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
• 34.9%: Of Category II commitments actually called

v1.0 · August 2026 · Credit Research · Medium confidence · 48 min read.

Cite this: Gravitywell Research. "India's Private Credit Is Half Domestic." Aug 2026. https://www.gravitywellresearch.xyz/research/india-private-credit

Source: Gravitywell Research, https://www.gravitywellresearch.xyz/research/india-private-credit