India’s private equity market put $8.71 billion to work in the first half of calendar year 2026, a 48% jump from the $5.88 billion invested in H1CY25, according to LSEG data. Over the same period, the number of deals fell to 743, down from 778 a year earlier.
This is not a market getting bigger, it is a market getting more selective. More dollars are chasing fewer transactions, and that has direct consequences for how GPs structure exit’s and how LPs should evaluate the secondaries opportunity in India today.
| Period | Amount ($ bn) | No. of Deals | YoY Change (Amount) |
|---|---|---|---|
| H1CY26 | 8.71 | 743 | +48.13% |
| H2CY25 | 6.44 | 774 | -16.04% |
| H1CY25 | 5.88 | 778 | -33.11% |
| H2CY24 | 7.67 | 703 | +63.89% |
| H1CY24 | 8.79 | 745 | +45.05% |
H1CY26’s $8.71 billion is nearly identical to H1CY24’s $8.79 billion but H1CY24 achieved that total across 745 deals, while H1CY26 needed only 743.
Computer software and internet specific companies together raised $3.64 billion in H1CY26, the largest combined sectoral share of the half. Financial services followed at $1.69 billion, and industrial/energy at $1.26 billion.
Sector by sector breakdown (top deals, H1CY26):
| Sector | Capital Raised | Number of Deals | Implied Avg. Cheque Size |
|---|---|---|---|
| Computer Software | $2.35 bn | 207 | ~$11.4 mn |
| Internet Specific | $1.29 bn | 145 | ~$8.9 mn |
| Financial Services | $1.69 bn | 37 | ~$45.7 mn |
| Industrial / Energy | $1.26 bn | 54 | ~$23.3 mn |
| Consumer Related | $0.92 bn | 111 | ~$8.3 mn |
The standout data point: Financial services attracted $1.69 billion across just 37 deals, an average cheque size well north of $45 million, dwarfing the per deal average in software or internet, where capital is spread across 145–207 transactions.This concentration of large, convicted financial services bets as consistent with what we’re hearing directly from GPs in the AIF and private credit conversations happening across the market right now.
A market where deal count falls while dollar volume rises is a market where GPs are writing bigger cheques into fewer, more convicted positions and where the earlier vintage of smaller deals is aging without a corresponding rise in new entries to refresh liquidity.
This precise dynamic widens the gap between paper NAV and realized returns. It is why the secondaries and continuation vehicle conversation in India has moved from niche to mainstream over the last two years.
Fewer deals also means fewer natural entry points for LPs seeking primary exposure. That scarcity is pushing more allocators toward secondary transactions and GP led continuation structures a way to gain exposure to vintages that already exist, rather than waiting for new primary deployment that may not arrive at the same pace as before.
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