About three-quarters of respondents also indicated that China would remain as attractive or become more attractive compared to other countries in the region, such as India, Vietnam, Japan and Australia. They also expected an increase in PE deals and their size as the economy recovers and boosts company valuations and sale prices or potential for initial public offerings, according to Bain.
The most attractive industries for PE investors in China for 2014 are health care, consumer and retail, and information technology, according to the survey. The least attractive were real estate, telecommunications and infrastructure.
"Structurally, the economy that everyone wants to watch and should be watching is China, to see whether they are capable of making a transition to a more consumer-driven economy," David Bonderman, founding partner of private equity firm TPG, said at the Milken Institute's Global Conference in Los Angeles pn April 29.
Read MorePrivate-equity group sees 2014 Brazil fundraising boost
In Brazil, market participants have recently noted that finding enough large and attractively priced investments has been difficult; firms have amassed substantial "dry powder," or capital that has been raised from investors but not yet invested.
"Deal activity might have been higher but for the disappointing macroeconomic environment and the fluctuating value of the Brazilian real that combined to drive a wedge between buyer and seller price expectations," a recent Bain report said. "Even though they face increasingly competitive bidding situations, (PE firms) opted to walk away rather than pay a too-high price."
To be sure, some investors are looking to potentially higher growth emerging markets in areas like Southeast Asia and sub-Saharan Africa for better private equity returns.
Read MorePE firms swap BRICs for SE Asia, Africa
Money invested in non-BRIC emerging markets increased 18 percent in 2013, reaching a five-year high of $11 billion and representing 44 percent of total capital invested in emerging markets, according to a recent study by the Emerging Markets Private Equity Association. At the same time, total capital invested in the BRICs declined by 20 percent between 2012 and 2013 and was 38 percent lower than in 2011.
Despite those flows, the BRICs still dominate among emerging markets. China, India and Brazil alone still accounted for more than 50 percent of total capital invested in emerging markets and more than 30 percent of all funds raised, according to the EMPEA report.
Wise investors, experts say, should make up their mind and invest for the long run despite the recent volatility.
"If nothing else, people must get comfortable with the fact that emerging markets will have spikes and troughs and they will be more severe than you'll see in normal, developed markets," Pantheon's Sivanithy said.
"Those private equity investors [who] have been investing in emerging markets for some time [and] will consider that being consistent is probably more important than trying to market time."