So... where is the money going to go?

"[Venture] funds raised three years ago still have a significant amount set aside for new investments. According to the survey, 15% of 2001 funds remain set aside for new investments compared to 50% of 2002 funds, 60% of 2003 funds and 85% of 2004 funds." Hence the $53.6B overhang.

This from an article titled, "Venture Capital Fund Raising Doubles in 2004." And echoed in this Economist article.

Cleantech, according to many, is in the fortunate position of remaining underinvested even in the midst of such well-capitalized "optimism," as a quote in the article terms it.