31.   Taylor noted that Massachusetts was using its venture funds even less efficiently than California.

32.   The group of firms investing in the company now includes Eco Associates, the Austin venture fund that is pledging money to distressed dot-coms.

33.   The powerful advantage of stability is the reassurance it provides to limited partners, who generally invest for a decade or more in a venture fund.

34.   The rub is, unlike shares that can be traded on the stock market, investments in venture funds and other private equity are much less liquid.

35.   The venture funds of CMGI Inc. of Andover, Mass., can raise money almost at will.

36.   They end up with more money to invest, and more investors pour money into their venture funds.

37.   Venture funds are betting that software will be where the technology pays off.

38.   Venture Investment is considering raising a new venture fund to focus on life sciences opportunities.

39.   Yet as the technology-stock euphoria fades, venture capitalists say they expect the flood of money into venture funds to ease off.

40.   He said Goldin is considering establishment of a space venture fund to help industry finance experiments.