{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-5ca1-7489-b635-efee526b2162", "slug": "6ebe7bc3c470921e", "title": "Global Private Equity Report 2015", "subtitle": "Bain", "author": "Bain", "pageCount": 68, "kind": "consulting-deck", "orientation": "portrait", "aspectRatio": 0.773, "document": { "id": "019dd923-5ca1-7489-b635-efee526b2162", "slug": "6ebe7bc3c470921e", "title": "Global Private Equity Report 2015", "rawTitle": "Global Private Equity Report 2015", "authorId": "Bain", "authorName": "Bain", "authorDisplay": "Bain", "kind": { "slug": "consulting-deck", "label": "Consulting deck" }, "sourceType": { "slug": "strategy_consulting", "label": "Strategy consulting" }, "fileName": "2015-Global-Private-Equity-Report-2015.pdf", "sourceUrl": "https://media.bain.com/Images/BAIN_REPORT_Global_Private_Equity_Report_2015.pdf", "sourceDate": "2015-01-01 00:00:00", "presentationDate": null, "ingestedAt": "2026-04-23 20:51:32+00", "status": "ready", "pageCount": 68, "orientation": "portrait", "aspectRatio": 0.773, "targetCompany": null, "targetTicker": null, "metadata": { "local_root": "/tmp/legacy-images/6ebe7bc3c470921e", "origin_corpus": "consulting" } }, "coverage": { "pageCount": 68, "pagesIndexed": 68, "pagesWithImages": 68, "pagesWithMetadata": 68, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 492, "chartCount": 46, "metricSlides": 27, "toolMatches": 161, "documentToolMatches": 0, "frameworkMatches": 8, "arcMatches": 2, "beatMatches": 8, "loopMatches": 10, "patternMatches": 0, "storymakersMatch": true, "scoreAvailable": true, "reviewAvailable": true, "activistThesisAvailable": false, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "019dd95a-0543-7581-99b0-9f8fc3b94f32", "evidence": "Bain industry report walks Situation (PE 2014, p.7-19) -> Complication (returns gap, p.20-28) -> Approach (forces shaping 2015+, p.29-51) -> Evidence (compression data, p.52-58) -> Action (back to basics, p.59-63).", "isPrimary": true, "confidence": 82, "extraction": { "at": "2026-04-29 13:07:28.977035+00", "model": "claude-legacy", "runId": null, "seconds": null, "promptVersion": null } }, { "arc": { "name": "The Triple Take", "slug": "triple-take", "status": "active", "bestFor": "Data-driven presentations, research findings", "canonId": "019dd956-6221-73ad-bc12-378f8eb1f018", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Facts (What) -> The Implications (So What) -> The Action (Now What)", "description": null, "familyLabel": null, "categoryName": "Analysis & Information", "categorySlug": "analysis-information" }, "matchId": "019dd95a-0543-7581-99b0-a0582615e8c9", "evidence": "Three numbered sections explicitly map to What (2014 results) -> So What (2015 dynamics) -> Now What (back to basics).", "isPrimary": false, "confidence": 70, "extraction": { "at": "2026-04-29 13:07:28.977035+00", "model": "claude-legacy", "runId": null, "seconds": null, "promptVersion": null } } ], "beats": [ { "to": 19, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 7, "name": "Situation & Context", "beatId": "019dd95a-07a4-702a-b0b2-87658eb8522d", "matchId": "019dd95a-0543-7581-99b0-9f8fc3b94f32", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "Section 1 inventories PE market in 2014 — exits, fundraising, investments", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. 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The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 70 } ], "loops": [ { "to": 11, "from": 7, "loop": { "name": "02_pattern_hunter", "slug": "02-pattern-hunter", "status": "active", "bestFor": "Time-pressed audiences, building consensus, when data is strong", "canonId": "019dd956-6695-771a-be2e-f1748ef041a4", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion", "description": "Group multiple pieces of evidence that together point to a pattern or conclusion", "familyLabel": null, "categoryName": "Logical Reasoning", "categorySlug": "logical-reasoning" }, "matchId": "019dd95a-088c-724c-b312-2995254ae1a0", "evidence": "Multiple charts/cases (counts, values, channels, $10B+ exits) converge on a single conclusion.", "position": 1, "objective": "Establish 2014 as a record exit year through repeated data points", "confidence": 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"confidence": 78, "extraction": { "at": "2026-04-29 13:07:29.689431+00", "model": "claude-legacy", "runId": null, "seconds": null, "promptVersion": null } }, { "to": 19, "from": 17, "loop": { "name": "06_zoom_in", "slug": "06-zoom-in", "status": "active", "bestFor": "Technical deep-dives, case studies, detailed analysis", "canonId": "019dd956-6846-74db-82be-dff5b058b072", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication", "description": "Start broad, then progressively focus on specific details that prove your point", "familyLabel": null, "categoryName": "Analysis", "categorySlug": "analysis" }, "matchId": "019dd95a-088c-724c-b312-31bfcdf37566", "evidence": "Big-picture flat market -> dry powder -> specific $1B–$5B deal-size band.", "position": 3, "objective": "Zoom from flat headline investments into the deal-size composition shift", "confidence": 72, "extraction": { "at": 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null, "seconds": null, "promptVersion": null } }, { "to": 51, "from": 50, "loop": { "name": "19_pre_mortem", "slug": "19-pre-mortem", "status": "active", "bestFor": "Project kick-offs, risk management, building trust with skeptical stakeholders", "canonId": "019dd956-6d75-77bf-a142-91f53ba8df48", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Future Disaster (Hypothetical) -> What Went Wrong -> The Prevention Plan", "description": "Build trust by anticipating failure modes before they happen and solving them in advance", "familyLabel": null, "categoryName": "Risk Management", "categorySlug": "risk-management" }, "matchId": "019dd95a-088c-724c-b312-466f6230437e", "evidence": "Bain Macro Trends Group warns of 'partial breakup of the eurozone toward the end of the decade'.", "position": 8, "objective": "Pre-mortem the eurozone breakup scenario", "confidence": 78, "extraction": { "at": "2026-04-29 13:07:29.689431+00", "model": "claude-legacy", "runId": 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118, "slug": "action-titles", "layer": "Slide", "evidence": "'Fund-raising: Recycling the gains' frames the insight", "confidence": 85 }, { "id": 154, "slug": "concrete-language", "layer": "Slide", "evidence": "1,001 funds, $499 billion specifics", "confidence": 75 } ], "page_number": 12 }, { "tools": [ { "id": 118, "slug": "action-titles", "layer": "Slide", "evidence": "Title states slip with caveat: 'slipped 6%, but the year still ended strong'", "confidence": 88 } ], "page_number": 13 }, { "tools": [ { "id": 118, "slug": "action-titles", "layer": "Slide", "evidence": "Title makes causal claim: 'Positive cash flow … supported new commitments'", "confidence": 80 }, { "id": 119, "slug": "so-what-test", "layer": "Slide", "evidence": "Callout 'plenty of room to grow on the demand side'", "confidence": 75 } ], "page_number": 14 }, { "tools": [ { "id": 118, "slug": "action-titles", "layer": "Slide", "evidence": "'Wide gap has narrowed between GPs supply and LPs demand'", "confidence": 85 } 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"tools": [ { "id": 118, "slug": "action-titles", "layer": "Slide", "evidence": "'Increase in $1B–$5B deals made up for lack of mega-deals'", "confidence": 88 } ], "page_number": 19 }, { "tools": [ { "id": 119, "slug": "so-what-test", "layer": "Slide", "evidence": "Callout drives so-what about generating outsized returns", "confidence": 75 } ], "page_number": 20 }, { "tools": [ { "id": 154, "slug": "concrete-language", "layer": "Slide", "evidence": "Brazil case study with specifics", "confidence": 75 }, { "id": 121, "slug": "metaphor-analogy", "layer": "Slide", "evidence": "'PE funds learn to dance to a slower Brazilian beat'", "confidence": 70 } ], "page_number": 21 }, { "tools": [ { "id": 118, "slug": "action-titles", "layer": "Slide", "evidence": "'Returns: Mind the gap' — memorable framing", "confidence": 85 }, { "id": 121, "slug": "metaphor-analogy", "layer": "Slide", "evidence": "'Mind the gap' tube-station analogy for returns", "confidence": 80 } ], "page_number": 22 }, { 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32 }, { "tools": [ { "id": 118, "slug": "action-titles", "layer": "Slide", "evidence": "'wall of refinancing worries … have been overcome'", "confidence": 85 }, { "id": 26, "slug": "before-after-bridge", "layer": "Block", "evidence": "Before (massive debt repayments) -> bridge (refinancings) -> after (debt under control)", "confidence": 72 } ], "page_number": 33 }, { "tools": [ { "id": 153, "slug": "core-message-extraction", "layer": "Slide", "evidence": "Callout extracts winning-factors thesis", "confidence": 75 } ], "page_number": 34 }, { "tools": [ { "id": 118, "slug": "action-titles", "layer": "Slide", "evidence": "Title: 'wide-open exit channels enabled buyout funds to escape the shadow'", "confidence": 80 } ], "page_number": 35 }, { "tools": [ { "id": 118, "slug": "action-titles", "layer": "Slide", "evidence": "Action title: 'GPs must weigh future recession risks'", "confidence": 88 }, { "id": 154, "slug": "concrete-language", "layer": "Slide", "evidence": "Specific 5-year 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"Percentage of funds closed: 48%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-24 12:56:27+00", "model": "or:google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd951-b48c-7655-b2fc-8cc3c95cd89f", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.766, "x": 0.117, "y": 0.311 }, "kind": "paragraph", "text": "LPs are still shying away from recommitting to GPs with whom they have had a bad experience. But in a recent Preqin survey, four out of five LPs said they were open to investing with a GP with whom they had not previously worked. It takes significant investment for PE firms to cultivate relations with new LPs that may eventually result in a commitment of capital to a new fund, but the evidence shows it is paying off. 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Of course, averages obscure the reality that the most successful and sought-after GPs have been able to raise new capital quickly and easily, while others have struggled. Among the PE funds that closed in 2014, 30% met or exceeded their fund-raising target within 12 months, a meaningful improvement from two years ago. 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As the year unfolded, PE firms refilled their coffers faster than they could put capital to work; by year end, their mountain of dry powder topped out at a shade above $1.2 trillion—$452 billion of it for buyouts (see Figure 1.11).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:40.251+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44585ae3-4722-4084-9e44-1d0e0ce53702", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.118, "y": 0.36 }, "kind": "paragraph", "text": "Instead of greasing the skids of global deal making, however, these vast sums of dry powder, supplemented by abundant cheap debt in the hands of eager PE buyers, pushed up prices in a capital-saturated market where attractive assets were in limited supply. 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With IPOs off the table and just a few sponsor-to-sponsor transactions taking place last year, purchases made by corporate acquirers presented the rare bright spot for PE exits. Though there were not many sales to strategic buyers, those that occurred commanded strong valuations and produced sizable returns. 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Riding the tailwinds of sharply higher public equity markets, PE returns roared ahead in 2013 and had another strong showing through midyear 2014, according to the latest data available at the time of publication. A cascade of capital is flowing to PE investors. A recent survey by Preqin found that just one out of every 12 LPs felt that PE failed to meet its expectations compared with one in four surveyed in July 2009. A wave of market beta—a heady mix of GDP growth, near-zero interest rates and covenant-lite loans, and rising mark-to-market valuations—helped power PE’s rebound. 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Long experience has accustomed LPs to expect that PE will remain their best performing asset class. But as recently as just a few years ago, their confidence that GPs could deliver on those high expectations was badly shaken. 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The unrealized gains, the result of mark-to-market accounting adjustments, have been an especially important contributor to the solid one-year results. 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Together, the combination of market beta and the alpha of active value creation engineered PE's resurgence. PE returns are up both in the short run and over the longer term.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:39.901+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a50520a6-ed09-48ac-85f7-30326c554048", "parentComponentId": null }, { "bbox": { "h": 0.107, "w": 0.764, "x": 0.118, "y": 0.265 }, "kind": "paragraph", "text": "LPs had good reason to cheer PE's performance through the first half of 2014, the latest results available at the time of publication. According to data compiled by Cambridge Associates, an investment consulting firm, nearly every major category of PE matched or exceeded the strong double-digit one-year gains racked up in 2013 (see Figure 1.13). Buyout funds climbed 23%; growth-equity funds were up 25%; and venture capital funds came in 30% above the previous year. Across the major geographic regions, buyout and growth-equity funds gained 24% in both the US and in the developed economies of Europe over 2014 through midyear; emerging-market-focused funds posted a modest 5% uptick.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:39.901+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc042dcb-6ed5-405f-89a9-a377248a4349", "parentComponentId": null }, { "bbox": { "h": 0.068, "w": 0.764, "x": 0.118, "y": 0.187 }, "kind": "paragraph", "text": "The strong returns story reflects solid fundamentals of robust exit markets and valuation gains on PE funds' portfolio holdings. But as we shall soon discuss, a disquieting concern lurks just beneath this shining surface. PE's long-term performance edge over investments in the public equity markets appears to be diminishing in recent fund vintages. A gradual erosion in PE's overall competitive advantage has important implications for PE investors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:39.901+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4cbd9d3-16fd-469a-88eb-950b54ecc57b", "parentComponentId": null }, { "bbox": { "h": 0.008, "w": 0.115, "x": 0.118, "y": 0.845 }, "kind": "source-note", "text": "Source: Cambridge Associates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Having hit a low of an 8.8% return at the bottom of the PE cycle in 2009 and 2010, the return for global buyout funds over a 10-year time horizon has trended gradually upward over the past four years, standing at 14.4% as of midyear 2014 (see Figure 1.14).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:41.036+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c366311a-8927-4a93-860c-16bfc091d0d1", "parentComponentId": null }, { "bbox": { "h": 0.011, "w": 0.125, "x": 0.118, "y": 0.899 }, "kind": "source-note", "text": "Source: Cambridge Associates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Instead of waiting for beta to do their work for them, they are stacking the odds in their own favor. Leading GPs are stepping up their due diligence to ensure that they can identify the winning factors in a target company that can become the basis for a value-creation plan that can withstand any economic or market climate. Bain research has found that for companies acquired in deals where the acquisition price was high, the presence of more than one winning factor was critical to their ultimate success. Indeed, in transactions where the price paid exceeded 10 times EBITDA, Bain analysis found that the winners had an average of more than three winning factors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:50.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e196dcb-3c3f-4ec8-9ba6-dd0a09bc454b", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.8, "x": 0.1, "y": 0.83 }, "kind": "paragraph", "text": "Institutional investors have been spreading their wings in recent years, experimenting with new ways to participate in PE deals beyond the conventional constraints of being passive partners in PE funds. It’s a development that is generating a lot of buzz in the PE community—and raising a host of sensitive issues for GPs. At the heart of the discussion is the emergence of so-called “shadow capital”—the vast sums of money that institutional investors are putting to work in new ways apart from their traditional role as limited partners in a PE fund—and the potentially large part it will play in the evolving GP-LP relationship in the future.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:50.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed30e9ea-5e59-49b1-8bb6-22971b61f5d8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.1, "y": 0.8 }, "kind": "title", "text": "Shadow capital looms over PE", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:50.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14c2477d-2763-44ed-a040-cf5c28f29d94", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.25, "y": 0.05 }, "kind": "title", "text": "Global Private Equity Report 2015 | Bain & Company, Inc.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:50.569+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6cba68e7-27cf-45bf-9ccd-909f66824eb5", "parentComponentId": null } ], "metrics": [ { "metricRaw": "EBITDA multiple", "numberRaw": "17x", "numberKind": "multiplier", "actionTitle": null, "calloutText": "Indeed, in transactions where the price paid exceeded 10 times EBITDA, Bain analysis found that the winners had an average of more than three winning factors.", "numberScale": null, "numberValue": 17, "metricFamily": "margin_return", "numberCurrency": null } ], "tools": [ { "tool": { "name": "Core Message Extraction", "slug": "core-message-extraction", "status": "active", "bestFor": "Any slide that carries an argument or finding. 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Many have had to look beyond the traditional limits of investing in a PE fund in order to satisfy their bigger appetites for PE.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:43.727+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "806a4244-c73f-4874-a173-cce19bd16216", "parentComponentId": null }, { "bbox": { "h": 0.041, "w": 0.766, "x": 0.117, "y": 0.858 }, "kind": "paragraph", "text": "Rather than competing with GPs in their role as PE fund specialists, separate accounts enlarge their responsibility to that of a more general asset manager.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:43.727+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "91affed9-4e6f-4ae2-8616-066a5c8076bd", "parentComponentId": null }, { "bbox": { "h": 0.069, "w": 0.766, "x": 0.117, "y": 0.383 }, "kind": "paragraph", "text": "There is also a lot for GPs to like about how shadow capital investments complement their traditional relationships with LPs. In a tough fund-raising environment, GPs can offer the opportunity to co-invest as a sweetener to encourage a current LP to re-enlist in a new fund, sign on earlier or commit larger amounts.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:43.727+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2678fa8-b028-4f40-af97-0c1f84d54ca7", "parentComponentId": null }, { "bbox": { "h": 0.152, "w": 0.766, "x": 0.117, "y": 0.695 }, "kind": "paragraph", "text": "Separate accounts. As they look for efficient ways to rationalize their PE exposure while managing larger investment portfolios, sophisticated LPs are turning to PE firms for help. According to a survey by Preqin, 18% of LP respondents reported that they actively invest in PE via separate accounts. Another 25% of those surveyed expressed interest in moving in this direction. 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But as promising as it looks, co-investing programs have difficulty accommodating everyone’s goals. For their part, GPs cannot make co-investment an option available on every deal or for every LP. 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Accounting for roughly 10% of PE assets under management, co-investing is currently the most common way for LPs to put shadow capital to work. Co-investing appeals to LPs that want to exercise more discretion over where and how their money is deployed, without requiring the deal sourcing, due diligence and portfolio management skills that a seasoned GP would be expected to possess. 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As recently as 2012, of the LPs that Preqin interviewed, only 13% believed that returns from co-investment were significantly better than those of a typical PE fund. In Preqin’s latest round of interviews in March 2014, 52% of LPs reported that their co-investment returns were far higher than the returns their funds generated and none said that they were lower. 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In a typical arrangement, a GP pitches opportunities to LPs to put up money on a deal-by-deal basis. Co-investors can choose to actively select the deals in which they will participate or simply agree to join forces with the PE firm in all of its deals. 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"text": "As for LPs, many that are drawn to the idea of co-investing as a good way to proceed lack capabilities needed to process what GPs are offering and end up taking a pass. Sometimes the pro rata allocation in the co-investment opportunity may simply be too small to warrant their participation. Other times, LPs need to be able to react to an offer more quickly than their investment committee cycles permit. Still, co-investment seems to be here to stay, because it is yet another way to align the interests of GPs and LPs, even though this application of shadow capital, too, lowers prices and dilutes GPs' economics.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:49.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0563e929-6ea8-4eff-8bf7-83cb9321d6ab", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.764, "x": 0.118, "y": 0.88 }, "kind": "paragraph", "text": "Recent co-sponsored transactions illustrate the range and breadth of this trend. In May 2014, for example, Ontario Teachers' Pension Plan, the large Canadian pension fund, teamed up with PE firms AEA Investors and Fitness Capital Partners to acquire 24 Hour Fitness, a US-based chain of health clubs, from Forstmann Little. Last June, Temasek, also a Singapore-based investment fund, co-sponsored a Warburg Pincus-led acquisition of 50% of Santander Group's custody business in Spain, Brazil and Mexico.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:49.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15c379d2-c925-464e-8b32-7e6c431a087f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.764, "x": 0.118, "y": 0.53 }, "kind": "paragraph", "text": "may not be practical for some deals. Co-investing today is full of gray areas in terms of the promises GPs are prepared to make to LPs. Many are willing to offer it, but the specifics for how or under what circumstances they will be able to follow through are not fully fleshed out.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:49.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17208549-48fe-4732-8a36-56a2de3c2be7", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.764, "x": 0.118, "y": 0.76 }, "kind": "paragraph", "text": "Co-sponsorships. A transition to more active investing, co-sponsorships enable institutional investors to put capital to work directly in businesses as equal partners with PE firms. In much the same way that PE firms joined forces in club deals prior to the 2008 financial crisis, large, independent-minded institutional investors with an appetite for more direct participation in PE deal making are partnering with GPs to co-sponsor deals of all types and sizes.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:49.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc62833f-6c0b-4bbf-a0b1-5cf0f2f29660", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.764, "x": 0.118, "y": 0.124 }, "kind": "title", "text": "Figure 2.10: LPs' search for better net returns has buoyed their interest in co-investing", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:49.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2942715c-990e-4553-b9f0-37d599fea67a", "parentComponentId": null } ], "metrics": [ { "metricRaw": "Percentage of LPs", "numberRaw": "87%", "numberKind": "percent", "actionTitle": "LPs' search for better net returns has buoyed their interest in co-investing", "calloutText": "87% of LPs plan to maintain or increase co-investments.", "numberScale": null, "numberValue": 87, "metricFamily": "survey_sentiment", "numberCurrency": null } ], "tools": [ { "tool": { "name": "Action Titles", "slug": "action-titles", "status": "active", "bestFor": "Any decision-grade deliverable — strategy recommendation, board update, investment memo, M&A review, post-mortem — where the reader is being asked to agree, decide, or act and will skim the title bar at speed.", "canonId": "019dd956-ac70-700b-a608-ba58e78f5dcc", "version": 1, "bodyDocId": "816dad3c-9983-41c1-a86e-978ebd582841", "description": "The McKinsey-bred discipline of writing every slide title as a complete declarative sentence with a verb and an insight, not a topic label. 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War, social upheaval and tumbling oil prices have sent economies across Russia, Central Asia and the Middle East into free fall.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:45.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c9d1a7e-cdd2-4059-9245-0061b0bb4bc4", "parentComponentId": null }, { "bbox": { "h": 0.281, "w": 0.764, "x": 0.118, "y": 0.566 }, "kind": "paragraph", "text": "It is not only the customary business cycle indicators that point to a revival of the US economy. Analysis by Bain & Company's Macro Trends Group shows four durable sources of growth that could help power the US economic expansion deep into the rest of this decade and potentially beyond—engines that could help keep the economy humming for an entire PE buyout cycle. The first is the rebound of the US consumer, particularly middle-income households that benefited from the Fed's low interest rate policies, which helped reinflate housing prices, the principal source of middle-class wealth. Hit hard by the recession, these consumers are opening their wallets again. The second source of growth is demographics, specifically the coming of age of the vast population of younger adults born after 1980, who are entering their prime household- and family-formation years. Some 81 million strong, this generation is bigger than the baby boomer generation, with 76 million Americans who have largely passed their peak earning years or are entering retirement. The third force powering the economy is the juice provided by the energy sector. Now one of the world's top oil and natural gas producers, thanks to the shale drilling revolution, much of the US energy industry can operate profitably even at today's prices. Meanwhile, US energy consumers will see savings from lower fuel costs flow straight into their pockets and to their bottom lines—a spur to consumption and investment. 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As PE's home turf dating back to the leveraged buyout days of the 1980s, the US has long attracted the lion's share of capital", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:45.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60c95795-77a3-45cd-bf5a-13a5ec94b8d1", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.764, "x": 0.118, "y": 0.161 }, "kind": "paragraph", "text": "Discriminating PE investors have a long list of attributes they look for when deciding where they will put money to work. Their preference to invest where legal protections are strong, capital markets are liquid and corporate governance is transparent has long attracted them to the developed economies of Europe and North America. When the global financial crisis chilled the economies of the West, PE investors' appetites for novelty, an entrepreneurial culture and vast growth potential lured them to seek out opportunities in the emerging markets of Asia-Pacific, Latin America and Africa.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:45.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8415454-8c97-435a-a17e-67de44e8b372", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.215, "x": 0.118, "y": 0.124 }, "kind": "title", "text": "Refocusing on America", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:45.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ab4b086-ac0e-4d50-b07d-6cc5f4f2b2bf", "parentComponentId": null }, { "bbox": { "h": 0.013, "w": 0.388, "x": 0.306, "y": 0.057 }, "kind": "title", "text": "Global Private Equity Report 2015 | Bain & Company, Inc.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:45.309+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c866c420-7c3e-48c0-b051-06ae5919d0a6", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Action Titles", "slug": "action-titles", "status": "active", "bestFor": "Any decision-grade deliverable — strategy recommendation, board update, investment memo, M&A review, post-mortem — where the reader is being asked to agree, decide, or act and will skim the title bar at speed.", "canonId": "019dd956-ac70-700b-a608-ba58e78f5dcc", "version": 1, "bodyDocId": "816dad3c-9983-41c1-a86e-978ebd582841", "description": "The McKinsey-bred discipline of writing every slide title as a complete declarative sentence with a verb and an insight, not a topic label. 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Over the past decade, money pouring into US-focused buyout funds has accounted for 56% of the world's total (see Figure 2.13).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:44.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bd2b944-36bb-4cb9-ac54-229fb127b986", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.211 }, "kind": "paragraph", "text": "The magnet for that capital is the vast pool of sizable companies operating in the world's most open economy (see Figure 2.14). The capacity of the US economy to absorb capital is another of its many attractions to PE investors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:44.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e3747dd-867a-47a8-90a1-07c200abc8a9", "parentComponentId": null }, { "bbox": { "h": 0.067, "w": 0.764, "x": 0.118, "y": 0.277 }, "kind": "paragraph", "text": "Having exposure to the US market has been crucial for LPs that aspire to build a top-tier PE program. Even as PE has spread beyond the US and Europe to other regions around the world since the late 1990s, US-oriented buyout funds have led the elite list of funds, generating a net annual return of 15% or more (see Figure 2.15).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:44.166+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9faf3d60-d1a5-4dac-a57a-c460dcdff6d4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.118, "y": 0.894 }, "kind": "source-note", "text": "Notes: Includes buyout funds with a final close; represents year funds held their final close. Source: Preqin", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Top-performing PE firms understand that the ultimate returns they achieve will reflect the \"quality of the buy\"—how well they size up the potential of the assets they acquire during sourcing and due diligence and how much they ultimately pay.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:46.803+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "94015b7b-228d-4319-8fcb-9bdcd1864b46", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.71, "x": 0.145, "y": 0.476 }, "kind": "paragraph", "text": "Following years of persistent near-zero GDP growth and a steady drumbeat of bad news from the eurozone, European PE investors could breathe a sigh of relief in 2014. The financial turmoil that threatened to undermine the euro and plunge the continent's weaker economies into deep recessions had abated. Yield spreads on euro-denominated sovereign debt had stabilized and, apart from Greece, the air of crisis hanging over the smaller eurozone periphery economies had begun to lift.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:46.803+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97a25259-5f00-4c86-96a7-4af03369457b", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.211 }, "kind": "paragraph", "text": "Once GPs have honed the investment themes they will pursue and confirmed that they are aligned with the core elements of their fund's investment sweet spot—such as the size of the equity commitment they are prepared to make, their geographic preferences and the degree of control they will exercise—they develop a list of potential targets and a plan to approach them.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:46.803+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bee0e739-9733-4449-a5ad-e90de2295ea1", "parentComponentId": null }, { "bbox": { "h": 0.014, "w": 0.386, "x": 0.307, "y": 0.057 }, "kind": "title", "text": "Global Private Equity Report 2015 | Bain & Company, Inc.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:46.803+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2ba1a41-ef5f-409c-a93f-df146de861a4", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Authority Bias", "slug": "authority-bias", "status": "active", "bestFor": null, "canonId": "019dd956-c38d-70b9-a284-b2b479763356", "version": 1, "bodyDocId": null, "description": "Expert opinions are weighted more heavily - cite credible sources", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Architect", "Storyteller" ], "matchId": "019dd95a-173e-703c-8768-502a62695446", "evidence": "Cites 'Bain & Company's Macro Trends Group'", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 70, "extraction": { "at": "2026-04-29 13:07:33.438368+00", "model": "claude-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 50, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "So What? 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Transparent auctions guarantee hot competition for assets, and GPs that prevail in them pay top dollar. The combination of high acquisition prices and longer hold periods is eroding returns. Meanwhile, slow but steady economic growth in major developed markets has put a temporary floor beneath the returns of the weaker PE performers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:46.28+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47af68ed-49fe-4d01-8685-b58dacae9fd3", "parentComponentId": null }, { "bbox": { "h": 0.048, "w": 0.764, "x": 0.118, "y": 0.421 }, "kind": "paragraph", "text": "The squeeze on fund performance. The compression in return multiples between the top- and bottom-quartile funds is mirrored in a narrower distribution of returns overall for recent-vintage funds (see Figure 2.19). Whereas during the 1990s, when 52% of US focused buyout funds generated returns that clustered between", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:46.28+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d280fd1-9d55-446f-b6c6-b28ecedd3a45", "parentComponentId": null }, { "bbox": { "h": 0.185, "w": 0.764, "x": 0.118, "y": 0.227 }, "kind": "paragraph", "text": "The cumulative result of these shifts has to compress industry returns. As recently as a decade ago, top-quartile buyout funds generated between $2 and $3 or more for each dollar of capital invested—nearly a full turn higher than the best of the bottom-quartile funds whose ratio of returns per invested dollar hovered between 1-to-1 and 1.5-to-1 (see Figure 2.18). The picture is very different today. Among recent-vintage funds launched between 2006 and 2010, the gap separating the top-quartile GPs from their bottom-quartile peers has narrowed to less than 50 cents—$1.54 per dollar invested for the best 2010-vintage buyout funds vs. $1.10 per dollar invested for the laggards. The extent of the compression that we are seeing in recent vintage funds may be temporary. As these funds exit investments and realize gains, the gap between the top- and bottom-performing funds could widen some. 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"canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-24 12:56:32+00", "model": "or:google/gemini-3.1-flash-lite-preview", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd951-b48c-7655-b300-bc29e7390ee8", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.78, "x": 0.118, "y": 0.75 }, "kind": "paragraph", "text": "LPs do get interim readings on the status of their unrealized holdings, of course, when GPs revalue assets still held in the portfolio to reflect market-equivalent gains or losses. But those mark-to-market updates have been of little help as forward-looking assessments about where their funds will ultimately end up and, hence, of little value in guiding their future capital commitments. For example, when Bain & Company analyzed a sample of buyout funds whose valuations put them in the top quartile after their first year, we discovered that just 40% of them ended up as top-quartile funds by the end of year seven. In fact, they were just as likely to have closed out their seventh year as underperforming third- or fourth-quartile funds. Likewise, 40% of the funds that were in the bottom quartile after their first year ended up in the top two quartiles after seven years (see Figure 2.20).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:46.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49952b8e-751a-48da-9b8d-42ec88079e34", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.118, "y": 0.67 }, "kind": "paragraph", "text": "Trying to hit a moving target. For LPs, the task of separating the strong from the weak performers for purposes of deciding which GPs to back with future capital commitments has become that much harder as PE funds have stretched out holding periods for investments.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:46.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ae11fdc-8d4a-468a-925e-78411ee5d5b2", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.78, "x": 0.118, "y": 0.53 }, "kind": "paragraph", "text": "zero and 20%, fully 75% of the 2005 through 2009 vintage funds have produced gains that fall within that range. With so many recent-vintage funds bunched within that narrow band, many fewer GPs show up in the distribution tail with funds that produced superstar returns. Just over 15% of the US-focused buyout funds from the 2005-2009 vintages are on track to yield outsized IRRs that exceed 20%; in comparison, nearly 30% of 1990s-vintage funds and fully 35% of funds in the 2000-2004 vintages produced IRRs over 20%. 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0.118, "y": 0.876 }, "kind": "source-note", "text": "Notes: Analysis includes buyout funds with investment region focus of North America, Central and South America, Western Europe, and Central and Eastern Europe; includes 125 fund pairings with the \"predecessor fund's vintage: 2000 and prior\" and 93 fund pairings with the \"predecessor fund's vintage: 2001 and after\". 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Sources: Preqin; Bain analysis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Persistence still matters, but LPs can no longer rely on it as they have in the past and must look beyond a GPs past track record when making investment decisions. Investors have become keenly aware that beta, the passive outcome of market forces, is no longer likely to produce consistently strong returns from one fund to the next. But alpha—the value addition that skillful GPs manage to generate—is repeatable, as suggested by recent research from Oliver Gottschalg, a professor at the École des Hautes Études Commerciales in Paris, in collaboration with Golding Capital Partners. Their study found a statistically significant correlation between the evidence of alpha present in one fund and its successor. By identifying funds that have a demonstrated model for generating alpha, LPs can differentiate successful funds that will likely win again from those that are not apt to repeat their past success—though this is easier said than done. An even bigger challenge for LPs is to identify which firms have a repeatable model in place for generating alpha from the start. If they wait until the firm has demonstrated success in several earlier funds, they will likely find that they are too late to get in as an investor with that GP in its latest offering.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:47.213+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72db2fba-7dc2-40de-b53c-0d9e44baceb2", "parentComponentId": null }, { "bbox": { "h": 0.125, "w": 0.764, "x": 0.118, "y": 0.448 }, "kind": "paragraph", "text": "When they sit across from skeptical LPs to pitch their latest fund, many GPs recognize that they have some explaining to do. If your most recent fund faltered, how can LPs tell whether the misfire was a one-off anomaly or a sign that your firm has lost its mojo? If your most recent fund's results fall within the narrow range of so-so performance turned in by the majority of GPs, what will persuade LPs that your next will be a breakaway winner? If your funds have done well in the past, how can they remain confident that you still have the skills needed to repeat that success?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:47.213+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e14cc81a-5bcb-44c0-b9b6-fd448e5b843e", "parentComponentId": null }, { "bbox": { "h": 0.145, "w": 0.764, "x": 0.118, "y": 0.585 }, "kind": "paragraph", "text": "Some PE firms that hit a bump during the downturn assuage questioning LPs by candidly acknowledging past mistakes and then quickly assuring them that these are unlikely to recur. Others that may have outperformed trumpet their success, while quietly anguishing over whether good fortune may deserve more credit than deft investment or portfolio management skills for their recent fund's strong performance. But candor and luck go only so far. Forward-looking GPs—the kind that LPs want to invest behind—understand they must demonstrate that they can tap clear and enduring sources of competitive advantage, an alpha model that enables them to transform the assets they acquire to generate top-quartile returns.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:47.213+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f01ad3ff-b593-4236-a9ea-20ae4603b845", "parentComponentId": null }, { "bbox": { "h": 0.145, "w": 0.764, "x": 0.118, "y": 0.742 }, "kind": "paragraph", "text": "At the core of a well-tuned alpha model is a PE firm's clear articulation of where it will play and how it will win. It draws a tight ring around the investment areas where it is confident it will find success and where it will hunt for the majority of its deals. It determines how it will win by looking across the entire investment value chain to map out an angle of attack that makes the most of the firm's unique strengths—from sourcing deals and conducting enhanced due diligence to applying a robust portfolio value-creation model and nimbly managing the exit process. In today's investing environment, those firms that hone a repeatable model for value creation in their portfolio companies will outpace the rest.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:47.213+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5e3b48d-3ff0-4736-b589-3ee6f3a6aa26", "parentComponentId": null }, { "bbox": { "h": 0.013, "w": 0.386, "x": 0.307, "y": 0.057 }, "kind": "title", "text": "Global Private Equity Report 2015 | Bain & Company, Inc.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:47.213+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54f5a741-8d4f-401e-be26-7a4c55bd1cf0", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.215, "x": 0.118, "y": 0.421 }, "kind": "title", "text": "GPs' mandate to differentiate", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:35:47.213+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79e059ec-f977-49c6-adfc-e829cf5da413", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Action Titles", "slug": "action-titles", "status": "active", "bestFor": "Any decision-grade deliverable — strategy recommendation, board update, investment memo, M&A review, post-mortem — where the reader is being asked to agree, decide, or act and will skim the title bar at speed.", "canonId": "019dd956-ac70-700b-a608-ba58e78f5dcc", "version": 1, "bodyDocId": "816dad3c-9983-41c1-a86e-978ebd582841", "description": "The McKinsey-bred discipline of writing every slide title as a complete declarative sentence with a verb and an insight, not a topic label. 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