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  "documentTitle": "Global Private Equity Report 2015",
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  "notes": "Data source: Cambridge Associates. Methodology: mPME (modified Public Market Equivalent).",
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      "text": "Notes: Europe includes developed economies only; vintage year is determined by year of fund's first cash flow; vintages after 2008 were excluded because they have relatively few investments and realizations; Cambridge Associates' mPME is a proprietary private-to-public comparison methodology that evaluates what performance would have been had the dollars invested in PE been invested in public markets instead; the public index's shares are purchased and sold according to the PE fund cash-flow schedule. Source: Cambridge Associates",
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      "text": "Figure 1.17: Top-quartile funds continue to outperform, but for average funds the gap has narrowed",
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