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  "documentTitle": "Global Private Equity Report 2015",
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      "text": "Among the PE funds that closed in 2014, 30% met or exceeded their fund-raising target within 12 months, a meaningful improvement from two years ago.",
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      "text": "Hit or beat target in less than 1 year; Hit or beat target in 1-2 years; Raised less than target and/or took more than 2 years",
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      "text": "Percentage of funds closed: 48%",
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      "text": "LPs are still shying away from recommitting to GPs with whom they have had a bad experience. But in a recent Preqin survey, four out of five LPs said they were open to investing with a GP with whom they had not previously worked. It takes significant investment for PE firms to cultivate relations with new LPs that may eventually result in a commitment of capital to a new fund, but the evidence shows it is paying off. Among funds that had their final close between 2012 and 2014, 64% of funds were able to replace 30% or more of the LPs that had invested in a predecessor fund with new investors.",
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      "kind": "paragraph",
      "text": "a fund down to around 14 months for funds closed in 2014. Of course, averages obscure the reality that the most successful and sought-after GPs have been able to raise new capital quickly and easily, while others have struggled. Among the PE funds that closed in 2014, 30% met or exceeded their fund-raising target within 12 months, a meaningful improvement from two years ago. Buyout fund-raisers were more successful, with nearly half raising the capital they sought within a year (see Figure 1.9).",
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      "text": "With so much money in the hands of LPs looking to reinvest in PE, the improved fund-raising results enjoyed by top-performing firms is spilling over to other GPs more broadly. Money that could not find a home in a new fund of a top-performing GP is cascading down to GPs with weaker or shorter track records, enabling more funds to successfully raise capital.",
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      "text": "Figure 1.9: Fund-raising remained bifurcated in 2014, but more GPs had success raising capital in prior years",
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