Private equity and venture capital (PE/VC) investments in India fell to about $2.7 billion across 97 deals in April 2026, halving both year-on-year and sequentially, as a slowdown in large-ticket transactions weighed on investor activity, according to the latest report by EY India and IVCA.
Infrastructure and real estate investments together stood at $699 million across six deals in April, down sharply from $2.37 billion across 11 deals in March 2026 and about $1 billion across 20 deals in April 2025. Real estate accounted for $633 million of the April investments, while infrastructure contributed $230 million.
Among the largest deals during the month was ICICI Prudential Alternative Investments’ $283-million buyout of RMZ office assets in Bengaluru and Pune — EcoWorld 21 and RMZ Edge. Another major transaction was 360 One’s $157-million investment in International Tech Park Chennai.
Despite the broader weakness in the market, infrastructure continued to remain a key support for overall PE/VC activity in balancing volatility. “Since 2021, the infrastructure sector has been the largest sector for PE/VC investments, with $54.2 billion invested across 435 deals,” the report said.
Renewables and roads and highways remained the most attractive infrastructure segments, cumulatively accounting for 57 per cent of overall infrastructure investments since 2021, with investments of $20.8 billion and $10.3 billion respectively. Renewables also led by deal count with 172 transactions during the period.
Large deals continued to dominate infrastructure investments. “The sector saw a significant increase in large deals and recorded $46.8 billion across 117 large deals — 86 per cent of overall investments within the sector in value terms since 2021,” the report said.
Exit activity, however, moderated during the month. PE/VC exits totalled $730 million across 15 deals in April 2026, compared with $2.5 billion across 17 exits in March 2026, though they were slightly higher than $619 million across 16 exits in April 2025.
Secondary exits accounted for the largest share of exits at $430 million across four deals, contributing 59 per cent of total exit value.
The largest exit during the month was CapitaLand’s sale of its stake in International Tech Park Chennai for $326 million to Mindspace Business Parks REIT and 360 One.
Fundraising activity also weakened sharply during the month, with total PE/VC fundraises falling to $646 million across six funds, down 62 per cent from $1.7 billion raised in March 2026 and 41 per cent lower than April 2025 levels. The report said this was the lowest monthly fundraising figure since December 2024.
The largest fundraise of the month was Circulate Capital’s $220-million first close for its Asia II Fund, which will be used to scale circular supply chains and recycling businesses across South and Southeast Asia.
Published on May 25, 2026