It is true that venture capital drives job creation and economic growth as well as innovation. It is expected that high-growth economies create higher entrepreneurial activity in these countries. This could be true for developed markets but is it also valid for emerging markets? Emerging markets were created due to the failure of state-led economic development, and the need for capital investment. It has been observed by many experts in the area that emerging market countries have been trying to undertake domestic reforms to support sustainable economic growth. It is expected that if the economy grows quickly, then there may be more attractive opportunities for entrepreneurs to start new companies, thereby increasing the demand for venture capitalists. However, venture capital sectors as well as management styles of venture capitalists differ across countries. There are also factors that affect venture capital in emerging markets such as depth of capital markets, initial public offerings, labor market rigidities, pension funds, macroeconomic factors, legal systems, taxation, and political factors. Therefore, the literature is divided into groups based on the factors that affect venture capital in emerging markets, and the survey is organized accordingly to examine behavior of venture capitalists in emerging markets. This research is concluded by determining how venture capitalists make funding decisions in emerging markets and how behavior of venture capitalists helps economic growth in emerging markets.