Raising money as an emerging manager or in an emerging market each presents its own set of challenges, doubly so if both of those labels apply to a single firm. Limited partners flooded capital into emerging markets private equity in the years after the global financial crisis, seeking further diversification and outzised returns. However, the tide seems to have turned recently. Emerging markets-focused private equity funds took home just 12% of the dollars raised in 2013, down from 21% a year earlier and the lowest level since 2009, according to data from the Emerging Markets Private Equity Association.