Private equity investment in emerging markets hit record levels last year achieving two thirds more than in 2006, but investors warned rising commodity prices may dull transactions in the coming year.

Richard Laing, chief executive of £2bn (€2.7bn) government-owned fund of funds CDC, which invests in Asia, Africa and Latin America, said: “A high proportion of growth in emerging markets has been as a result of the increase in disposable consumer incomes. An increase in commodity prices will inevitably affect consumers’ disposable income, given the increased cost of food and transport, and ultimately will affect the performance and price of consumer-facing businesses.”