"To commit" can mean "to make a decision that can't be undone." For example, while you are waiting in line to ride a rollercoaster, you can still decide not to ride it. But once you are fastened in and it begins to move, you are committed. Financially, "to commit" means "to invest money in something illiquid." Something is liquid if there's a regular market for it and it's easy to get your money any time you want--maybe less than you put in. "Illiquid" means you can't get your money out quickly any time you want. You have to wait for a good time. There may be very few buyers. At the moment you want to sell, there may not be anyone who wants to buy it. "Dry powder" is cash that you plan to invest, but are holding on to because you are waiting for the right opportunity to buy. The pension funds had dry powder. They thought they saw a good opportunity. They committed it to private markets, which are risky and illiquid. "Committed" means "difficult to get back." It might pay off in the long run, but they are nervous because they want money now. Here are some other examples of "to commit." 1) A marriage is a serious long-term commitment. 2) When you are ordering something online, the button that says "Order" commits the order. Even though you've said what you want to buy and entered the payment information, you can still decide not to. You are not committed until you press the "order" button.