Private Equity and Venture Capital Trendbook 2026 (EY)

Summary

• PE/VC investments in India climbed to US$60.7 billion across 1,475 deals in 2025, representing an 8% increase in value and a 9% rise in deal volume.p.4
• Exit activity reached US$32.9 billion across 257 deals in 2025, marking a 17% increase in value over 2024.p.6
• Financial services reclaimed the top spot among sectors with US$11.9 billion invested, up 33% year-on-year.p.48
• Private credit deployment hit an all-time peak of US$14 billion across 239 transactions in 2025.p.25
• Start-up funding expanded 35% year-on-year to US$13.5 billion across 767 deals.p.28
• Fundraising by India-focused fund managers touched an all-time high of US$23.2 billion across 123 fundraises.p.19
• Buyout transactions declined by 44% year-on-year to US$9.5 billion in 2025.p.32

Key insights

1. Real assets comprising infrastructure and real estate together contributed more than one-third of total capital deployed in 2025.p.4
2. Growth investments registered a 56% increase in deal volume to 282 transactions totaling US$16.9 billion.p.22
3. PIPE investments rebounded 34% year-on-year to US$6.7 billion, propelled by a 391% surge in financial services PIPE transactions.p.36
4. ChrysCapital Fund X delivered the largest fundraise of the year, raising US$2.2 billion for its flagship fund.p.19
5. Renewable energy captured 48% of total infrastructure investments in 2025, securing US$5.3 billion.p.53