The pace of U.S. venture capital investments remained steady at $7.4 billion during the second quarter despite a wobbly stock market that has made it increasingly difficult for the financiers of new ideas to cash out of startups.

The amount of money spread across 990 deals in the April-June period was unchanged from the same time last year, according to figures released Saturday by the National Venture Capital Association, PricewaterhouseCoopers and Thomson Reuters.

But all is not well in the venture capital industry, largely because the stock market has turned a cold shoulder to initial public offerings of unproven startups.

Just five startups funded by venture capitalists have completed IPOs so far this year, and none of them made their stock market debut in the second quarter. It's the first time in 30 years that an entire quarter has passed without at least one IPO by a venture-backed startup.

To make matters worse, fewer buyers appear interested in acquiring startups. Through the first half of the year, the number of acquisitions involving startups backed by venture capitalists had dropped by 28 percent from last year, according to the National Venture Capital Association, a trade group.

The phenomenon is forcing venture capitalists to pour money into older startups for longer periods than they anticipated while also depriving them of a chance to realize a gain from their earlier investments.

Meanwhile, entrepreneurs trying to raise money for their first time are having a tougher time.

The number of first-time financings completed by venture capitalists usually rises from the first quarter to second quarter because of seasonal trends. But this year, the number of first-time financings fell for the first time since 2001 when venture capitalists were still sifting through the ruins of the dot-com bust.

The current conditions aren't as bad as 2001's devastation, but more venture capitalists are starting to worry, said Trevor Loy, managing partner with Flywheel Ventures. Continued...