International PE activity has grown rapidly since 1990. The amount of funds invested in cross- border PE transactions relative to the total amount of PE funds invested worldwide grew more than 150% from 1990 to 2007 (Aizenman & Kendall, 2008). Therefore, given that PE firms are an important mechanism to facilitate entrepreneurship and innovation (Klein, Chapman, & Mondelli, 2013), understanding the internationalization of PE firms is crucial to comprehend the drivers of entrepreneurial activity across countries. In this study, we seek to improve our understanding of the effects of networks and experience on cross-border PE activity.

We argue that the centrality of a PE firm in both the home-country syndication network and the foreign (international) syndication network can improve its capability to find cross- border investment opportunities. Firms that are more central in their home-country and foreign syndication networks are more likely to choose cross-border investments over domestic investments. Additionally, we propose that the effect of both centralities, in the home country and foreign networks, depends on the cross-border experience of the firm.