The dearth of debt financing in the U.S. and Europe has prompted a string of similar deals by American and U.K. private equity firms. See related chart: Faraway horizons

In many cases, the far-afield deals are not just the result of frustrations closer to home; they are also the fruits of years of relationship building. Japan has been a tough nut to crack for Western strategic buyers and sponsors. But Carlyle has one of the longest track records there and raised a $1.9 billion Japan-targeted fund two years ago. Blackstone Group LP, which has made three growth capital investments in India since August, hired an Indian executive, Akhil Gupta, to head its Indian business three years ago.

There is some feel-good news closer to home, as well:

e_SBlt The debt markets have bounced back from their lows. Merrill Lynch & Co.'s high-yield bond index, for instance, hit 93.8 in early May, up from 83.9 in late March.

e_SBlt Special purpose acquisitions companies, or SPACs, that raised capital a year or two ago are still prowling for companies to buy. One, GSC Acquisition Co., bought Houston power generator Complete Energy Holdings LLC from Société Générale SA's investment subsidiary TCW Group for $1.3 billion.