GLOBAL PRIVATE EQUITY REPORT 2016
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 grownvefold over the past 15 years and now represents about one-quarter of therm’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 PErms.
Bain’s work with PErms 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 of ces. We support our clients across a broad range of objectives:
Deal generation.
We help develop differentiated investment theses and enhance dealow by pro ling 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 PErms 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 PE, 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 PE, including through coinvestment
and direct investing opportunities.
Bain & Company, Inc.
131 Dartmouth Street
Boston, Massachusetts 02116 USA
Tel: +1 617 572 2000
www.bain
Global Private Equity Report 2016|Bain & Company, Inc.
Page i
Contents
Heading toward a new normalpgiii
1. The private equity market in 2015: What happenedpg1
Fund-raising: Bigger, better, faster pg2
–Sidebar: The shakeout that didn’t happen
–LP demand: Hungrier than ever
–GP supply: Riding the liquidity wave
–New PE plays for putting money to work
Investments: Pressures mount on every side pg9
–GPs get creative: The deal-making landscape in 2015
–Sidebar: Private equity foreshadows China in transition
Exits: A great year to be a seller pg20
–Exit channels: Finding a path to the winning door
–Looking ahead: An exit slowdown
Returns: Confdence regained pg28
Key takeaways pg32
2. Private equity frms face a mandate to differentiate pg33
–The primacy of strategy
Mine your investment sweet spot pg40
Mobilize around big investment themespg45
–From concept to checklist: How PE frms put investment themes to work
–How to begin embedding theme-spotting capabilities in your frm
–Sidebar: Five for 2025: Transformational themes for the decade ahead
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