In 2024, mainland China had 48 private equity-backed acquisitions — excluding funding rounds — totaling US$4 billion, a 56% drop from the US$9.10 billion across 69 deals in the prior year, according to S&P Global Market Intelligence data. India recorded 41 private equity deals amounting to US$1.70 billion in 2024, about 45% lower than the US$3.10 billion from 33 deals in 2023.
Rounds of funding in mainland China dropped 45% y-o-y to US$35.40 billion, resulting in a three-year decline. In India, however, total rounds of funding reached US$13.70 billion, slightly higher than the US$11.40 billion the prior year.
The median deal size for private equity-backed deals in mainland China, including funding rounds, ticked down to US$13.9 billion from US$14 billion in 2023, and in India, the median increased to US$3.6 billion from US$2.6 billion, S&P Global Market Intelligence data shows.
Mainland China recorded 131 private equity exits in 2024, which amounted to $46.3 billion, nearly seven times the $6.7 billion of exits in the prior year and the highest exit count and value since 2019. Exits in India totalled $5.51 billion, up 156% from the prior year, although starting from a low base.
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