Private equity's next leap hinges on local fund needs and buyouts

Ramnath warned against the trend of HNIs making direct investments, circumventing fund managers, which has been on the uptick since the COVID-19 pandemic

India’s private equity industry is evolving, with local funds securing substantial capital and achieving consistent returns. During a panel discussion at TiEcon Mumbai 2025, industry leaders emphasised growing opportunities in scaling buyouts and expanding domestic investor participation. 

Renuka Ramnath, founder, MD, and CEO of Multiples Alternate Asset Management, stated that domestic capital has become a crucial source of funding for Indian private equity with about $120 billion deployed in the Securities and Exchange Board of India (Sebi)-registered Cat I and Cat II funds. “This includes the entire spectrum of private equity, infrastructure, and real estate, which is a massive number.