The spreading fallout from the global credit crunch is cutting into venture capital fundraising in the United States and around the world, two new reports say.

Dow Jones Private Equity Analyst reported that third quarter fundraising by U.S. venture capital firms tumbled 30 percent to $5.75 billion from $8.26 billion in the 2007 quarter. The number of funds that closed also declined, from 30 in 2007 to 21.

The year-over-year decline was even sharper worldwide, according to a report by Preqin, a London-based tracker of alternative assets. Thirty-eight venture funds raised $9.3 billion in the third quarter, according to Preqin, a 56 percent decline from the year-earlier quarter and a 22.5 percent drop from the second quarter of 2008.

“Private equity fundraising is set to enter its most challenging era of all time,” Preqin spokesman Tim Friedman said in a statement. “The very biggest firms may be able to gather commitments from previous investors, but many of the less experienced midsized and smaller funds that constitute a higher risk in the eyes of investors will find conditions to be extremely tough.”  

Despite the chilly third-quarter climate in the United States, Dow Jones reported that through the first three quarters of 2008, U.S. venture fund-raising was running 3 percent ahead of the same period at $19.7 billion versus $19.1 billion.

Other areas of U.S. private equity, however, continued to receive strong inflows, according to Dow Jones, with overall 2008 fundraising through the third quarter at $222.6 billion by 264 funds. In dollar terms that was 11 percent ahead of the $200.4 billion raised by 298 funds in the comparable 2007 period.

The $313 billion raised in calendar 2007 stands as the fundraising record.

Though fundraising by buyout and corporate finance funds declined 3 percent overall to $151.5 billion, a subcategory, distressed or vulture firms, attracted $37.9 billion, an increase of 28 percent.

Preqin reported that third quarter private equity fundraising worldwide was $82.3 billion, the lowest level since the first quarter 2005.