The long-awaited rise in emerging markets activity could be triggered through an unlikely route. Advisers in private equity believe that although emerging markets have yet to become safe havens for investing, the regions are no longer such dangerous alternatives to investments in developed markets.

Tim Demchenko, head of private equity and special situations at Russian buyout firm VTB Capital, said: "Inherently the emerging markets are more risky than developed. Global diversification has happened, meaning the emerging markets are not necessarily more safe. It is just that developed markets have become less safe."