Financing Markets Update

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.

Our report shows cash on U.S. corporate balance sheets has significantly increased over pre-COVID levels. A resilient economy and relatively high interest rates helped keep corporate cash above $4 trillion in the first quarter of the year. At the end of 2019, corporate cash holdings were $2.9 trillion compared to $4.6 trillion in the first quarter. The report dives into more detail. Call us to discuss how these current trends could impact your business strategies and growth plans.