At first blush, a review of venture capital dealmaking during the first quarter of 2016 suggests an industry gone mad.

VC firms raised the highest amount of capital raised in more than a decade, even as they made the lowest number of investments in three years. What gives? The Q1 2016 Venture Pulse Report issued today by CB Insights and KPMG provides some method to this madness.

On Monday, the National Venture Capital Association had reported that U.S VC firms raised $12 billion across 57 different funds to invest in startups, calling it the largest amount raised in 10 years. KPMG and CB Insights did not specify a figure for the amount raised by firms, but called the billions raised the most since the dot-com craziness of 2000. Regardless of the final amount, we’re talking about a vast amount of capital ready to be invested. For instance, Founders Fund raised $1.4 billion for a single fund, while Accel raised $2 billion across a pair of funds.

But with VC firms so focused on fundraising, they were apparently too busy to do much investing. In fact, U.S. deal activity slowed in Q1, with just $14.8 billion invested across 1,035 deals. (For all of North America, the numbers were only slightly better: $15.2 billion across 1,101 deals.)