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Illustration: Aïda Amer/Axios

Limited partners in private investment funds are sitting on extra cash, leaving room for "new ideas," according to a survey conducted by placement agent Eaton Partners between March 23 and April 7.

By the numbers: 58% of respondents say they've already identified the managers with whom they'll re-up in 2021, but still have available budget to invest in new managers or strategies.

  • Another 17% say they've allocated relatively little capital so far this year, adding themselves to the "open to new ideas" cohort.

Inside the numbers: Venture capital may be the biggest beneficiary.

  • 61% of respondents say they plan to increase VC exposure in 2021, which is up from around 40% in a similar survey last September.
  • 54% plan to increase exposure to growth equity (which is where we're seeing a ton of new fund strategies, from both VC and LBO firms).
  • Across all strategies, LPs say North America is where they expect to most increase allocation.

My thought bubble: There just doesn't seem to be any significant fear of the sort of public equities correction that could awake denominator effects, let alone one that could create downward pricing pressure on existing unicorns.

  • 23% of respondents say they have no concerns about inflation this year, while 71% say they are only "somewhat concerned."
  • Sounds like they're on the same page as Axios' Felix Salmon, who today writes not to panic about an inflation increase, even if it occurs.

The bottom line: Up and to the right. Rinse. Repeat.

Go deeper

Felix Salmon, author of Capital
Apr 16, 2021 - Economy & Business

Inflation will rise. Don't panic

Illustration: Annelise Capossela/Axios

It's been 40 years since America last saw a damaging level of inflation. Yet despite that — or perhaps because of it — inflation fears are widespread, and could even become self-fulfilling.

Why it matters: The government's strategy for bringing back employment and widespread prosperity involves a necessary — yet temporary — increase in inflation. When an entire generation has never experienced such a thing, that can be disconcerting. And for the time being, Americans are not buying what the government is selling.

Obama says Powell exemplified what America "can and should be"

Then-President Obama speaks alongside former Secretary of State Colin Powell during a meeting in the Oval Office in 2010. Photo: Saul Loeb/AFP via Getty Images

Former President Obama called Colin Powell an "exemplary soldier and an exemplary patriot" in a statement honoring the former general following his death from COVID-19 complications on Monday.

Why it matters: Powell, the first Black U.S. secretary of state, was known as a Republican but played a critical role in helping Obama get elected in 2008.

Justice Department asks Supreme Court to block Texas abortion ban

Abortion rights activists rally at the Texas State Capitol on Sept. 11 in Austin, Texas. Photo: Jordan Vonderhaar/Getty Images

The Justice Department on Monday asked the Supreme Court to temporarily block Texas' near-total ban on abortions while federal courts consider its constitutionality.

The big picture: The court last month allowed the ban to take effect, rejecting an emergency application by abortion-rights groups. The law bars the procedure after cardiac activity is detected, as early as six weeks into pregnancy.

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