# Dry powder

Money a fund has raised and not yet spent, available to bid today.

When funds are flush with it, more bidders chase the same businesses and entry multiples drift up, so a [searcher](https://searchspheresource.com/glossary/searcher) feels dry powder as tougher competition and higher asking prices. When it is scarce the field thins and patient buyers get better entries, which is part of why timing and persistence pay as much as the model does.

In numbers: A fund that raised $50M and has deployed $35M holds $15M of dry powder, which is the only figure that says whether it can bid on the business in front of it.

Source: https://searchspheresource.com/glossary/dry-powder
Not dated: A definition is editorial: what a term means, why it matters, and an example. None of it reads a source that can go stale, so there is no date to take and a stamped one would be the build time wearing a costume.

Site index for machines: https://searchspheresource.com/llms.txt