Dry Powder Age Bands — What Pressure Looks Like
Young capital is optional; aging capital gets impatient.
| Age of dry powder | Approx. share | What it usually means |
|---|---|---|
Under 2 years | ~40% | Normal investment-period inventory; GPs can stay selective. |
2–4 years | ~35% | Pacing questions rise in LP meetings; process speed matters more. |
4+ years | ~25% | Highest deployment pressure; watch for stretched valuations or extensions. |
Use age with strategy context. Infrastructure and venture “age” differently than buyout. Always verify against the fund’s investment-period end date.