India Data Insight (Year-End 2018)
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As Indian private capital fundraising increased by 23%, year over year, in 2018, investment reached USD13 billion, the highest total recorded by EMPEA. Homegrown GPs have driven the growth of the local fund pool, reaching final closes for 61 funds in 2016-2018—more than the number of India-focused funds raised by international GPs in the past twelve years. Nonetheless, global players have led many of the largest deals in the country, as they capitalize on changes in government policies and financial markets. In response to insolvency code updates and the financials industry liquidity crunch, investors have increasingly pursued debt strategies, causing private credit fundraising in 2018 to more than double its 2017 total. However, following crises at some of the country’s largest NBFCs, deal volume in the financial services sector fell in Q4 2018. Similarly, as GPs took advantage of distressed asset availability and government infrastructure initiatives, the number and size of buyouts spiked in 2018, punctuated by Macquarie Infrastructure & Real Assets’ USD1.5 billion National Highway Toll Roads acquisition, the largest disclosed private capital investment in India on record.
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