Bain & Company's 2016 private equity report refers to the post-crisis era as "the shakeout that didn't happen," as most of the industry's more mature general partners successfully navigated the recession. "The number of firms not re-raising came in at the expected range, but assets under management didn't move at all," said Hugh MacArthur, the leader of Bain's global Private Equity practice. "The overall return picture for the industry was much more favorable than initially thought."