As the COVID-19 pandemic brought the private real estate world to a halt in March 2017 to 2019 vintage funds effectively became crisis-year vintages. John Ferguson, partner and co-chair of Private Investment Funds and Real Estate Investment Funds practices at law firm Goodwin, notes that one aspect of dry powder is to have additional capital available to commit to existing investments, which post-GFC has meant reserving 10-20 percent of a fund’s equity for follow-on opportunities. Read the article in Private Equity Real Estate here.