{
  "docId": "019dd923-5ca1-7489-b635-efee526b2162",
  "docSlug": "6ebe7bc3c470921e",
  "documentTitle": "Global Private Equity Report 2015",
  "authorId": "Bain",
  "authorName": "Bain",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "strategy_consulting",
  "sourceTypeLabel": "Strategy consulting",
  "presentationDate": null,
  "orientation": "portrait",
  "aspectRatio": 0.773,
  "pageNumber": 56,
  "pageCount": 68,
  "prevPage": 55,
  "nextPage": 57,
  "slideType": "data_table",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 48,
  "notes": "Figure 2.21 compares top vs bottom quartile funds over time. Figure 2.22 compares successor fund performance based on predecessor vintage.",
  "elementsJson": [
    "bar_chart_100pct",
    "bar_chart_100pct"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5ca1-7489-b635-efee526b2162/56",
  "deckHref": "/decks/019dd923-5ca1-7489-b635-efee526b2162",
  "deckJsonHref": "/decks/019dd923-5ca1-7489-b635-efee526b2162.json",
  "deckAnchorHref": "/decks/019dd923-5ca1-7489-b635-efee526b2162#slide-56",
  "components": [
    {
      "bbox": {
        "h": 0.043,
        "w": 0.107,
        "x": 0.775,
        "y": 0.752
      },
      "kind": "callout",
      "text": "10 percentage point drop in top-quartile persistence",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cbb7ba75-e70a-447c-8e7b-7296bb169346",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "The persistence of fund performance appears to be slipping",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd951-b48c-7655-b300-d9ecf0399cb5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.235,
        "w": 0.382,
        "x": 0.505,
        "y": 0.181
      },
      "kind": "chart",
      "text": "Buyout funds that were bottom quartile in year 7",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63ca86af-33fc-4331-85b4-0f685d5afb58",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.265,
        "w": 0.764,
        "x": 0.118,
        "y": 0.591
      },
      "kind": "chart",
      "text": "Performance quartile distribution of successor funds to top-quartile funds",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6fbee047-f758-4f82-93d9-2a8867243d91",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.235,
        "w": 0.382,
        "x": 0.118,
        "y": 0.181
      },
      "kind": "chart",
      "text": "Buyout funds that were top quartile in year 7",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "92d69f1b-9ce1-4843-b596-31ee1e9a4ab1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Quartile performance",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd951-b48c-7655-b300-dda9ff2126e8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.043,
        "w": 0.764,
        "x": 0.118,
        "y": 0.876
      },
      "kind": "source-note",
      "text": "Notes: Analysis includes buyout funds with investment region focus of North America, Central and South America, Western Europe, and Central and Eastern Europe; includes 125 fund pairings with the \"predecessor fund's vintage: 2000 and prior\" and 93 fund pairings with the \"predecessor fund's vintage: 2001 and after\". Sources: Preqin; Bain analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c0a31167-645a-4a6a-ae71-0e2be4b2276f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.029,
        "w": 0.591,
        "x": 0.118,
        "y": 0.476
      },
      "kind": "source-note",
      "text": "Notes: Year 7 is the fund vintage year plus seven; includes buyout and balanced funds across all vintage years. Sources: Preqin; Bain analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fa65066d-0ca0-4421-bfb9-01b2548f247a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.014,
        "w": 0.386,
        "x": 0.307,
        "y": 0.057
      },
      "kind": "title",
      "text": "Global Private Equity Report 2015 | Bain & Company, Inc.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c15c185f-368a-4506-a42b-5679ae49ae67",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.014,
        "w": 0.764,
        "x": 0.118,
        "y": 0.124
      },
      "kind": "title",
      "text": "Figure 2.21: How well a fund will ultimately perform is not clear until around the seventh year of its life",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c5838773-1a28-4557-a88d-3336422fb3e9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.014,
        "w": 0.671,
        "x": 0.118,
        "y": 0.533
      },
      "kind": "title",
      "text": "Figure 2.22: The persistence of fund performance appears to be slipping",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ffae96ce-96f4-4744-80f4-8c048a381b38",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "2x2 matrix",
      "slug": "matrix-2x2",
      "agent": null,
      "layer": "slide",
      "matchId": "1a0d96da-670a-464f-adc4-9d25f49d6b5d",
      "evidence": "Further Bain analysis found that it is only after around year seven in a fund's life that its ultimate return profile begins to stabilize.",
      "confidence": 0.5
    },
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019dd95a-173e-703c-8768-7b4b317f91dd",
      "evidence": "Title quantifies: 'not clear until around the seventh year'",
      "confidence": 85
    },
    {
      "name": "So What? Test",
      "slug": "so-what-test",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019dd95a-173e-703c-8768-7c3027cd63ba",
      "evidence": "Callout: 'persistence of fund performance appears to be slipping'",
      "confidence": 75
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 58,
      "from": 52,
      "beatId": "019dd95a-07a4-702a-b0b2-910214af8673",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "Performance compression data: vintages, quartile gaps, persistence slipping",
      "position": 4,
      "confidence": 82,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    },
    {
      "to": 58,
      "from": 29,
      "beatId": "019dd95a-07a5-761b-9143-8438c4caf57f",
      "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",
      "parentBeatSlug": "reflection"
    }
  ],
  "loops": [
    {
      "to": 57,
      "from": 52,
      "name": "So What Cascade",
      "slug": "41-so-what-cascade",
      "bestFor": "Data presentations, executive summaries, driving to recommendations",
      "matchId": "019dd95a-088c-724c-b312-49466c52b2cc",
      "evidence": "Compressed returns -> narrower band -> persistence slipping -> GPs' mandate to differentiate.",
      "position": 9,
      "objective": "Drive return-compression data to a so-what about GP differentiation",
      "structure": "The Data -> So What? (Insight 1) -> So What? (Insight 2) -> So What? (The Action)",
      "confidence": 80,
      "description": "Chain insights together, each answering 'so what?' until you reach the actionable conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}