New Delhi: Emerging markets, including India, accounted for a larger share in the global private equity activity in the first six months of this year, despite a decline in the funds raised compared to the year-ago period, a report has said.

Emerging Asia continued to lead and raised $11 billion in the first half of 2009, representing 69% of total new commitments during the period, but a 61% decline from the $29 billion raised relative to the previous year, the report by Emerging Markets Private Equity Association (EMPEA) said.

“Emerging markets continue to account for a larger share of the global private equity market, consistent with their contribution to global GDP and GDP growth,” EMPEA president Sarah Alexander said.

“The slowdown in emerging market fund raising and investment is consistent with and generally less severe, than the decline in developed private equity markets. We are not seeing the sort of capital flight from emerging markets that followed past crises,” she added.

China and India also continued to be the most active markets for investment, with 88 and 68 deals, respectively, in the period ending June 2009, versus 103 and 89 deals, in the same period the previous year, the report stated.