Indian private credit market sees record $9bn investment in H1

India’s private credit market saw a record $9bn (£6.7bn) invested in the first half of 2025, new figures show.

Data from big four audit firm EY’s India arm saw record-high credit investments, marking a 53 per cent jump from the $5.9bn invested in the first half of last year.

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EY’s latest Private Credit Report said the infrastructure sector gained the highest allocation from private credit funds, followed by the real estate and healthcare sectors.

It said that key deals leading the growth this year include $3.1bn raised by Shapoorji Pallonji for refinancing, $750m secured by Adani Group, and $733m obtained by GMR Infra Enterprises to refinance its existing debt.

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“While credit growth of scheduled commercial banks has been moderating in the past few months, the private credit market has gained strong momentum, the deal activity in H1 2025 surged to US$9bn, led by one record-breaking transaction done by SP Group,” said Vishal Bansal, partner, debt and special situations, EY India.

“As public sector banks and NBFCs retreat from large-ticket exposures, private funds are stepping in to fill funding gaps, especially in structured and event-driven opportunities.

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“Global funds have regained dominance, anchoring complex deals, while domestic credit funds continue to tap mid-market and opportunistic spaces.”