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  "documentTitle": "Global Private Equity Report 2016",
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  "notes": "The slide uses a 2x2 matrix to categorize investment targets, highlighting the top-right quadrant as the prime target for recession-proofing efforts.",
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      "text": "Assets that cluster in the upper right-hand quadrant should be the prime candidates for funds' recession-proofing efforts.",
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      "text": "But as recession clouds gather, GPs are likely to end up keeping many of these holdings until exit channels open up with a recovery. GPs that remain stewards of their assets for longer than they had expected will want to weigh how best to insulate them from economic headwinds and to set them up to prosper when conditions improve. Since it is difficult to devote adequate resources to recession-proof every asset in their portfolio, GPs will need to do some basic triage as a first step in determining where and how to intervene. One effective way to identify which holdings should be the focus of their efforts is to sort a fund's deals by the size of the fund's equity investment and by the GP's ability to enhance the value of a given asset. Assets that cluster in the upper right-hand quadrant should be the prime candidates for funds' recession-proofing efforts (see Figure 3.2).",
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      "text": "Refresh your due diligence. To size up the vulnerabilities a holding may face in a weaker economy, it pays to revisit two issues: whether the potential that originally made it an attractive investment still prevails and what course corrections to the value-creation plan may be needed to position the asset to ride out a downturn. GPs that do this well examine the cost reductions and the revenue-enhancing adjustments that their portfolio companies can make now to squeeze everything they can out of their top and bottom lines. Putting every aspect of operations under a cost X-ray, they look for ways to work with suppliers and cut overhead to maximize savings, which will reduce pressure on EBITDA growth. They then look for opportunities to strengthen EBITDA and cushion their portfolio company's bottom line against slower demand by undertaking a revenue hunt to turn up ways to boost topline growth, for example, by identifying low-cost service enhancements or reexamining pricing and discount policies.",
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      "text": "Source: Bain & Company",
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      "text": "Figure 3.2: Where to invest resources when recession-proofing your portfolio",
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