The role of emerging markets (EM) has increased exponentially in global financial markets during the last few decades, creating a vibrant space of economic development and varied investment opportunities. This chapter explores the history of EM investments, approaches and the various challenges and solutions that valuation professionals usually encounter in this milieu. Its objective is to give a historical, illustrative, and introductory context to contribute to readers’ general knowledge as they read the book. By highlighting the evolution of EM investments through time, the modern-day outlook combined with practical valuator concerns, the chapter attempts to lay the foundation for the additional development of emerging market valuation principles in subsequent chapters, ranging from theoretical underpinnings to real-world practical examples.