Over the last decade, the growth of the international branch campus (IBC) has been one of the most striking developments in the internationalisation of higher education. There are now over 200 IBCs across the world, mostly in the Middle East and East and South-east Asia. Despite the growing numbers of IBCs and the considerable financial and reputational risk they pose to their home universities, relatively little is known about the challenges of managing these foreign outposts. This paper reviews the growing, but still fragmented, literature in this increasingly important sector of higher education. It finds that managers of IBCs are faced with a range of challenges, which primarily stem from dealing with key stakeholder groups: students, staff, home and host country quality regulators, the home university and the host government, as well as the IBC's local joint venture partners. It concludes that further work is required to better understand the factors which influence and constrain IBC managers in balancing the competing interests of stakeholders.