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← Glossary
VC & Fund Mechanics

Dry powder

Committed capital a fund has raised but not yet invested.

Why it matters

Lots of dry powder in the market means more competition for deals; a fund running low is one quietly winding down.

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Get the real-world version of "Dry powder" drawn from hundreds of conversations with founders and investors.

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Episodes on Venture Capital

Ian Gardiner's Investment Thesis | Investment Thesis with Kali Norman

Investment Thesis with Kali Norman · 21 October 2026

Ian Gardiner's Investment Thesis | Investment Thesis with Kali Norman
Why Australia Has More AI PhDs Than Anywhere | First Cheque

First Cheque with Cheryl Mack & Maxine Minter · 28 September 2026

Why Australia Has More AI PhDs Than Anywhere | First Cheque
Mick Liubinskas' Investment Thesis

Investment Thesis with Kali Norman · 18 September 2026

Mick Liubinskas' Investment Thesis
All Venture Capital episodes →
Related terms

Follow-on

A fund investing again in a company it already backs, usually to defend ownership in a later round.

Fund / vintage

A fund is a single pool of LP money invested over a few years; its vintage is the year it started.

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