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  "documentTitle": "Conquering the next value frontier in private equity",
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      "text": "Across these IPO companies, we found 125 that achieved above peer profitability and growth both one year prior to listing, and the year of listing. They also outperformed the broader public equity markets (MSCI World Index) by 4.18x and other PE-backed companies that went public by 6.33x in their first six months of trading.",
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      "text": "To support innovation and growth, firms need to invest in building new capabilities and capacity. For asset-heavy industries, this means investing more in capex to augment capacity. For asset-light industries, it means investing more in intangibles like patents, trademarks and other intellectual property. The two years prior to listing and the year of IPO, leading value creating firms consistently invested more in these areas as a percentage of revenue, scaled growth and created new revenue streams.",
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      "text": "As an industry, private equity has always demonstrated an extraordinary ability to adapt, and that’s what limited partners are looking for when choosing investment partners. As part of our research, we looked to uncover commonalities leading to exceptional financial performance in PE-backed companies. Since annual financials are not available publicly for most private-to-private transacted portfolio companies, we examined more than 800 PE-backed companies that went private-to-public from the start of 2017 to the end of 2022. Across these IPO companies, we found 125 that achieved above peer profitability and growth both one year prior to listing, and the year of listing. They also outperformed the broader public equity markets (MSCI World Index) by 4.18x and other PE-backed companies that went public by 6.33x in their first six months of trading.",
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      "text": "As deals become more complex, leaders are expanding their toolkits by embedding more fundamental operating platform rewiring and employing new value creation approaches. This doesn’t necessitate discarding current tools. Those interventions help make the investment case. Rather, it is about expanding at speed by being eager to work in less insular ways. Our survey revealed that a lack of open ecosystems and technology partners is the number one roadblock to value creation in technology, data and AI. Leading value creating firms are able to partner more, engaging in 1.40x more investment partnerships, 1.25x more research partnerships and 1.21x more competitor partnerships.",
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      "text": "01. Moving out of the comfort zone",
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      "text": "02. Investing for future growth",
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