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  "documentTitle": "Global Private Equity Report 2015",
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  "notes": "Includes hand-drawn red arrows indicating the market dip in 2009-2010 and subsequent recovery.",
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      "text": "A healthy recovery in longer-term PE returns mirrored the good short-run gains.",
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      "text": "10-year end-to-end pooled net IRR (global buyout funds)",
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      "text": "Stronger-than-expected returns from the big buyout fund vintages of 2005 through 2008 have contributed to the recovery. Acquired at high prices in the years immediately preceding the global financial crisis, asset valuations of these large fund vintages took a huge hit when the public equity markets tumbled. GPs were obliged to stretch out holding periods as they nursed assets back to health and gradually harvested gains. That work is well under way for the oldest boom-year vintage: The 2005 funds have now remitted back to LPs 99 cents for each dollar of original equity capital invested.",
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      "kind": "paragraph",
      "text": "recent years that has shrunk the once-long overhang of unrealized PE portfolio holdings acquired during the boom years from 2005 through 2008, the value of all unrealized PE assets currently stands at a record $2.6 trillion through June 2014, 50% more than at year-end 2010. The value of unrealized assets held in buyout funds now stands at $942 billion.",
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      "text": "Indeed, notwithstanding short-term swings in the public equity indexes, portfolio valuations for nearly every type of PE holding have increased each quarter since September 2011. Only mezzanine funds and venture capital funds experienced brief write-downs before rebounding.",
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      "text": "A healthy recovery in longer-term PE returns mirrored the good short-run gains. Having hit a low of an 8.8% return at the bottom of the PE cycle in 2009 and 2010, the return for global buyout funds over a 10-year time horizon has trended gradually upward over the past four years, standing at 14.4% as of midyear 2014 (see Figure 1.14).",
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      "text": "Source: Cambridge Associates",
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      "text": "Figure 1.14: Long-term buyout-fund returns remain strong, at better than 14% annualized over 10 years",
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