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The Puzzle of Negative Dry Powder: The Case of Private Equity in Central and Eastern Europe

Darek Klonowski et al.

Journal of Investing2026https://doi.org/10.3905/joi.2026.002article
AJG 1ABDC B
Weight
0.50

Abstract

This article explores the evolution of private equity in emerging markets, focusing on Central and Eastern Europe (CEE) from 2003 to 2023. It examines trends in fundraising, investing, and exits, highlighting the region’s resilience through global crises, including COVID-19 and geopolitical conflict. Our analysis of private equity activity in the CEE region serves as the foundation for our analysis of dry powder. Notably, we identify an intriguing anomaly: the presence of negative dry powder, a condition that contrasts with prevailing global trends and suggests structural differences between the CEE private equity ecosystem and other emerging markets.

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https://doi.org/https://doi.org/10.3905/joi.2026.002

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@article{darek2026,
  title        = {{The Puzzle of Negative Dry Powder: The Case of Private Equity in Central and Eastern Europe}},
  author       = {Darek Klonowski et al.},
  journal      = {Journal of Investing},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.3905/joi.2026.002},
}

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The Puzzle of Negative Dry Powder: The Case of Private Equity in Central and Eastern Europe

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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