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  "documentTitle": "Asia-Pacific Private Equity Report 2014",
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      "text": "Unspent capital held by Asia-Pacific-focused funds (dry powder)",
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      "text": "The resulting difficulty in finding affordable targets was matched by an inability to unload a record $215 billion in unrealized value. Exit activity dropped 34%, to $48 billion.",
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      "text": "While macroeconomic weakness might normally be expected to put downward pressure on company multiples, heavy competition for a limited number of deals had the opposite effect.",
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      "text": "Deal value suffered from a troublesome combination of weakening economic conditions, stubbornly high asset prices and volatile public-offering markets, which discouraged pre-IPO deals.",
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      "text": "Sources: Preqin; Bain Asia-Pacific 2014 PE survey (n=202; Jan/Feb 2014)",
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      "text": "Figure 2.4: A record high level of dry powder led to heavy competition for deals among PE firms",
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      "text": "Exits: Trouble in the IPO channel",
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