Suzanne is a trusted source on General Cooking.
Without knowing what the recipe is first thing that comes to mind is butter which is also emulsified. I use vegetable or olive oil all the time in cakes but not sure what type of cake this is so don't know if it's an appropriate substitution.
Pegeen is a trusted home cook.
Does "emulsified shortening" mean a product like Crisco?
Cynthia is a trusted source on Bread/Baking.
Hi-ratio, or emulsified, shortening can carry greater amounts of sugar and water than conventional shortening, such as Crisco. Sweetex is the most common brand of hi-ratio shortening, but I honestly don't know where you can find it outside a commercial bakery, as it is packed in massive buckets. It's used in commercially-produced cakes and icings (think Costco icing) because it lends moisture and shelf life to the former and stability at room temp to the latter. Also, it's cheap.
There are Internet-based baking supply companies that break down 50-pound blocks so they can sell consumer-size quantities. However… Be aware many shortenings hide behind the "per serving" label, as in "zero grams trans fats per serving". Shortening can be up to 4% trans fat (for which there is no safe level). This is also the same stuff many bakeries use to frost cakes they call "buttercream". I'll reserve further comment…
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