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Balmoral Advisors

Balmoral Advisors

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Cash Liquidity in North America January 2026

February 5, 2026

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At the beginning of 2025, U.S. private equity’s (PE) undeployed capital (dry powder) was just below $1.1 trillion, the highest level ever. In addition, venture capital dry powder was at its second-highest level at just under $300 billion. The combination of PE and venture capital dry powder represents a record $1.4 trillion of undeployed capital available in the U.S. capital system. PE dry powder is expected to remain at historically elevated levels, despite the fact that transaction activity is starting to overtake fundraising. Call us to discuss how these current trends could impact your business strategies and growth plans.

Cash Liquidity in North America January 2026

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This Industry In-SightTM is provided as a part of the strategic alliance between Balmoral Advisors and Jordan Knauff & Company (JKC). This alliance combines the strengths of two well-respected transaction advisors in the U.S. middle-market segment. By merging JKC’s extensive experience in capital raising and capital advisory capabilities with Balmoral’s expertise in M&A, the partnership offers an expanded suite of corresponding services to both existing and new clients. Please feel free to reach out to the members of either team to explore the effects of the liquidity environment further.

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