Credit ResearchAug 2026GWR-2026-IN-005
India's Private Credit Is Half Domestic
Domestic managers now write three of every four rupees of large-ticket credit in India, and did so in the same half-year that global private credit posted record defaults. But domestic investors supply only 53.3% of the capital those managers lend, against 48.2% two years ago. This report reconciles the three measures of “domestic”, and prices the vintage.
74%
Of H1 2026 deal value written by domestic managers
53.3%
Of Category II fund capital from domestic investors
−38%
H1 deployment year-on-year, ex one mega-deal
Medium confidenceRead →