Apparently they are sitting on more than $500 billion of dry powder (globally) and the five-year investment clock is beginning to tick louder. While it remains to be seen if some PE firms need to ask their LPs for an extension, investors will certainly be hoping that GPs find a way to carve new deals and put that uncalled capital to work. Good news is that market observers expect the deal landscape to improve in 2025. The last thing GPs want to do is extend and amend their investment terms with LPACs. Time to uncork those deal opportunities and show that the 2020/2021 really is a fine vintage!