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  "documentTitle": "Global Private Equity Report 2015",
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  "notes": "Source: Preqin. The chart illustrates the accumulation of capital in various PE asset classes over time.",
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      "text": "By year end, their mountain of dry powder topped out at a shade above $1.2 trillion—$452 billion of it for buyouts.",
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      "text": "Global PE dry powder: $1.2 trillion",
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      "text": "Abundant dry powder and credit were not just characteristics of the mature US and European markets; steadily rising stores of capital overhung PE funds across the Asia-Pacific region as well, pressuring GPs to put money to work and cranking up competition for deals. In all, dry powder in the Asia-Pacific-focused buyout and growth funds totaled $87 billion at the end of 2014, an increase of 64% from the end of 2008.",
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      "text": "Lenders desperate for yield flocked to PE, holding down the cost of debt for buyouts and offering favorable terms to issuers as the supply of credit far outpaced demand. Average multiples of debt used in leveraged buyouts in 2014 continued to climb in the US and Europe, inching back up to levels last seen during the prerecession years of 2006 and 2007.",
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      "text": "acquisitions as 2014 began. As the year unfolded, PE firms refilled their coffers faster than they could put capital to work; by year end, their mountain of dry powder topped out at a shade above $1.2 trillion—$452 billion of it for buyouts (see Figure 1.11).",
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      "text": "Instead of greasing the skids of global deal making, however, these vast sums of dry powder, supplemented by abundant cheap debt in the hands of eager PE buyers, pushed up prices in a capital-saturated market where attractive assets were in limited supply. Courted on all sides, would-be sellers in every major market could hold out for top dollar for assets they controlled. PE buyers ran into stiff competition from familiar deal-making rivals. Flush with record-high levels of cash, corporations remained active acquirers, as they have been since the start of the economic recovery. Continued buoyant public equity markets also set a firm floor under asset valuations. Despite short-lived bumps that gave sellers no reason to recalibrate their price expectations, the FTSE 100 and DAX indexes ended 2014 up 8% and",
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      "text": "Figure 1.11: PE funds held record amounts of dry powder in 2014, including $452 billion for buyouts",
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