The biotech sector received $20 billion less in funding in 2008 than the previous year. Public equity markets were particularly hard hit, with IPOs (initial public offerings), follow-ons and PIPEs (private investment in public equity) all down 35% or more compared to 2007. Venture financings were also off one-fifth from the$6.8 billion posted in 2007. Funding from partnerships came in at $20 billion, compared with$22 billion for 2007. In general, biotech indexes performed better than the Dow Jones Industrial Average and Standard & Poor's 500.