I think it’s pretty clear that there’s been a flight to quality in venture capital

There are two instructively contradictory data points out in venture capital land this morning:

* First-quarter 2010 VC fund-raising was the worst since 1993 (Source)

* Sequoia Capital's new $1-billion fund is oversubscribed by a reported $3-billion (Source)

How can that be?, some might ask. How can one fund be so wildly oversubscribed when the industry is in the worst fund-raising doldrums in modern memory?

via Growthology: VCs are Down! VCs are Up! The Compression of Risk Capital Commitments.