The potential benefits of pursuing cross-border opportunities are fairly well known among private equity firms and a key reason many funds are looking to expand their reach. As mentioned above, many sponsors are finding increased competition in their domestic markets fueled by record fundraising in the private equity asset class combined with lofty valuations. Looking beyond their domestic markets can give sponsors access to a larger universe of deals, potentially enhancing their ability to deploy funds and capitalize on opportunities that generate attractive returns. Also, private equity managers increasingly look to create value by transforming domestic businesses into multinational platforms with enhanced ability to compete in global markets.