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India aiming for China’s crown as Asia’s private equity powerhouse

As investors pivot away from China, attention is focused on India’s PE market and whether it is set for a new boom

Jio Telecoms was among India's top 10 deals by value in India between 2018 and 2023

SOPA Images/LightRocket via Getty Images
By
Sebastian McCarthy

India toppled China’s long-held status as the world’s most populous country at the end of April. Now, dealmakers are starting to ask whether India might steal China’s crown as Asia’s largest private equity powerhouse too.

Strict Covid rules, crackdowns on private enterprise and worsening Sino-US tensions saw China’s share of Asia-Pacific deal value slide to a nine-year low of 31% in 2022.

India...