China, India and Brazil are emerging markets investment priorities for private equity firms now poised to capitalize on lower valuations, according to a survey conducted by the Emerging Markets Private Equity Association (EMPEA) and Coller Capital.

“Emerging market private equity funds may benefit from very ripe conditions going forward: asset valuations are finally becoming more reasonable, and there is also a strong appetite for private equity capital because companies have fewer financing options,” said Sarah Alexander, president of EMPEA.

Half of LPs surveyed already in emerging markets will commit additional funds to their investments—and, possibly, others—over the next 24 months.  But certain emerging markets were not dubbed as hot as others; Russia, Central and Eastern Europe and Africa are believed to have an increase in risk recently, the study noted.

That said, Emerging Capital Partners just paid $47.7 million for a minority stake in African insurance group, La Nouvelle Societe Interafricaine d’Assurance Participations SA, or NSIA. The capital will provide NSIA with resources for organic growth and acquisitions as well as the equity strengthening of the company’s banking affiliate, Banque Internationale d’Afrique Occidentale, or BIAO, which was bought in 2006. The company has operations in Benin, Cameroon, Congo, Ivory Coast, Gabon, Guinea Bissau, Senegal and Togo.