Venture Capitalists Invest Record Sum

Venture capitalists invested a record $3.1 billion in U.S. companies in the second quarter, according to a survey by New York-based Coopers & Lybrand. The investments in 667 American companies boosted the total for the first half of 1997 to a record $5.5 billion, the study found. Information-technology companies accounted for half the number of second-quarter investments and 45% of the dollar amount invested in emerging growth companies. Internet-related investments accounted for 20% of the total. Venture-capital firms made 1,253 investments through the second quarter, 17% more than last year. Leading the firms was Robertson, Stephens & Co., based in San Francisco, with 14 financings. California received $1.1 billion of the second-quarter venture capital funding, followed by Massachusetts, which collected $298 million.