28% of U.S. PE dry powder is locked up in vintages from 2012 or earlier
February 17, 2016
Over a quarter of U.S. private equity dry powder is locked up in vintages from 2012 or earlier. That represents about $147 billion total that PE firms have on hand that now exceeds, give or take, three or more years in age—all these figures are sourced from PitchBook’s 2015 Annual PE & VC Fundraising & Capital Overhang Report, with returns data through 1H 2015.
This one statistic underlines perhaps the most pressing issue facing general partners as 2016 gets underway: In the current dealmaking environment, where are they going to deploy their more-than-ample stores of dry powder?