GLOBAL PRIVATE EQUITY REPORT 2017
About Bain & Company’s Private Equity business
Bain & Company is the leading consulting partner to the private equity (PE) industry and its stakeholders.
PE consulting at Bain has grown sixfold over the past 15 years and now represents about one-quarter of the
frm’s global business. We maintain a global network of more than 1,000 experienced professionals serving
PE clients. Our practice is more than triple the size of the next largest consulting company serving PE frms.
Bain’s work with PE frms spans fund types, including buyout, infrastructure, real estate and debt. We also work
with hedge funds, as well as many of the most prominent institutional investors, including sovereign wealth
funds, pension funds, endowments and family investment offces. We support our clients across a broad range
of objectives:
Deal generation. We help develop differentiated investment theses and enhance deal fow by profling industries,
screening companies and devising a plan to approach targets.
Due diligence. We help support better deal decisions by performing due diligence, assessing performance
improvement opportunities and providing a post-acquisition agenda.
Immediate post-acquisition. We support the pursuit of rapid returns by developing a strategic blueprint for
the acquired company, leading workshops that align management with strategic priorities and directing
focused initiatives.
Ongoing value addition. We help increase company value by supporting revenue enhancement and cost reduction
and by refreshing strategy.
Exit. We help ensure funds maximize returns by identifying the optimal exit strategy, preparing the selling
documents and prequalifying buyers.
Firm strategy and operations. We help PE frms develop distinctive ways to achieve continued excellence by devising
differentiated strategies, maximizing investment capabilities, developing sector specialization and intelligence,
enhancing fund-raising, improving organizational design and decision making, and enlisting top talent.
Institutional investor strategy. We help institutional investors develop best-in-class investment programs across
asset classes, including private equity, infrastructure and real estate. Topics we address cover asset class allocation,
portfolio construction and manager selection, governance and risk management, and organizational design and
decision making. We also help institutional investors expand their participation in private equity, including
through coinvestment and direct investing opportunities.
Bain & Company, Inc.
131 Dartmouth Street
Boston, Massachusetts 02116 USA
Tel: +1 617 572 2000
bain
Global Private Equity Report 2017|Bain & Company, Inc.
Page i
Contents
The future is becoming clearerpgiii
1. The private equity market in 2016: What happenedpg1
Exits: Back to a new normalpg1
Fund-raising: As good as it getspg8
Investments: Good deals are getting harder to closepg14
Returns: Private equity still outperforms pg21
Key takeaways pg26
Spotlight on the technology sector: Fundamentals, not fuff, still
spur valuationspg27
Spotlight on Europe: Why the fractured continent still merits investmentpg31
2. Let’s fnd a dealpg37
Giving new prominence to operational due diligencepg44
Data mining your way to faster, better due diligence pg51
Rewriting the playbook to combine cost and growth pg55
3. PE frms come to grips with high pricespg63
Global Private Equity Report 2017|Bain & Company, Inc.
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