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  "documentTitle": "Global Private Equity Report 2015",
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      "text": "In this section, we highlight four forces that have exerted increasing influence over PE in recent years and will likely weigh heavily in the industry's evolution in ways that every PE investor will need to be aware of in 2015 and beyond.",
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      "text": "We then size up the opportunities that PE firms will find as they refocus on the US, the industry's biggest and most mature market.",
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      "text": "How differently events have turned out. Successive years of near-zero interest rates and favorable credit conditions enabled PE borrowers to refinance their debt.",
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      "text": "Viewed from the safe shores of 2015, it is easy to forget how dire the prospects for the PE industry looked seven tumultuous years ago as investors stared into the abyss of an imploding economy.",
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      "text": "Next, we consider the challenge posed by \"shadow capital\" in the hands of LPs, the role it is playing in PE deal making and how it is altering the characteristics and economics of the LP-GP relationship.",
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      "text": "Where does that leave PE today? Clearly, when well-founded expectations of an industry in trouble are so strongly at odds with the ultimate reality of renewed vigor and health, there must be forces at work that have yet to receive their full due.",
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      "text": "The first of these is the vast global expansion of investors' balance sheets... Totaling some $600 trillion in 2010, financial assets will increase by another 50% by the end of the decade.",
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      "text": "2. What's happening now: Dynamics that will shape PE in 2015 and beyond",
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