Five views of venture capital dry powder

1. Expansion funds on the rise alone: This class was the only one to see "measured year-on-year growth," according to Preqin. From $6.7 billion in December 2003, expansion fund dry powder reached $35.2 billion this month.

2. Late stage funds hold the line: From December 2003 to October 2009, dry powder stayed in the $5.5 billion to $9 billion range, remaining "relatively consistent in comparison to general venture and expansion funds." Early stage funds were steady, as well, sticking between $30 billion and $35 billion for the same period.

3. No specific stage focus down double digits: These "generalist" funds hit a high point of $88 billion in December 2007. The financial crisis led to a 16% drop in dry powder the next year.

4. European heights: Venture funds focused on Europe reached a recent high, with $27 billion in dry powder. For North America, on the other hand, the outcome was much different. Funds focused on this continent saw dry powder fall from a December 2007 peak of $89 billion to $79 billion a year later.

5. All about returns: Through the first quarter of 2009 (the most recent data available), the venture capital sector has turned in a -17.1% return. But, it could be worse: buyout funds were off 33%.