Dow Jones LP Source, an industry database that tracks private equity fundraising, says venture funds are still down from 2008, when they raised $14.2 billion during the first half of that year.

But things are turning around for VCs. A year ago, Dow Jones measured only $6.6 billion in first-half investing. This year, first-half investing is up to $7.5 billion.

Multi-stage funds did best, says Dow Jones’ report. Early-stage investors also did well, but late-stage investments are dragging. Editor Jennifer Rossa explained it thusly in a prepared summary: “Venture funding was driven by substantial closes by industry stalwarts and renewed interest in smaller venture funds.” Rossa believes that VC firms have rightsized their portfolios to be manageable and profitable.

Things aren’t so hot for private equity. Dow Jones counted $45.1 billion raised by 198 funds. It sounds like a lot compared to VC, but it’s 26 percent lower than a year ago.