PE Glossary
Dry Powder
Dry Powder · Capital that has been committed by LPs but not yet invested by the GP. High levels of dry powder can indicate strong fundraising or a competitive deal environment.
Example
A €2B fund has invested €600M across four deals in its first two years. The remaining €1.4B is dry powder · committed but not yet deployed, available for the next three to four years of investments.
Related terms
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