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  "documentTitle": "Global Private Equity Report 2016",
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  "notes": "The chart illustrates the convergence of purchase price multiples and EV/EBITDA ratios over time.",
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      "text": "Teaming up with strategic buyers to mitigate risk. Recognizing the futility of winning bidding wars against deep-pocketed strategic acquirers caught up in the frenzy of the corporate M&A boom, many GPs have adopted the mantra \"If you can't beat 'em, join 'em.\"",
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      "text": "Corporations also find much to like about joining forces with buyout funds. Some are tapping their PE partners for capital to share the risk of acquiring new assets they are not yet ready to integrate into their balance sheets and for expertise to help boost performance.",
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      "text": "Other corporations also are teaming up with PE firms to off-load business units, making their PE partners owners of the new subsidiary and retaining a significant minority position in the spun-off enterprise.",
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      "text": "Creative approaches like these will become more common and evolve in the quick-paced, high-stakes deal-making environment that lies ahead.",
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      "text": "Figure 1.17: Public-to-private deals have become more common as valuations of public and private companies converge",
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