From Dry Powder to Deployable Equity

Why $300M uncalled is rarely $300M for the next deal.

USD millions — illustrative fund

Uncalled commitments$300M

Headline dry powder

Follow-on reserves−$120M

Protected for existing portcos

Fees & expenses runway−$40M

Management fees / fund costs

Single-deal authority cap$50M

What IC can actually approve without special consent

Ask: how much is reserved, how much is authority-capped, and how fast can LPs fund a call? Headline dry powder alone is not capacity.

Audience: investor, operator, lp · Category: fund-economics

Tags: dry-powder, deployment, waterfall, ic-memo