Private Capital - Dry Powder by asset class

Source: BlackRock 2024 Private Markets Outlook

The Financial Times asked these two questions when looking at the chart:

"So when you look at the dry powder chart do you think:

'There’s clearly still a lot of money on the sidelines that will eventually have to be deployed. This is going to reinvigorate M&A, stimulate capital markets activity and stoke the bull run'?

Or do you think:

'Investors must still be high on those smooth, backward-looking historical returns. That’s a lot of money that GPs desperate to generate fees are going to be shovelling into some wonderfully dumb stuff'?"