据安永与印度私募股权和风险投资协会（EY-IVCA）发布的报告，2026年第三季度，印度私募股权和风险投资（PE/VC）投资额同比增长46%，达到171亿美元，共涉及348笔交易。投资额也较上一季度的76亿美元增长124%。不过，交易数量较2025年第三季度的384笔下降9%，尽管环比增长了44%。
Private equity and venture capital investments in India rose 46% year-on-year to $17.1 billion across 348 deals in the third quarter of 2026, according to the EY-IVCA report. The investment value was also up 124% from $7.6 billion in the previous quarter. However, the number of deals declined 9% from 384 in Q3 2025, although it increased 44% quarter-on-quarter.
该季度录得36笔大型交易，总价值130亿美元，较去年同期的26笔交易、66亿美元增长97%。这些交易占总投资额的76%。KKR以14亿美元收购梅迪科弗印度（Medicover India），是该季度最大的一笔交易。
The quarter recorded 36 large deals worth a combined $13 billion, up 97% from $6.6 billion across 26 transactions in the year-ago period. These deals accounted for 76% of total investment value. KKR's acquisition of Medicover India for $1.4 billion was the largest transaction during the quarter.
按交易类型划分，收购交易吸引的投资最多，达51亿美元，较2025年第三季度的10亿美元增长419%。初创企业投资以48亿美元紧随其后，较31亿美元增长55%。增长投资为35亿美元，同比下降2%；PIPE（上市公司私募投资）从15亿美元增至26亿美元。信贷交易下降54%，至12亿美元。
By deal type, buyouts attracted the highest investment at $5.1 billion, marking a 419% increase from $1 billion in Q3 2025. Start-up investments followed at $4.8 billion, up 55% from $3.1 billion. Growth investments stood at $3.5 billion, down 2% year-on-year, while PIPE investments rose to $2.6 billion from $1.5 billion. Credit deals declined 54% to $1.2 billion.
基础设施是PE/VC投资的最大流入领域，吸引投资72亿美元，其次是医疗保健（31亿美元）和房地产（14亿美元）。这三个行业合计占该季度总投资额的69%。
Infrastructure was the largest recipient of PE/VC investments, attracting $7.2 billion, followed by healthcare at $3.1 billion and real estate at $1.4 billion. Together, these sectors accounted for 69% of total investments during the quarter.
报告指出，纯PE/VC投资为85亿美元，较2025年第三季度的86亿美元下降2%。相比之下，房地产和基础设施投资从去年同期的32亿美元增长182%，达到86亿美元。
The report noted that pure-play PE/VC investments stood at $8.5 billion, down 2% from $8.6 billion in Q3 2025. In contrast, investments in real estate and infrastructure increased 182% to $8.6 billion from $3.2 billion in the year-ago quarter.
9月是2026年PE/VC投资最强劲的月份，投资额达70亿美元，创下自2024年5月（当时投资额为73亿美元）以来最高单月投资纪录。报告将9月的表现归因于该月录得的大型交易数量创下今年以来单月最高纪录。IPO与退出自2016年以来，印度已录得290宗PE/VC支持的IPO，其中217宗上市发生在过去五年，占总数的近75%。
September was the strongest month for PE/VC investments in 2026, with $7 billion deployed. It also recorded the highest monthly investment value since May 2024, when investments stood at $7.3 billion. The report attributed September's performance to the highest number of large deals recorded in a month so far thisIPOs and exitsIndia has recorded 290 PE/VC-backed IPOs since 2016, with 217 listings — nearly 75% of the total — taking place over the last five years.
2021年的活动最为活跃，共有44家企业上市，产生约52亿美元的退出收益。2024年和2025年，IPO活动再次加快步伐，每年各有42家获得私募股权/风险投资（PE/VC）支持的企业上市。2026年迄今已记录到39宗此类IPO。过去五年间，PE/VC投资者通过217宗IPO实现了171亿美元的退出收益。金融服务领跑这些退出，36家企业上市共募资42亿美元，其次是电子商务，14宗IPO募资26亿美元。
The year 2021 saw the highest activity, with 44 listings generating around $5.2 billion in exit proceeds.IPO activity gathered pace again in 2024 and 2025, with 42 PE/VC-backed listings in each year. In 2026, 39 such IPOs have been recorded so far. Over the last five years, PE/VC investors realised $17.1 billion through 217 IPOs. Financial services led these exits, with $4.2 billion raised across 36 listings, followed by e-commerce at $2.6 billion across 14 IPOs.
汽车、科技和医疗保健是其他领先行业，每个行业的退出价值均超过10亿美元。报告称，IPO已成为PE/VC投资者日益重要的退出渠道。然而，报告预计，决定IPO成败的将更多是盈利能力和盈利可见性，而非市场情绪和势头。报告还指出，在市场波动以及中盘股和小盘股估值压缩的背景下，短期内IPO活动可能保持温和，但长期前景依然乐观。
Automotive, technology and healthcare were the other leading sectors, each recording exits worth more than $1 billion. The report said IPOs have emerged as an increasingly important exit route for PE/VC investors. However, it expects profitability and earnings visibility to play a greater role in determining IPO success, rather than market sentiment and momentum. It also flagged the possibility of moderate near-term IPO activity amid market volatility and valuation compression in mid-cap and small-cap stocks, while retaining a positive long-term outlook.
总体而言，2026年第三季度PE/VC退出总额为104亿美元，共113笔交易，较2025年第三季度的137亿美元下降24%。不过，退出价值环比增长107%，退出数量同比增长35%，环比增长105%。公开市场退出占比最大，54笔交易共59亿美元，占退出总价值的57%。二级市场退出为15笔交易共20亿美元，战略退出为15笔交易共13亿美元。
Overall, PE/VC exits stood at $10.4 billion across 113 deals in Q3 2026, down 24% from $13.7 billion in Q3 2025. However, exit value was up 107% quarter-on-quarter, while the number of exits rose 35% year-on-year and 105% sequentially. Open-market exits accounted for the largest share, at $5.9 billion across 54 transactions, representing 57% of total exit value. Secondary exits stood at $2 billion across 15 deals, while strategic exits totalled $1.3 billion across 15 transactions.
本季度还录得27宗PE支持的IPO退出，为单季度最高数量，但其合计价值从2025年第三季度的86亿美元降至12亿美元。本季度最大的退出是Avaada Ventures向Brookfield Renewable偿还7.01亿美元债务。
The quarter also recorded 27 PE-backed IPO exits, the highest number in a quarter, although their combined value declined to $1.2 billion from $8.6 billion in Q3 2025. The largest exit during the quarter was Avaada Ventures' repayment of $701 million in debt to Brookfield Renewable.
分行业看，金融服务以21笔交易、28亿美元的退出规模居首，其次是电子商务的20亿美元和医疗保健的14亿美元。募资与展望2026年第三季度，募资活动共完成32笔募资，总额64亿美元，而去年同期为162亿美元，2026年第二季度为47亿美元。由印度政府及全球和印度领先机构投资者支持的NIIF基础设施基金二期完成20亿美元首轮关账，是当季规模最大的募资。
By sector, financial services led exits at $2.8 billion across 21 deals, followed by e-commerce at $2 billion and healthcare at $1.4 billion. Fundraising and outlookFundraising activity totalled $6.4 billion across 32 fundraises in Q3 2026, compared with $16.2 billion in the year-ago quarter and $4.7 billion in Q2 2026. NIIF Infrastructure Fund II's $2 billion first close, backed by the Government of India and leading global and Indian institutional investors, was the largest fundraise of the quarter.
安永印度私募股权服务合伙人兼全国主管维韦克·索尼表示，在通胀压力和原油价格高企的背景下，预计投资者将保持谨慎和选择性，优先考虑未来盈利能力和资本回报的韧性。他还表示，印度储备银行近期的回购利率上调反映了对这些状况的主动应对。5月录得2026年最低投资额索尼表示，2026年前八个月，印度的私募股权/风险投资活动仍不均衡。
Vivek Soni, Partner and National Leader, Private Equity Services at EY India, said investors are expected to remain cautious and selective, prioritising the resilience of future profitability and returns on capital amid inflationary pressures and elevated crude oil prices. He also said the recent repo rate hike by the Reserve Bank of India reflected a proactive approach to these conditions. May records the lowest investment in 2026Soni said that PE/VC investment activity in India remained uneven during the first eight months of 2026.
1月投资额为38.4亿美元，共119笔交易；2月为38.3亿美元，共117笔交易；随后3月升至55.3亿美元，共131笔交易，为这一时期交易数量最高。4月活动放缓，投资额降至28.6亿美元，共85笔交易；5月降至低点，为20.8亿美元，共76笔交易。6月投资回升至27.0亿美元，共80笔交易；7月进一步增至43.6亿美元，共115笔交易。
Investments stood at $3.84 billion across 119 deals in January and $3.83 billion across 117 deals in February, before rising to $5.53 billion across 131 deals in March, the highest deal count during the period. Activity moderated in April, with investments falling to $2.86 billion across 85 deals, and hit a low in May at $2.08 billion across 76 deals. Investments recovered to $2.70 billion across 80 deals in June and further increased to $4.36 billion across 115 deals in July.
8月录得2026年迄今最高的月度投资额，为57.5亿美元，共99笔交易。总体而言，2026年1月至8月，私募股权/风险投资总额为309.4亿美元，共822笔交易。Jio Platforms第二季度利润跃升近14%至83.89亿卢比，为重磅上市后首份业绩
August recorded the highest monthly investment value so far in 2026 at $5.75 billion, across 99 deals. Overall, PE/VC investments totalled $30.94 billion across 822 deals between January and August 2026. Jio Platforms Q2 profit jumps nearly 14% to ₹8,389 crore in first results after blockbuster listing