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  "documentTitle": "Global Private Equity Report 2016",
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  "notes": "The slide contains two stacked bar charts comparing US and European buyout deal value trends over a decade.",
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      "text": "As the mean LBO multiple edged up to 10.1 times EBITDA in late 2015 from 9.8 times EBITDA a year earlier, the average multiple for public companies fell from 12.6 in 2014 to 12.2 last year.",
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      "text": "traded companies (see Figure 1.17). As the mean LBO multiple edged up to 10.1 times EBITDA in late 2015 from 9.8 times EBITDA a year earlier, the average multiple for public companies fell from 12.6 in 2014 to 12.2 last year.",
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      "kind": "paragraph",
      "text": "Finding bargains in the middle market. As every successful angler knows, the surest way to bag a good catch is to fish where others are not. GPs are taking that wisdom to heart by targeting acquisitions in the less crowded waters of small and midsize companies.",
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      "text": "Represents control buyout transactions between US-based firms and US-based target companies; closed deals only; represents year deals were closed; excludes add-on deals. Represents buyout transactions worth $75 million or more in which target companies are based in Europe; represents year deals were announced; excludes add-on deals. Sources: Bain US LBO deal database; Bain European LBO deal database",
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      "kind": "title",
      "text": "Figure 1.16: In the US, large public-to-private conversions account for the bulk of total buyout deal value",
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