Private-equity firms seeking to bulk up their emerging-market portfolios stand to benefit as Europe's banks shed more than $2 trillion in assets, the head of a major industry group said Tuesday.

“To the extent that means that good assets will be available for acquisition under some time duress, that's terrific,” said Jeffrey Leonard, chairman of the board of the Emerging Markets Private Equity Association and chief executive of the Global Environment Fund. Private-equity funds in the association oversee roughly $1 trillion in assets throughout the world, including in China, India and key Latin American economies.