of limited partners. Most invest-

ments were made in closed-end funds that had a specified size (e.g.,

$100 million, $500 million), duration (7–10 years), industry focus,

and, in some cases, a preference for a particular stage of growth (e.g.,

seed, gro