This paper investigates the extent to which multinational enterprises (MNEs) use transparency as a non-market strategy to manage political hazards abroad. I propose the degree to which MNEs sacrifice transparency for security depends upon the firm’s ability to leverage an under-examined non-market resource: geopolitical capital. Utilizing network theory to disentangle the various channels through which home-host relations can influence MNE investment, I show that home-countries capable of actively leveraging diplomatic strength, as opposed to relying on passive trust and reciprocity norms, provide their MNEs an important resource that mitigates political risk and promotes transparency. Further, my results demonstrate that state-owned enterprises have preferential access to these geopolitical resources by virtue of their intrinsic ties to the state.