Capital that investors have already committed and the fund has raised, but that has not yet been invested in a company.
干火药
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| $228.9bn | Blackstone's profit falls as choppy market tempers investment exits 干火药 · 第 5 张术语卡 | Blackstone ended September with $228.9 billion of it — money that earns fees but no returns yet. 干火药多不一定是好事：它一边收管理费，一边拖累回报率（因为还没开始赚钱）。行业常用「投入资本 / 承诺资本」衡量进度；干火药长期堆积，往往意味着项目太贵或退出不畅。 |