The first quarter of 2013 was not kind to U.S. venture capital fundraising.

VC firms in the United States experienced their slowest quarter for funding since 2003, posting a 14 percent decline in the total amount of dollar commitments compared to the first quarter of 2012, according to a report by Thomson Reuters and the National Venture Capital Association.

Firms raised $4.05 billion—an increase of 22 percent over the last quarter of 2012—but the number of funds raised dropped from 53 to 35, a 34 percent decline compared to the comparable period in 2012.

“The first quarter venture fundraising activity represents more than just a slow start to the year and really demonstrates the contracting and consolidating nature of our asset class,” said John Taylor, head of research for NVCA, in the report. “The lack of a strong exit market is keeping many funds that would like to be raising money away from investors until they can demonstrate a track record.”

Taylor also said that larger funds that closed last year won’t be back be in the market until 2014, if not later, keeping the total dollar levels lower this year. “We should be prepared for fewer funds in 2013, which will ultimately decrease investment levels from traditional firms,” he said.

According to the report, the number of new funds raised during this period marks the lowest level of first-time funds raised during a quarter since the fourth quarter of 2006.

The top-five venture capital funds—three are located in Massachusetts—accounted for 57 percent of total fundraising during the first quarter of 2013. The largest new fund during the first quarter of 2013 was Washington, DC-based NaviMed Partners, L.P., which raised $44.8 million.