Venture-capital firms are sitting on a record cash pile. Their so-called dry powder—money raised but not deployed—has increased by more than $100 billion worldwide since the end of last year, reaching almost $539 billion in July, according to data firm Preqin Ltd.

The buildup comes as many venture firms have slowed deal-making amid the market pullback, a signal that investors ranging from stalwart firms to niche crypto investors are hoarding capital as they grow pickier about which startups to back.

The rising stockpile is in part the result of investors preparing for an extended bear market fueled by economic uncertainties including inflation and higher interest rates.

Venture capitalists say the reserves will likely be crucial in helping startups survive what many venture capitalists say will be a long period in which funding is hard to come by with Initial Public Offerings essentially at a standstill, firms may draw on the capital to help mature portfolio companies as they put off public share sales.

Venture capitalists and analysts say the increase in dry powder indicates limited partners that can make capital to venture funds including institutional investors and pension funds. Remain bullish on the asset class. Despite this year’s round of tech valuations and interest rate increases that typically divert investors away from venture capital.