{
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  "docSlug": "6ebe7bc3c470921e",
  "documentTitle": "Global Private Equity Report 2015",
  "authorId": "Bain",
  "authorName": "Bain",
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  "sourceTypeSlug": "strategy_consulting",
  "sourceTypeLabel": "Strategy consulting",
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  "notes": "Contains two distinct figures (2.3 and 2.4) on one page.",
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      "kind": "callout",
      "text": "Heading into 2009, PE portfolio companies faced massive debt repayments and the threat of widespread defaults . . . but through repayments and refinancings, they quickly brought debt under control",
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      "kind": "chart",
      "text": "US leveraged loans set to mature between 2012 and 2014",
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      "kind": "chart",
      "text": "US leveraged loan maturities by year",
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        "y": 0.59
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      "kind": "chart",
      "text": "Change in NAV from previous quarter (global buyout funds, weighted)",
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      "text": "US leveraged loan maturities",
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        "x": 0.118,
        "y": 0.49
      },
      "kind": "source-note",
      "text": "Source: S&P Capital IQ LCD",
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        "y": 0.9
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      "kind": "source-note",
      "text": "Source: Preqin",
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      },
      "kind": "title",
      "text": "Figure 2.4: Steadily increasing asset valuations have boosted PE buyout portfolios since the financial crisis",
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        "x": 0.118,
        "y": 0.125
      },
      "kind": "title",
      "text": "Figure 2.3: The \"wall of refinancing\" worries that once looked insurmountable have been overcome",
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  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "block",
      "matchId": "019dd95a-173e-703c-8767-dc0b1ba2508f",
      "evidence": "Before (massive debt repayments) -> bridge (refinancings) -> after (debt under control)",
      "confidence": 72
    },
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      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
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      "evidence": "'wall of refinancing worries … have been overcome'",
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      "beatId": "019dd95a-07a4-702a-b0b2-8d12c1cef02c",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "Section 2 four forces: capital superabundance, shadow capital, US, Europe",
      "position": 3,
      "confidence": 82,
      "parentBeatName": "Turn",
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      "arcName": "The Triple Take",
      "arcSlug": "triple-take",
      "beatName": "The Implications (So What)",
      "beatSlug": "triple-take-the-implications-so-what",
      "evidence": "Section 2: dynamics that will shape PE in 2015+",
      "position": 2,
      "confidence": 70,
      "parentBeatName": "Reflection",
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  "loops": [
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      "name": "Why Now",
      "slug": "15-why-now",
      "bestFor": "Sales pitches, fundraising, requesting immediate budget approval",
      "matchId": "019dd95a-088c-724c-b312-3b10d5f2b5b8",
      "evidence": "Trend (capital growth) -> trigger (post-2009 rate drop) -> outcome (refinancing wall overcome).",
      "position": 5,
      "objective": "Explain why capital superabundance and low rates rescued PE",
      "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity",
      "confidence": 75,
      "description": "Create temporal urgency by proving that the window of opportunity is opening or closing"
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