Molson Hart

I was told there would be $1.5 trillion in private equity dry powder

In Q1 2009 I worked in PE and we called capital for a new deal we wanted to do. A very big, brand name endowment told us to pound sand. And if you start suing LPs your business is pretty much done. Dry powder sometimes blows away with the wind.

When you raise a fund, the money for said fund aren't in the PE firm's control? It's a commitment and not a deposit?

yes