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  "documentTitle": "Global Private Equity Report 2016",
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  "notes": "Page 36 of the report. Focuses on the 'bigger is better' trend for GPs and the risk profile for LPs.",
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      "text": "Small funds are riskier bets, having larger performance variance within and between quartiles",
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      "text": "With less variance of returns within and between performance quartiles, large funds are safer bets for LPs looking to bet on PE as an asset class",
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      "text": "Standard deviation of net internal rate of return by fund size (vintage years 2007-12)",
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      "text": "Standard deviation of net internal rate of return: 6",
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      "text": "Big GPs enjoy natural advantages. The biggest and best-performing funds clearly enjoy the pole position in the race for a large tranche of this capital. Bigger is better when it comes to producing steadier results...",
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      "text": "Undeniably, the bigger and more successful GPs are reaping a windfall in the current fund-raising environment, but there appear to be clear limits on how far they can press their advantage...",
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      "text": "With LPs so flush with capital to reinvest, fund size even favors big PE firms whose predecessor funds have underperformed in the past...",
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      "text": "Note: Data effective December 21, 2015. Source: Preqin",
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      "text": "Figure 2.3: Especially for funds larger than $3 billion, there is less variance between top and bottom performers",
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