Venture capitalists invested $3.7 billion in 749 businesses during the fourth quarter of 1997, according to a survey by accounting and consulting firm Price Waterhouse LLP.
That represents a 50% increase from the fourth quarter of 1996, Price Waterhouse said.
Among bank-owned venture capital units, Chase Manhattan Corp.'s subsidiary led the pack for the quarter, investing $176 million in 14 companies.
Norwest Corp.'s subsidiary invested $52 million in 14 companies; a unit at Banc One Corp. invested $39 million in eight companies, and BankBoston Corp.'s subsidiary invested $26 million in 12 companies. For the year, venture capitalists poured $12.8 billion into 2,700 businesses, up 30% from 1996.