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      "text": "So strongly has the supply-demand balance for new funds tipped in favor of GPs that PE firms are testing ways to reinforce fund fees and terms that had softened to the advantage of LPs in the wake of the global downturn.",
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      "text": "that were well above the targets they set out to raise: 112% for US-sponsored funds and 110% for funds sponsored by GPs based outside the US. Of buyout funds, 25% brought in at least 125% of their targeted goals, and none closed having raised less than half of the amount they had aimed to raise.",
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      "text": "Of the five largest buyout funds to close last year, all hit or exceeded their goals, and each was substantially larger than the fund that preceded it. Three of these funds achieved their final close within eight months of their launch date. The largest of the group, Blackstone Capital Partners VII, raised $18 billion and was the second-biggest buyout fund raised since 2008. Launched in November 2014, the fund closed last December having raised 111% of The Blackstone Group's predecessor fund. The runner-up, Warburg Pincus Private Equity XII, hit its $12 billion target in a quick six months. Among the dozen top buyout funds to close in 2015, seven were offered by a GP based in North America, three by GPs in Europe and two by GPs in Asia. Much of the capital raised in North America is also slated for investments across the globe, including funds sponsored by KKR and The Carlyle Group that are earmarked for Europe, and others that plan to invest across several regions. Among the 12 largest buyout funds still on the road at year-end, all aimed to raise $5 billion or more, and two, Advent Global Private Equity VIII and KKR Americas Fund XII, were shooting to bring in $12 billion and $10 billion, respectively.",
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      "text": "So strongly has the supply-demand balance for new funds tipped in favor of GPs that PE firms are testing ways to reinforce fund fees and terms that had softened to the advantage of LPs in the wake of the global downturn. For example, The Wall Street Journal reported that Boston-headquartered global buyout firm Advent International dropped the preferred hurdle rate that it would need to clear before it begins collecting carried interest on the $12 billion fund that it is currently shopping to LPs. In Europe, Valedo Partners, a middle-market firm based in",
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      "text": "Note: Average months to close excludes funds closed in less than one month or more than 40 months\nSource: Preqin",
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      "text": "Figure 1.7: Funds closed faster and more hit their targets in 2015 than at any time since 2007",
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