U.S. private equity firms are holding their own on the fundraising front, according to Dow Jones research.

The industry newsletter, Dow Jones Private Equity Analyst, reports that in the first six months of 2008, U.S. private equity firms raised US$132.7 billion, down just 3% from the same period in 2007. “For first time since 2003, we’ve seen year-over-year fund-raising actually decline as some of the bigger firms — Blackstone Group, Carlyle Group, and Madison Dearborn Partners — ran into delays raising capital for their latest buyout funds,” said Jennifer Rossa, managing editor of the newsletter.

Leveraged buyout fund-raising declined more steeply, dropping 20% in the first half, compared to the same period last year. “The weakness in the buyout industry, however, has been offset by strong fund-raising by mezzanine funds and a decent showing by venture capital funds,” added Rossa.

It reported that mezzanine funds managed to set a new record for first half fundraising, with US$24 billion raised by seven firms. Although almost all of the total was attributable to one fund, Goldman Sachs Capital Partners’ US$20 billion GS Mezzanine Partners V LP fund. Additionally, venture capital funds raised US$11.5 billion, up 15%.

The newsletter also noted that European private equity firms saw a 16% increase in first half fundraising to nearly US$61.1 billion. “The differing fortunes of European private equity funds are an indication that limited partners are shifting some attention away from the U.S., where the economy is seen as particularly weak and where many of LPs are over-concentrated,” said Rossa.