Dry powder

Capital available for future investment under the stated fund or data-provider definition. It can involve uncalled commitments and available fund cash; availability depends on obligations, reserves and contractual rules.

Dry powder in round numbers

Hypothetical: US$1bn of commitments less US$400m called leaves US$600m uncalled, assuming no other commitment adjustments. That is not US$600m of cash held by the fund and does not by itself establish investable capital. Fees, reserves, remaining obligations, unused called cash and recall or recycling provisions can affect availability.

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