<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001303308</cik>
        <entityName>Genesis Emerging Markets Business Trust</entityName>
        <issuerAddress>
            <street1>STATE STREET BANK AND TRUST CO OF NH</street1>
            <street2>2 WALL STREET</street2>
            <city>MANCHESTER</city>
            <stateOrCountry>NH</stateOrCountry>
            <zipCode>03101</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>44-01487-714-041</issuerPhoneNumber>
        <jurisdictionOfInc>NEW HAMPSHIRE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Business Trust</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>LLP</firstName>
                <lastName>Genesis Asset Manager,</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Heritage Hall</street1>
                <street2>Le Marchant Street</street2>
                <city>St. Peter Port</city>
                <stateOrCountry>Y7</stateOrCountry>
                <zipCode>GY1 4HY</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Investment Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>(as Trustee)</firstName>
                <lastName>State Street Bank and Trust Company of NH</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2 Wall Street</street1>
                <city>Manchester</city>
                <stateOrCountry>NH</stateOrCountry>
                <zipCode>03101</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <lastName>Hallam</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Kings Mill Farm</street1>
                <street2>Kings Mills</street2>
                <city>Castel</city>
                <stateOrCountry>Y7</stateOrCountry>
                <zipCode>GY5 7JT</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Operating Committee Member of Investment Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mark</firstName>
                <lastName>Huntley</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Heritage Hall</street1>
                <street2>Le Marchant Street</street2>
                <city>St. Peter Port</city>
                <stateOrCountry>Y7</stateOrCountry>
                <zipCode>GY1 4HY</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Operating Committee Member of Investment Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Stephen</firstName>
                <lastName>Birkett</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Collins Stewart Wealth Management</street1>
                <street2>Collins Stewart House, The Grange</street2>
                <city>St. Peter Port</city>
                <stateOrCountry>Y7</stateOrCountry>
                <zipCode>GY1 2QA</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Operating Committee Member of Investment Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mel</firstName>
                <lastName>Carvill</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>PPF Partners Limited</street1>
                <street2>Generali House, Hirzel Street</street2>
                <city>St. Peter Port</city>
                <stateOrCountry>Y7</stateOrCountry>
                <zipCode>GY1 4PA</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Operating Committee Member of Investment Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Karen</firstName>
                <lastName>Yerburgh</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Heritage Hall</street1>
                <street2>Le Marchant Street</street2>
                <city>St. Peter Port</city>
                <stateOrCountry>Y7</stateOrCountry>
                <zipCode>GY1 4HY</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Managing Partner and Operating Committee Member of Investment Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Martyn</firstName>
                <lastName>Ryan</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Heritage Hall</street1>
                <street2>Le Marchant Street</street2>
                <city>St. Peter Port</city>
                <stateOrCountry>Y7</stateOrCountry>
                <zipCode>GY1 4HY</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Partner and Operating Committee Member of Investment Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Andrew</firstName>
                <lastName>Elder</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Heritage Hall</street1>
                <street2>Le Marchant Street</street2>
                <city>St. Peter Port</city>
                <stateOrCountry>Y7</stateOrCountry>
                <zipCode>GY1 4HY</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Partner of Investment Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Paul</firstName>
                <lastName>Ballantyne</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Heritage Hall</street1>
                <street2>Le Marchant Street</street2>
                <city>St. Peter Port</city>
                <stateOrCountry>Y7</stateOrCountry>
                <zipCode>GY1 4HY</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Partner of Investment Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Arindam</firstName>
                <lastName>Bhattacharjee</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Heritage Hall</street1>
                <street2>Le Marchant Street</street2>
                <city>St. Peter Port</city>
                <stateOrCountry>Y7</stateOrCountry>
                <zipCode>GY1 4HY</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Partner of Investment Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Paul</firstName>
                <lastName>Greatbatch</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Heritage Hall</street1>
                <street2>Le Marchant Street</street2>
                <city>St. Peter Port</city>
                <stateOrCountry>Y7</stateOrCountry>
                <zipCode>GY1 4HY</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Partner of Investment Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>James</firstName>
                <lastName>Juracka</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Heritage Hall</street1>
                <street2>Le Marchant Street</street2>
                <city>St. Peter Port</city>
                <stateOrCountry>Y7</stateOrCountry>
                <zipCode>GY1 4HY</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Partner of Investment Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Evgeny</firstName>
                <lastName>Kuznetsov</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Heritage Hall</street1>
                <street2>Le Marchant Street</street2>
                <city>St. Peter Port</city>
                <stateOrCountry>Y7</stateOrCountry>
                <zipCode>GY1 4HY</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Partner of Investment Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Catherine</firstName>
                <lastName>Vlasto</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Heritage Hall</street1>
                <street2>Le Marchant Street</street2>
                <city>St. Peter Port</city>
                <stateOrCountry>Y7</stateOrCountry>
                <zipCode>GY1 4HY</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Partner of Investment Manager of Issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Private Equity Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.1</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-09-015773</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1999-12-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>179400000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>2</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Genesis Emerging Markets Business Trust</issuerName>
                <signatureName>/s/ Martyn Ryan</signatureName>
                <nameOfSigner>Martyn Ryan</nameOfSigner>
                <signatureTitle>COO of Investment Manager</signatureTitle>
                <signatureDate>2010-03-17</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
