Underdog Global Partners, a newly launched PE fund, is targeting 15-20% IRRs in international sports assets outside developed Western markets. The firm bets emerging-economy growth—particularly in Asia, Africa, and Latin America—will drive franchise valuations, media rights, and sponsorship premiums faster than saturated North American and European markets. Per Matchex data, emerging-market sports valuations grew 28% in 2024-2025, while comparable US multiples expanded 12%. This signals LP appetite for geographic diversification within sports allocations.