The fall in private equity funding is spreading to emerging markets, but funds focused on some countries, such as China, India and Brazil, are still attracting investors in spite of the downturn, research will show today.

Three-quarters of investors in private equity in emerging markets plan to commit more money to funds in these regions, according to a survey of 156 financial institutions, including funds-of-funds, pension funds, endowments and rich families.

“In past downturns you have seen investors pulling out of these markets en masse, particularly in 1990- 91,” said Sarah Alexander, president of the Emerging Markets Private Equity Association, which produced the research with Coller Capital. “But now they look at these markets and see growth potential they don't see in western markets.”