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  "documentTitle": "Asia-Pacific Private Equity Report 2014",
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  "notes": "Hand-drawn red box highlights the 2006-2008 vintage years.",
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      "text": "Until GPs in the region can begin to whittle down their enormous backlog of unfunded commitments and produce more exits from boom-year vintages—especially in China and India—it is unlikely LPs will be willing to steer significant new commitments their way.",
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      "text": "Amid the slowdown in deal making and exits, returns on investment have also disappointed. Simply put, GPs, on average, have failed to deliver on the high expectations that originally ignited the market.",
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      "text": "This clear flight to quality has begun to reshape the Asia-Pacific PE landscape. Up until 2011, raising a fund in the region was relatively easy. But most GPs seeking new capital in the market struggled during 2013, with about 60% of them failing to meet their targets.",
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      "text": "Returns: Not what the market expected",
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      "text": "Figure 2.6: Boom-year vintage funds have returned scant capital to LPs, making new commitments unlikely",
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