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  "documentTitle": "Asia-Pacific Private Equity Report 2014",
  "authorId": "Bain",
  "authorName": "Bain",
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  "notes": "The slide contains two distinct charts: a stacked bar chart with a trend line for exit values and a grouped bar chart for pre-IPO/mezzanine deal values.",
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      "text": "The lack of a viable IPO channel not only crimped exits but also contributed to the drop in investment transaction volume.",
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      "text": "China's pre-IPO/mezzanine deal value (2010-2013)",
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      "text": "Emerging Asia exit value (2009-2013)",
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      "text": "Exit value: $29B",
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      "text": "Against this unsettled backdrop, it is hardly surprising that fund-raising has continued to decline in the region, with allocations to Asia-Pacific-focused funds dropping 30% in 2013, to $31 billion. After pumping record amounts of capital into the region with too little to show for it, LPs have been rebalancing their portfolios and directing their commitments to other markets.",
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      "text": "As investors slow their capital flows to the Asia-Pacific region, they are also becoming increasingly disciplined about which firms they will invest with. LPs have made a pronounced shift in allocations to the largest, most experienced GPs. Over time, as weaker firms fail to replenish capital and slowly wind down, this will cull the number of PE firms active in the market. Meanwhile, LPs are seeking to diversify their geographic exposure. Regional funds raised significantly more capital in 2013 than country-specific funds, with GPs focused on Greater China (China, Taiwan and Hong Kong) bearing the brunt of the shift. Fund-raising by Greater China-focused funds rose to record levels over the past decade but dropped 64% last year, as LPs became concerned that capital was piling up, leaving them overallocated in the market.",
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      "text": "where equities shot up 20% in the first half of the year before collapsing in later months. The lack of a viable IPO channel not only crimped exits but also contributed to the drop in investment transaction volume (see Figure 2.5). Market volatility reduced opportunities for pre-IPO deals, especially in China, and persuaded some company owners to wait for a more opportune time to sell.",
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      "kind": "source-note",
      "text": "Source: AVCJ",
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      "kind": "title",
      "text": "Fund-raising: A flight to quality",
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      "kind": "title",
      "text": "Figure 2.5: Sluggish markets for public offerings in emerging Asia limited deal and exit opportunities",
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