One-year returns on US venture capital funds were -33.3% for the year ending March 31, 2002, five times worse than one-year returns on US leveraged buy-out funds at -6.9%, according to new data from Cambridge associates, the US research and advisory firm.

The figures illustrate the dispersion of performance across the different sectors of the market. Lack of exit opportunities is the cause of the poor returns, exacerbated in the venture market by a glut of young and inexperienced funds.