What do private equity investors know that public market types don’t? We noted earlier this week that inflows into emerging-market equity funds had hit a 58-week high, rebounding nicely after hitting a nadir early this year. Along comes the Financial Times this morning to rain on our parade, writing that “Fundraising by private capital funds specialising in emerging markets fell sharply in the first half of 2016, even as investors poured money into public markets. … However investors in private equity, private credit and infrastructure and real asset funds are shying away from emerging markets. EM-focused private capital funds raised just $15.1bn in the first six months of 2016, 33 per cent less than in the same period last year.”