Is there still money in BRICs? Many say yes

Construction workers started their work early in the morning in Rizhao, Shandong, China.
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Most investors are giving up on the big emerging-market nations. But not everybody.

The headlines on four of the most important emerging-market economies—the so-called "BRIC" nations of Brazil, Russia, India and China—have been decidedly negative. China's once torrid growth has slowed. Russia seems near war, and its political isolation is growing. Brazil has been hit hard by a global drop in commodity prices. And India's economic gains have stalled before important national elections now in progress.

Those problems have translated into investor flight out of the BRICs and other emerging markets, particularly local stocks.

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But as retail investors move out, private equity investors are not following suit, despite recent disappointments.