New York -- Seventy-one venture capital funds raised $9.1 billion during the second quarter, a 4% raise in dollar value from the same period last year, according to a new report from Thomson Reuters and the National Venture Capital Association (NVCA). The news comes despite a historic slowdown in exits. The NVCA reported last week that for the first time since 1978, not a single venture-backed company completed an IPO last quarter. "Despite the significant challenges that the venture capital industry is facing in the exit market, this quarter demonstrates the long term perspective of our institutional investors," said Mark Heesen, president of the NVCA. The largest funds raised in the second quarter were Lightspeed Venture Partners VIII, ($800 million), Foundation Capital VI ($750 million) and Kleiner Perkins Caufield & Byers XIII ($700 million).