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  "documentTitle": "Global Private Equity Report 2016",
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  "notes": "The text discusses the reluctance of banks to underwrite PE deals due to regulatory pressures and credit market volatility, using the Carlyle/Veritas deal as a case study.",
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      "text": "The tumult in credit markets roiled PE deal making in 2015 and, to the disadvantage of PE acquirers, significantly altered terms of deals that did reach completion.",
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      "text": "Facing these more uncertain conditions, banks—the critical intermediaries that PE firms count on to advance the leverage needed to bankroll a deal—increasingly have become reluctant underwriters.",
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      "text": "Source: S&P Capital IQ LCD",
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      "text": "Figure 1.12: In 2015, average LBO purchase price multiples hit record highs in the US",
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