Sean Parker

John Gapper

It feels as if Wall Street is moving westward, and that US investors, having been caught up in the mortgage boom, have instead turned their attention to the opportunities on the west coast.

The National Venture Capital Association has unveiled figures showing that the industry had its best start to the year in terms of fund-raising since 2001, raising about $7.1bn in the first quarter.

Meanwhile, Matthew Garrahan writes in the FT about the keiretsu-like Raine merchant bank, which is raising $500m from a range of Illuminati from Silicon Valley and Hollywood including Eric Schmidt of Google and Sean Parker of Facebook etc. Read more