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      "text": "In 2015, private equity turned in a solid year against the backdrop of a slowing global economy, increasing volatility in public equity markets and feverish competition that drove investment multiples to new highs.\nThe $175 billion that GPs attracted for commitments in new buyout funds came in 11% below the amount GPs had raised in 2014. Despite this, new PE fund-raising encountered the best conditions in years. PE funds are closing faster, and the percentage of funds that hit or exceeded their fund-raising targets was higher in 2015 than at any time since the precrisis boom of 2007.\nLPs continue to turn to new ways to put capital to work within the PE space by using shadow capital to coinvest alongside GPs and by looking increasingly to the secondaries market to meet their target allocations.\nOn the investment front, reported buyout deal value totaled $282 billion globally—the strongest year since the global financial crisis—as dry powder increased to a near-record $460 billion. Asset valuations, already high as 2015 began, rose to 10.1 times EBITDA in the US. Multiples in Europe dipped slightly but remained near all-time highs. The second half of the year brought increased turmoil to the debt markets, as spreads on leveraged loans increased.\nAt $422 billion, buyout-backed exits were just shy of their all-time peak, as GPs completed sales of older vintage fund holdings. Exit activity was robust across all major channels, led by sales to corporate buyers, who accounted for more than $275 billion in asset sales last year. Recent investment activity, far below that of the peak period between 2005 and 2010, portends a falloff in exit activity over the coming five years.\nDespite turbulent public markets, private equity continued to post strong returns relative to alternative asset classes. Top-quartile funds are widening their lead over median fund returns for the 2008 and 2009 vintages now coming to realization.",
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