GLOBAL PRIVATE EQUITY REPORT 2013贝恩

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Contents
Turning the corner? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. iii
1. The PE market in 2012: What happened . . . . . . . . . . . . . . . . . . . . . . . . . pg. 1
Investments: Treading water . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 3
– What kinds of deals did GPs conclude in 2012?
Exits: The gridlock continues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 13
Fund-raising: Change is roiling beneath the surface . . . . . . . . . . . . . . . . . pg. 19
– GPs: Riding a two-speed market
– LPs: A changing of the guard
Returns: Gaining an alpha edge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 25
Key takeaways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 30
Hot sectors in 2012: Healthcare and energy . . . . . . . . . . . . . . . . . . . . . pg. 31
2. What’s happening now: Dynamics for 2013 and beyond . . . . . . . . . . . . . pg. 35
Investments: Straws in the wind . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 35
– A public-to-private comeback?
– The big borrowing rebound
– The changing contours of deal making
Exits: Moments of truth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 46
Fund-raising: Finding equilibrium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 52
Returns: Going to the source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 56
Key takeaways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 60
GPs and LPs: Where is this relationship going? . . . . . . . . . . . . . . . . . . . . pg. 61
3. Facing the future: Four questions GPs and LPs each need to ask . . . . . . . . pg. 65
GPs: Institutionalizing success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . pg. 65
LPs: Broadening and deepening the PE playing fi eld . . . . . . . . . . . . . . . . pg. 66