2025 saw the highest number of fundraises at 123, although the amount raised was lower than the 2026 tally so far
India’s private equity and venture capital (PE/VC) funds have raised $23.7 billion across 56 fundraises in the first seven months of 2026, already surpassing the full-year record of $23.2 billion raised in 2025, according to the latest EY-IVCA PE/VC roundup released on Monday.
The fundraising activity has been driven by a few large funds. Bain Capital’s $10.5-billion fund, which will invest across Japan, India, China, Australia and Korea, accounted for 44 per cent of the total capital raised in 2026 so far. Other large fundraises included $3.2 billion by the National Investment and Infrastructure Fund (NIIF), $2.7 billion by Tiger Global and $2.2 billion by ChrysCapital.
In comparison, 2025 saw the highest number of fundraises at 123, although the amount raised was lower than the 2026 tally so far. Overall, PE/VC funds have raised $135.8 billion across 781 fundraises in India since 2016, but about 72 per cent of the capital, or $97.7 billion, was raised since 2021.
Fundraising in July stood at $2.5 billion across eight fundraises, compared with $1.5 billion across 14 fundraises in July 2025 and $4.3 billion across four fundraises in June 2026. The largest fundraise in July was the $1-billion Startup India Fund of Funds 2.0.
PE/VC investment activity also increased in July, with investments rising 52 per cent month-on-month to $4.1 billion across 111 deals. Investment value was 3 per cent higher than the $4 billion recorded in July 2025, while the number of deals declined 7 per cent from 119 a year earlier.
Ten large deals worth $2.8 billion accounted for 68 per cent of total PE/VC investments in July. Brookfield’s $600-million investment in Lumara was the largest deal during the month.
Buyouts accounted for the largest share of investments at $1.4 billion, up 176 per cent from $511 million in July 2025. Credit investments stood at $880 million, up 3 per cent year-on-year, while growth investments fell 28 per cent to $817 million. Start-up investments increased 90 per cent to $805 million.
Infrastructure was the largest sector, attracting $1.5 billion in investments, followed by financial services at $649 million and food and agriculture at $335 million. The three sectors together accounted for 61 per cent of total PE/VC investments in July.
PE/VC exits stood at $1.6 billion across 17 exits in July, down 83 per cent from $9.2 billion across 26 exits in July 2025. The sharp year-on-year decline was partly due to Temasek’s $6.4-billion exit from Schneider Electric India in July 2025.
Secondary exits accounted for $808 million, or 52 per cent of the total exit value in July, while open-market exits accounted for $560 million, or 36 per cent. The largest exit in July was the sale of NIIF and others’ 100 per cent stake in Aseem Infrastructure Finance for $521 million.
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