{
  "docId": "019dd923-5ca1-7489-b635-f31a406868d6",
  "docSlug": "ad48a7aff8040249",
  "documentTitle": "Global Private Equity Report 2016",
  "authorId": "Bain",
  "authorName": "Bain",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "strategy_consulting",
  "sourceTypeLabel": "Strategy consulting",
  "presentationDate": null,
  "orientation": "portrait",
  "aspectRatio": 0.773,
  "pageNumber": 20,
  "pageCount": 72,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "industry_trends",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 22,
  "notes": "The slide includes two bar charts comparing US and Europe debt-to-EBITDA trends. The text discusses the impact of debt availability on PE deal-making.",
  "elementsJson": [
    "bar_chart_vertical",
    "paragraph",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5ca1-7489-b635-f31a406868d6/20",
  "deckHref": "/decks/019dd923-5ca1-7489-b635-f31a406868d6",
  "deckJsonHref": "/decks/019dd923-5ca1-7489-b635-f31a406868d6.json",
  "deckAnchorHref": "/decks/019dd923-5ca1-7489-b635-f31a406868d6#slide-20",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The result has been to force buyout funds to put more equity capital at risk to close deals or to render some potential acquisitions unaffordable at today's high prices.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd951-b48d-72e7-ba6a-0616df8cae7d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.38,
        "x": 0.515,
        "y": 0.21
      },
      "kind": "chart",
      "text": "Average debt-to-EBITDA multiples for LBO transactions (Europe)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "46b6463a-ad6c-44bb-9f11-5a4d160c0e33",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.38,
        "x": 0.118,
        "y": 0.21
      },
      "kind": "chart",
      "text": "Average debt-to-EBITDA multiples for LBO transactions (US)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9197af16-736f-4fca-91b6-a87d6a1744ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Debt-to-EBITDA multiple: 5.5",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd951-b48d-72e7-ba6a-0fbaa98354c5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.77,
        "x": 0.118,
        "y": 0.85
      },
      "kind": "paragraph",
      "text": "The map of last year's PE investments shows GPs venturing in many directions to get around the obstacles of ferocious competition, high multiples and skittish lenders in order to put dry powder to work.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a36a993-80cc-479b-96c9-13f92af1fe35",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.77,
        "x": 0.118,
        "y": 0.68
      },
      "kind": "paragraph",
      "text": "While the debt market likely will continue to be choppy into 2016, the market will be buoyed somewhat by new sources of debt outside of the traditional bank-led syndication rounds.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3b8c52d7-9b75-4560-b207-5ae45be45cea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.77,
        "x": 0.118,
        "y": 0.54
      },
      "kind": "paragraph",
      "text": "buyouts dropped from 5.8 times EBITDA to 5.5 times EBITDA (see Figure 1.13). The result has been to force buyout funds to put more equity capital at risk to close deals or to render some potential acquisitions unaffordable at today's high prices.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a409d78a-27de-4b3d-bc4b-0a2b8071541b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Any deal above $5 billion is more challenging for most private equity firms to do on their own, Harry Hampson, a managing director at JPMorgan Chase, told The Wall Street Journal.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd951-b48d-72e7-ba6a-0bc9d0e75c33",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.01,
        "w": 0.15,
        "x": 0.118,
        "y": 0.49
      },
      "kind": "source-note",
      "text": "Source: S&P Capital IQ LCD",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64f7c564-01d3-4107-b830-00de6ef0fbd5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.77,
        "x": 0.118,
        "y": 0.125
      },
      "kind": "title",
      "text": "Figure 1.13: The ready supply of cheap debt that enables GPs to increase leverage on new deals may be tapering off",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3b3bedc4-b3a6-4088-852a-088f3511b8a4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.118,
        "y": 0.82
      },
      "kind": "title",
      "text": "GPs get creative: The deal-making landscape in 2015",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "545e07fb-5d39-4a1d-96de-a8ec642ca46c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [
    {
      "metricRaw": "Debt-to-EBITDA multiple",
      "numberRaw": "5.5",
      "numberKind": "plain",
      "actionTitle": "The ready supply of cheap debt that enables GPs to increase leverage on new deals may be tapering off",
      "calloutText": "The result has been to force buyout funds to put more equity capital at risk to close deals or to render some potential acquisitions unaffordable at today's high prices.",
      "numberScale": null,
      "numberValue": 5.5,
      "metricFamily": "margin_return",
      "numberCurrency": null
    }
  ],
  "tools": [
    {
      "name": "Action Titles",
      "slug": "action-titles",
      "agent": "Architect",
      "layer": "slide",
      "matchId": "019dd95a-173e-703c-8769-1ae5518e5592",
      "evidence": "Action title states the directional finding on debt supply tapering.",
      "confidence": 85
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 38,
      "from": 7,
      "beatId": "019dd95a-07a5-761b-9143-8cb5a7f43e6c",
      "arcName": "The Triple Take",
      "arcSlug": "triple-take",
      "beatName": "The Facts (What)",
      "beatSlug": "triple-take-the-facts-what",
      "evidence": "Section 1 'What happened' + key takeaways aggregating fund-raising, investments, exits, returns data.",
      "position": 1,
      "confidence": 85,
      "parentBeatName": "Setup",
      "parentBeatSlug": "setup"
    },
    {
      "to": 38,
      "from": 15,
      "beatId": "019dd95a-07a5-761b-9143-9d47e22803da",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "Pressures mount, multiples at record, debt tapering, exit backlog.",
      "position": 2,
      "confidence": 70,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 24,
      "from": 15,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "019dd95a-088c-724c-b312-54cc5d76884e",
      "evidence": "Action title 'Investments: Pressures mount on every side' + record multiples, dry powder, cheap debt tapering.",
      "position": 2,
      "objective": "Show pressures mounting on PE deal economics",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 75,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}