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  "documentTitle": "Asia-Pacific Private Equity Report 2014",
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  "notes": "The slide includes a bar chart showing geographic preferences for LP investment, with a red box highlighting the declining trend for Asia.",
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      "text": "Although their optimism has tempered, LPs still see Asia as a key investment region.",
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      "text": "Three major geographies targeted by LPs over the next year (percentage of respondents)",
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      "text": "Although their optimism and capital flows have clearly moderated, LPs in our survey still believe in the Asia-Pacific region's long-term growth potential. Globally, their commitment to the PE asset class remains firm, and Asia is a crucial part of a diversified portfolio. In the short term, however, the industry's dynamics will likely favor investment in developed markets, where recent distributions have been strong, requiring investors to add new capital to maintain proper allocation levels (see Figure 3.7).",
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      "text": "Historically, there is a tight correlation between PE market activity and fund-raising. Until exits and deal making rebound in Asia, LPs will be reluctant to increase their allocations to the region. As we've noted, LPs in Asia have been cash-flow negative for nearly a decade, meaning their contributions outweigh their distributions. A large exit overhang leaves LPs reluctant to commit new capital until they receive cash back from aging investments. Similarly, when GPs have trouble putting old money to work, LPs balk at new commitments, fearing they will become overallocated in a particular market or exposed to a liquidity squeeze if capital calls were to suddenly pick up.",
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      "text": "So far in 2014, GPs have responded to investors' reticence by trimming their demands. As many as 258 firms are on the road, seeking to raise new rounds of capital, but they have moderated their ambitions and are targeting smaller funds. Given that 65% of Bain survey respondents said they are planning to raise a new fund in the next 24 months, the number of funds on the hunt will increase throughout the year. But that is unlikely to produce a significant rebound in fund-raising in 2014 (see Figure 3.8).",
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      "kind": "source-note",
      "text": "Source: Probitas",
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      "kind": "title",
      "text": "Fund-raising: Waiting for action",
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      "text": "Figure 3.7: Although their optimism has tempered, LPs still see Asia as a key investment region",
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