Irish-based venture capital firms raised 201 million in 2002, compared to 210 million during the previous year, according to a study published yesterday.

The annual review of the Irish Venture Capital Association also shows Irish venture capitalists invested 105 million in 2002, down from 144 million in 2001.

But the review concludes that Irish firms outperformed the rest of Europe despite the slowdown in both fund-raising and investment in 2002.

“While the figures are marginally down, Ireland outperformed the rest of Europe where amounts raised by venture capitalists fell by an estimated 59 per cent,” said Mr Michael Murphy, chairman of the Irish Venture Capital Association.

Of the total amount invested by Irish venture capitalists during 2002, some 87 per cent was invested in high technology companies. Initial investments represented 30 per cent of the total invested. Some 70 per cent of total funding went to follow on investments in existing clients.

Almost three-quarters of the funds raised by Irish venture capitalists came from the European Union, said the review.

The Irish Venture Capital Association represents the venture capital industry in the Republic and Northern Ireland.