A study of 151 financial institutions, including funds of funds, pension funds and endowments found that 57 percent of investors with money in emerging markets expect to increase their commitments in the next year, the Financial Times reports.

Erwin Roex, a partner at Coller Capital, which produced the report along with the Emerging Markets Private Equity Association, warned that there was potential to see a bubble in those markets.

“If that weight of money is really going into emerging markets, then it could affect alignment of interest and ultimately returns could suffer,” he told the paper.

Investors have high hopes for emerging market funds. Over three-quarters expect returns of more than 16 percent, and 17 percent expect more than 25 percent, according to the survey.

Sarah Alexander, president of EMPEA, however, feels the amount of money flowing in emerging markets is still relatively small.

“We are still talking about less than $1bn raised for Brazil last year,” she told the Times.

The survey is available as a PDF.