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  "documentTitle": "Global Private Equity Report 2015",
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  "notes": "The chart illustrates the performance of Buyout, Growth equity, Venture capital, Distressed, Mezzanine, and Real estate funds.",
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      "text": "Every major category of PE matched or exceeded the strong double-digit one-year gains racked up in 2013.",
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      "text": "One-year end-to-end pooled net IRR (global funds)",
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      "text": "The strong short-term fund returns flowed from two powerful streams: from the healthy gains funds realized through asset sales in a buoyant year for exits, as well as from the appreciation in the carrying value of assets that remained unsold in PE portfolios. The unrealized gains, the result of mark-to-market accounting adjustments, have been an especially important contributor to the solid one-year results. Despite robust exit activity in",
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      "kind": "paragraph",
      "text": "through smart financial and operational restructuring of assets that fortified them against the economic storm and positioned them to benefit from the recovery. Together, the combination of market beta and the alpha of active value creation engineered PE's resurgence. PE returns are up both in the short run and over the longer term.",
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      "text": "LPs had good reason to cheer PE's performance through the first half of 2014, the latest results available at the time of publication. According to data compiled by Cambridge Associates, an investment consulting firm, nearly every major category of PE matched or exceeded the strong double-digit one-year gains racked up in 2013 (see Figure 1.13). Buyout funds climbed 23%; growth-equity funds were up 25%; and venture capital funds came in 30% above the previous year. Across the major geographic regions, buyout and growth-equity funds gained 24% in both the US and in the developed economies of Europe over 2014 through midyear; emerging-market-focused funds posted a modest 5% uptick.",
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      "kind": "paragraph",
      "text": "The strong returns story reflects solid fundamentals of robust exit markets and valuation gains on PE funds' portfolio holdings. But as we shall soon discuss, a disquieting concern lurks just beneath this shining surface. PE's long-term performance edge over investments in the public equity markets appears to be diminishing in recent fund vintages. A gradual erosion in PE's overall competitive advantage has important implications for PE investors.",
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      "text": "Source: Cambridge Associates",
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      "text": "Figure 1.13: Short-term returns continued to climb through mid-2014",
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