Venture capital firms in the US have raised a total of $8.9 billion in 2014's first quarter, according to a report by Thomson Reuters and the National Venture Capital Association cited by SiliconBeat. This amount is the highest ever raised in 14 years, the report said.

The largest fund commitment for the given period is the WiL Fund from Palo Alto. The fund, which was founded by Gen Isayama in January, had raised $243 million. The firm plans to use the capital to back Japanese tech startups which could potentially become standalone businesses, the report detailed.

TCV VIII, also from Palo Alto, was the lead fundraiser with $1.38 billion raised. TCV VII has invested in Facebook and Netflix. Founders Fund V of San Francisco was also one of the leaders for this quarter with $1.01 billion in funding. Founders fund was established by Peter Thiel and Sean Parker, the report explained.

The five biggest venture capital funds raised in 2014's first quarter comprise 60% of new commitments in the said period, SiliconBeat reported.