Usually means: Cash reserves for investment opportunities.
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We found 4 dictionaries that define the word dry powder:

General (2 matching dictionaries)
  1. dry powder: Wiktionary
  2. dry powder: Dictionary.com

Business (2 matching dictionaries)
  1. Dry Powder: Investopedia
  2. Dry Powder: Financial dictionary

Definitions from Wiktionary (dry powder)

noun:  A powder found in a fire extinguisher that is expelled to smother the fire (in contrast with liquid types of extinguisher).
noun:  A powder found in an inhaler that delivers a bronchodilator for antiasthmatic or antiemphysemic purposes (indications).
noun:  (finance) Cash (or cash-like securities) kept in reserve in case of need.
noun:  Used other than figuratively or idiomatically: see dry, powder; especially, gunpowder kept dry to keep it from spoiling before use.

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