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https://www.ft.com/content/85def23b-a21f-45f3-9ca0-9076babe6cae

Private capital firms are sitting on an ungodly amount of capital, after mammoth fundraising in 2020–21 and little investment in subsequent years. Late last year, Preqin estimated the amount of “dry powder” at over $4tn, almost a third of the entire private capital industry’s total assets under management. As Alphaville wrote in May, the industry has now raised more money from investors than it has returned for six straight years, for a gap of ca $1.6tn. READ MORE