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It appears that the world of porn is getting more attention from private equity and venture capital investors. And, no, it isn't that private equity executives and deal makers are spending more time looking at porn than they are negotiating deals. (Well, maybe.) More importantly, a big investor in the space has won an award and may be opening a floodgate of capital

AdultVest is a private equity venture that we covered on its launch earlier this year. The company concentrates exclusively on adult industry investments, mergers and acquisitions. So far, its initial numbers are pretty stellar.

It claims to have some $7.9 billion in "available capital" to invest in adult themed businesses, and $286 million of that was raised "within the last 7 days." It also claims to have 3,809 registered investors, with 53 of those signing up in the last week. (This data is from the group's homepage.)

The big news is that AdultVest was just selected by Alternative Investment News as one of four funds nominated for the "Hedge Fund Launch of the Year" award. And last month, the company announced it was acquiring iPorn.com.

Reading through the earnings release that Rick's Cabaret International Inc. (NASDAQ: RICK) produced earlier today, you might be tempted to conclude that adult entertainment is immune to a slowing economy. On the other hand, the incredibly poor recent performance by Playboy Enterprises inc. (NYSE: PLA) might make you conclude that the gathering slowdown could hurt this sector.

There are a number of reasons that the investment community is trying to get into and make money from porn. The most obvious one is that you are reading about it right here right now.

While there's no question that sex sells, venture capitalists and other investors traditionally haven't been buying. But according to a piece in Thursday's New York Times, that's changing. At last, purveyors of perversion are attracting investment dollars for companies selling sex toys, smut, and hook-up services. According to the piece:

Jimmyjane, a San Francisco company that sells sex-related consumer products including high-end vibrators (a gold-plated one sells for $250), has six venture capitalists among its investors. The company's chief executive said he was close to completing a $3 million to $5 million round of financing with one or more funds - not merely individual venture capitalists but marquee funds.

But there's also a downside:

...Investors are dubious that these companies can turn a sufficient profit to justify the risk. Pointedly, investors may find it tough to take sex-related companies public, or find big companies to acquire them, limiting their profit-making exit strategies. And the universities and endowments that invest in private equity funds and venture capitalists are not likely to approve deals they see as pornographic...

But will that change too, as societal taboos are breaking down? If VCs are finally getting interested, will private equity show up at some point? It seems likely.

If they do, Playboy (NYSE: PLA) could be in play, but only if Hef wants it to be: He owns more than 25% of the company's stock. The company has been struggling for years, but its market cap seems paltry, given that it's among the most recognized brands in the world.

A lesser-known but better performing play is New Frontier Media (NASDAQ: NOOF), a leading supplier of pay-per-view porn.

While pension funds and endowments are understandably uncomfortable with the porn proposition, I wonder how much the idea bothers investors. Would you invest in pornography stocks if you thought they presented a strong opportunity for capital appreciation?