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Lower Middle Market Weekly Outlook

Good morning, all. Apparently private equity firms are making up for lost time. After several years of slow performance and bemusement, PE shops have been realizing record returns.

Hillary Canada of the WSJ explained, “Private equity firms in the U.S. returned more than twice the money they called down from investors in 2013. According to Cambridge, fund managers drew down $56.3 billion from limited partners during 2013, a $15 billion drop from a year earlier. But managers returned some $134.6 billion to investors, the largest amount since the index’s inception.” And it’s not only returns that are reaching record levels — both PE secondaries and dry powder levels are on track for record years.

In other news, Jeb Bush is raising private equity funds for oil and gas companies.

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This week in history… Enron acquires Wessex Water for $2.2 billion (1998).

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