The appetite for investing in emerging markets continues to grow. According to the Emerging Markets Private Equity Association, private equity funds investing in emerging markets received 20 percent of global private equity commitments in 2012, the sector's largest share to date and up from 12 percent in 2011 and 5 percent in 2003.

However, it seems the BRIC (Brazil, Russia, India, China) countries may no longer be the only darlings of the emerging markets. It's true that firms such as Bain Capital and PAG (formerly known as Pacific Alliance Group) have raised new funds to invest in the BRIC countries. For example, Bain raised $2.3 billion for Bain Capital Fund II in July 2012, while Baring Vostok raised $1.2 billion for Baring Vostok Private Equity Fund V. And PAG's fund, PAG Asia Fund I, closed in September 2012 with $2.4 billion.

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