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Top 10 Private Equity Funds Active in India (2025)

The most active and influential private equity funds investing in India — ranked by AUM, India deployment, portfolio company count, and C-suite hiring activity.

Updated 2025-04-11By Gladwin Research Desk

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Quick Reference

Rank	Company	India HQ	Headcount	Hiring
#01	Blackstone	Mumbai	~200+ (fund team)	🟢 Active
#02	KKR	Mumbai	~100+ (fund team)	🟢 Active
#03	Warburg Pincus	Mumbai	~75+ (fund team)	🟢 Active
#04	General Atlantic	Mumbai	~50+ (fund team)	🟢 Active
#05	ChrysCapital	Gurugram	~60+ (fund team)	🟢 Active
#06	EQT / BPEA	Mumbai	~40+ (India team)	🟢 Active
#07	Advent International	Mumbai	~30+ (India team)	🟢 Active
#08	True North	Mumbai	~50+ (fund team)	🟢 Active
#09	Kedaara Capital	Mumbai	~30+ (fund team)	🟢 Active
#10	TPG	Mumbai	~30+ (India team)	🟢 Active

#01

Blackstone India

Blackstone

The Blackstone Group Inc.India since 2005Mumbai~200+ (fund team)Global AUM: ~$1.1 trillion | India target: $100 billion

Scale●●●●●

Leadership Investment●●●●●

Growth Trajectory●●●●●

India Authority●●●●●

Leadership Profile

•Largest PE and real estate investor in India — ~$50 billion deployed, targeting $100 billion
•India portfolio spans real estate, IT services, financial services, and infrastructure
•Portfolio company C-suite hiring is among the most active in Indian PE — institutional hiring standards at every portfolio company

Hiring Signals

🟢Plans to triple India AUM to $100 billion — commensurate portfolio company leadership demand
🟢Real estate and data centre portfolio expansion driving CEO and CFO searches
🟢IT services portfolio companies undergoing leadership transformation with Blackstone operating partner support

Roles Typically Hired

Portfolio Company CEOPortfolio Company CFOPortfolio Company CHROPortfolio Company CTOHead of India (Fund)

Blackstone is India's largest private equity and real estate investor, with approximately $50 billion deployed and a stated target of $100 billion — a tripling of its India portfolio. Active across real estate, IT services, BFSI, and infrastructure, Blackstone brings institutional-grade operating partner support and rigorous C-suite standards to every portfolio company. Its India PE team is headquartered in Mumbai.

Blackstone's $100 billion India target and institutional leadership model make it the single most influential private equity firm shaping C-suite executive standards across Indian portfolio companies.

Last updated April 2025Website

#02

KKR India

KKR

KKR & Co. Inc.India since 2009Mumbai~100+ (fund team)Global AUM: ~$638 billion | India deployed: >$13 billion

Scale●●●●●

Leadership Investment●●●●●

Growth Trajectory●●●●●

India Authority●●●●●

Leadership Profile

•Jio Platforms, Max Healthcare, Cochin International Airport — India's most iconic PE-backed investments
•$9 billion deployed in India over 5 years (2019-2024) — among the fastest deployment rates in India PE
•KKR India's operating team actively engages on portfolio company C-suite appointments

Hiring Signals

🟢Private credit push and JV with HDFC Bank creating new financial services leadership demand
🟢Climate infrastructure investing creating green energy and sustainability leadership requirements
🟢Active new platform investments — multiple new CEO and CFO search mandates in pipeline

Roles Typically Hired

Portfolio Company CEOPortfolio Company CFOPortfolio Company CHROPortfolio Company CTOHead of KKR India

KKR has deployed over $13 billion in India since entering in 2009, with $9 billion in the last five years alone. Its India portfolio includes Jio Platforms, Max Healthcare, and Cochin International Airport — among India's most transformative PE-backed businesses. KKR's expanding private credit platform and climate infrastructure focus are driving new leadership requirements across its India portfolio.

KKR's deal velocity, portfolio breadth, and active operating partnership model make it one of the most prolific generators of C-suite leadership demand in Indian PE.

Last updated April 2025Website

#03

Warburg Pincus India

Warburg Pincus

Warburg Pincus LLCIndia since 1998Mumbai~75+ (fund team)Global AUM: ~$73 billion | India deployed: >$10 billion across 80 investments

Scale●●●●●

Leadership Investment●●●●●

Growth Trajectory●●●●●

India Authority●●●●●

Leadership Profile

•India is Warburg Pincus's second-largest market globally after the United States
•Over 80 investments in India since 1998 — the longest-tenured global PE firm in India
•Portfolio companies include Lenskart, Kalyan Jewellers, Piramal Finance — premium leadership environments

Hiring Signals

🟢Acquired Shriram Housing Finance (INR 4,630 Cr deal, 2024) — CEO and CFO leadership mandate active
🟢BFSI and consumer-focused portfolio companies driving senior leadership demand
🟢New fund deployment creating fresh CEO search mandates across sectors

Roles Typically Hired

Portfolio Company CEOPortfolio Company CFOPortfolio Company CHROPortfolio Company COOHead of Warburg India

Warburg Pincus has been investing in India since 1998 — longer than any other global PE firm — with over $10 billion deployed across 80 investments. India is the firm's second-largest global market. Its portfolio spans BFSI, healthcare, consumer, and technology, with landmark investments in Lenskart, Kalyan Jewellers, and Piramal Finance. The 2024 acquisition of Shriram Housing Finance signals continued deep BFSI commitment.

Warburg Pincus's 27-year India track record, deep BFSI expertise, and second-largest global market designation make it the most influential growth equity partner for India's professional CEO and CFO community.

Last updated April 2025Website

#04

General Atlantic India

General Atlantic

General Atlantic LLCIndia since 2002Mumbai~50+ (fund team)Global AUM: ~$84 billion | India deployed: >$4.5 billion

Scale●●●●●

Leadership Investment●●●●●

Growth Trajectory●●●●●

India Authority●●●●●

Leadership Profile

•Pledged $2 billion in new India and South Asia investments — significant fresh commitment in 2024
•Portfolio includes Byju's (at investment), Digit Insurance, PNB MetLife, Meesho — technology and BFSI focus
•Appointed Anand Agarwal as India Operating Partner — signal of increased portfolio company engagement

Hiring Signals

🟢$2 billion new investment commitment driving new CEO and C-suite leadership mandates
🟢Technology and BFSI portfolio companies actively refreshing leadership post-2024 market normalisation
🟢South Asia expansion (Bangladesh, Sri Lanka) creating regional leadership requirements

Roles Typically Hired

Portfolio Company CEOPortfolio Company CFOPortfolio Company CHROPortfolio Company CTOHead of General Atlantic India

General Atlantic has been investing in India since 2002, with over $4.5 billion deployed across technology, financial services, and consumer companies. The firm's $2 billion commitment to fresh India and South Asia investments (announced 2024) and the appointment of a dedicated India Operating Partner signal an upgrade in portfolio company engagement — and an increase in leadership search activity.

General Atlantic's technology-first investment thesis and fresh $2 billion commitment make it one of the most active PE firms for CEO and CTO searches in India's digital economy.

Last updated April 2025Website

#05

ChrysCapital

India since 1999Gurugram~60+ (fund team)AUM: ~$5 billion (active) | Fund X: $2.2 billion (India's largest ever independent PE fund)

Scale●●●●●

Leadership Investment●●●●●

Growth Trajectory●●●●●

India Authority●●●●●

Leadership Profile

•India's largest independent PE fund — Fund X closed at $2.2 billion (2024), a new national record
•India-only fund — 100% of investments in India, deep local relationship network
•Portfolio companies include HCL Technologies (early), Intas Pharma, Mankind Pharma, PVR — blue-chip exits

Hiring Signals

🟢$2.2 billion fresh capital driving significant new investment — multiple new CEO and CFO searches anticipated
🟢First-ever domestic LP inclusion in Fund X — new governance standards required
🟢Healthcare, BFSI, and consumer sector focus creating senior C-suite search pipeline

Roles Typically Hired

Portfolio Company CEOPortfolio Company CFOPortfolio Company CHROPortfolio Company COOManaging Director ChrysCapital

ChrysCapital is India's largest and most influential domestic PE firm, having closed Fund X at $2.2 billion in 2024 — India's largest-ever independent PE fund. Founded in 1999 and India-only in its investment mandate, ChrysCapital has backed companies including HCL Technologies, Intas Pharma, Mankind Pharma, and PVR. Fund X broke new ground by including domestic Indian LPs for the first time.

As India's largest domestic PE fund with a 25-year track record of producing landmark exits, ChrysCapital's portfolio companies represent the most sought-after C-suite leadership environments in India PE.

Last updated April 2025Website

#06

EQT Private Capital Asia (formerly BPEA)

EQT / BPEA

EQT ABIndia since 2000Mumbai~40+ (India team)Fund VIII: ~$7.5 billion (Asia) | Global EQT AUM: ~$250 billion+

Scale●●●●●

Leadership Investment●●●●●

Growth Trajectory●●●●●

India Authority●●●●●

Leadership Profile

•Rebranded from BPEA to EQT Private Capital Asia in January 2024 — new global brand alignment
•India is among top-2 markets in the Asia fund — significant capital allocation commitment
•Indira IVF (India's largest fertility chain) acquisition demonstrates healthcare sector depth

Hiring Signals

🟢Indira IVF acquisition and healthcare expansion creating CEO and clinical leadership demand
🟢EQT's global operating platform bringing institutional leadership standards to India portfolio
🟢New platform investments in India planned under EQT Asia Fund VIII

Roles Typically Hired

Portfolio Company CEOPortfolio Company CFOPortfolio Company CHROPortfolio Company CTOIndia Partner

EQT Private Capital Asia (formerly BPEA EQT, rebranded January 2024) is one of Asia's most active PE firms, with India among its top two markets in the Asia fund. The acquisition of Indira IVF — India's largest fertility chain — demonstrates EQT's confidence in healthcare services. The EQT parent's global operating platform brings Swedish institutional leadership standards to every India portfolio company.

EQT's rebrand, global operating platform, and deep India healthcare commitment make it one of the most institutionally sophisticated PE firms shaping leadership standards across India portfolio companies.

Last updated April 2025Website

#07

Advent International India

Advent International

Advent International CorporationIndia since 2007Mumbai~30+ (India team)Global AUM: ~$90 billion | India deployed: ~$2–3 billion (est.)

Scale●●●●●

Leadership Investment●●●●●

Growth Trajectory●●●●●

India Authority●●●●●

Leadership Profile

•Apollo HealthCo (Apollo 24|7) investment of INR 2,475 Cr (April 2024) — India's largest digital health deal
•Focus on healthcare, consumer, and technology services — sectors with highest C-suite leadership complexity
•Advent's operating partner model brings global sector expertise directly into India portfolio companies

Hiring Signals

🟢Apollo 24|7 investment triggering digital health leadership demand — CEO, CTO, and commercial leadership
🟢Healthcare and pharma portfolio expansion driving CMO, CHRO, and CFO searches
🟢Consumer and technology services portfolio companies in leadership refresh mode

Roles Typically Hired

Portfolio Company CEOPortfolio Company CFOPortfolio Company CMOPortfolio Company CTOIndia Partner

Advent International has been investing in India since 2007, with a focus on healthcare, consumer, and technology services. Its landmark INR 2,475 Cr investment in Apollo HealthCo (Apollo 24|7) in April 2024 — India's largest digital health deal — underscores Advent's confidence in India's healthcare services market and its preference for market-defining platform investments.

Advent's healthcare-first investment thesis and operating partner model create consistent demand for senior leadership capable of scaling India's most important healthcare platforms.

Last updated April 2025Website

#08

True North

India since 1999Mumbai~50+ (fund team)AUM: ~$4–5 billion (est.) | 77 portfolio companies (March 2026)

Scale●●●●●

Leadership Investment●●●●●

Growth Trajectory●●●●●

India Authority●●●●●

Leadership Profile

•77 portfolio companies (as of March 2026) — India's most active PE firm by portfolio company count
•India-only mandate with 25-year track record — deep relationship network across every sector
•Launched private credit in 2021 — creating a new PE+credit combined portfolio company leadership model

Hiring Signals

🟢77 portfolio companies = 77 sets of active C-suite leadership search mandates at any given time
🟢BFSI, consumer, and healthcare portfolio companies undergoing institutional professionalisation
🟢Private credit expansion creating new CFO and treasury leadership demand across portfolio

Roles Typically Hired

Portfolio Company CEOPortfolio Company CFOPortfolio Company CHROPortfolio Company COOManaging Director True North

True North (formerly India Value Fund Advisors) is India's most prolific PE firm by portfolio count — 77 active companies as of 2026. Founded in 1999 with an India-only mandate across BFSI, consumer, and healthcare, True North has backed some of India's most successful mid-market businesses. Its 2021 private credit launch adds a new dimension to portfolio company support and leadership requirements.

With 77 active portfolio companies and an India-only mandate, True North is statistically the most active PE firm for C-suite executive search across mid-market Indian businesses.

Last updated April 2025Website

#09

Kedaara Capital

India since 2011Mumbai~30+ (fund team)AUM: ~$3–4 billion | Fund IV: $1.7 billion

Scale●●●●●

Leadership Investment●●●●●

Growth Trajectory●●●●●

India Authority●●●●●

Leadership Profile

•Fund IV at $1.7 billion — previously India's largest independent PE fund before ChrysCapital Fund X
•Partnership with Clayton, Dubilier & Rice gives Kedaara access to global operating talent networks
•Portfolio includes Aakash Educational Services, Mahindra Logistics, Vishal Mega Mart — institutional governance benchmarks

Hiring Signals

🟢Active new Fund IV deployment driving multiple CEO and CFO search mandates
🟢Healthcare and financial services portfolio companies undergoing leadership refresh
🟢Consumer and logistics portfolio growing — new COO and commercial leadership demand

Roles Typically Hired

Portfolio Company CEOPortfolio Company CFOPortfolio Company CHROPortfolio Company COOManaging Director Kedaara

Kedaara Capital is one of India's premier mid-market PE firms, with Fund IV at $1.7 billion — previously the largest India independent PE fund. Founded in 2011 with a partnership with US PE firm Clayton, Dubilier & Rice, Kedaara brings global operating expertise to India's mid-market. Portfolio companies include Aakash Educational Services, Mahindra Logistics, and Vishal Mega Mart.

Kedaara's global CD&R partnership and deep mid-market portfolio make it one of the most institutionally demanding PE firms for C-suite leadership search in India's consumer, healthcare, and financial services sectors.

Last updated April 2025Website

#10

TPG Capital India

TPG

TPG Inc.India since 2000Mumbai~30+ (India team)Global AUM: ~$224 billion | India deployed: ~$2–3 billion (est.)

Scale●●●●●

Leadership Investment●●●●●

Growth Trajectory●●●●●

India Authority●●●●●

Leadership Profile

•Manipal Hospitals and Visionary RCM are landmark India healthcare portfolio companies
•TPG Rise Climate fund (sustainable investing) creating new green economy leadership requirements
•India PE team operates with full investment and portfolio management authority

Hiring Signals

🟢Healthcare services portfolio expanding — Manipal Hospitals leadership requirements active
🟢TPG Rise Climate investments in India creating clean energy and ESG leadership demand
🟢Technology services portfolio companies in C-suite refresh mode

Roles Typically Hired

Portfolio Company CEOPortfolio Company CFOPortfolio Company CHROPortfolio Company CTOIndia Partner TPG

TPG has been active in India since 2000, with landmark investments in Manipal Hospitals and Visionary RCM. With $224 billion in global AUM and a dedicated India team, TPG brings institutional-grade operating standards to its India portfolio. The TPG Rise Climate fund is increasingly active in India, creating new leadership requirements at the intersection of private equity and sustainability.

TPG's healthcare depth, climate investing mandate, and global operating platform make it one of the most sophisticated PE firms for CEO and CHRO searches in India's healthcare and green economy.

Last updated April 2025Website

How We Ranked

Ranked by a composite of India AUM or committed capital (primary), historical India deployment track record, active portfolio company count, leadership investment quality (portfolio C-suite hiring, operating partner model), and strategic influence on India corporate leadership. Sources: PE Insights, Whalesbook, fund press releases, SEBI AIF disclosures, and industry research. Global AUM figures are used where India-specific AUM is not separately disclosed.

Data Sources

Company filings, NASSCOM, industry association reports, press releases, regulatory disclosures, and proprietary Gladwin research.

Ranking Criteria

Scale, Leadership Investment, Growth Trajectory, and India Authority — each scored 1–5 by the Gladwin Research Desk.

Update Cadence

Reviewed quarterly by the Gladwin Research Desk. Last updated 2025-04-11.

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