One of the biggest challenges for international PE investors is to ensure the liquidity of their investments (Cumming et al., 2007). The reputation of the international PE firm can be an important source of information for potential new owners (Megginson & Weiss, 1991) as reputation legitimizes the actions of the portfolio firm towards other parties (Cohen & Dean, 2005). One of the long-standing debates within reputation research is whether a firm has one reputation or many: firms may be ascribed to a positive reputation on one area and a negative on another (Jensen & Roy, 2008). However, up till now it is unknown whether there are also geographical segmentations in the value of reputation. For this reason, we will not solely focus on the influence of overall reputation on the exit of the investment, but also measure the influence of reputation within the target country and within the target industry.