Rising stockpile of ‘dry powder’ is a sign of private capital’s growing attraction as an asset class
The writer is managing partner at Thoma Bravo The stampede of new Silicon Valley unicorns emerging into the world has thinned into a straggling herd. Venture capital firm Cowboy Ventures recently reported that of 532 US start-ups with billion-dollar-plus valuations in 2023, 60 per cent were what it dubbed “Zirpicorns” — companies last priced between January 2020 and March 2022 when zero-interest rate policies propped up valuations.Times have changed.
These delaying strategies include so-called NAV loans, which use a fund’s investment assets as collateral to raise money, and continuation funds that buy assets from existing funds within private equity groups. Private capital accumulation looks to the pessimists like an omen of some kind of reckoning. I think both these perspectives miss the mark. Start with the actual dry powder stockpile: $4tn is indeed a lot of money.
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