Shrinking dry powder
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Private equity’s pile of dry powder has eroded the past two years, according to PitchBook’s latest Private Market Fundraising Report. Globally, the industry has about $1.24 trillion of uninvested capital. That’s down about 18% from its 2020 peak, a little over $1.5 trillion. It’s not the only asset class to pare down its overhang—real estate dry powder is down 9.5%