The past two decades have seen a rapid rise in large-scale, state-led transnational investment from countries as different as China, Norway and Russia. By bundling economic resources, these countries have entered global markets through massive state-led investments. This transformation of states...

As FDI flows grew in volume and complexity in the 1990s and early 2000s, three new players appeared on the global stage: sovereign wealth funds (SWFs), which were government-controlled entities with the authority to take significant equity stakes in foreign firms; private equity (PE) firms,...