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GPCA mid-year data shows India, Southeast Asia and the Middle East all recorded strong starts to 2025, with investment value reaching $18.2 billion, $11.1 billion and $4.8 billion respectively - driven by capital deployed in infrastructure / private credit.

Overall private capital investment value across emerging and growth markets - including Asia, Latin America, Africa, CEE and the Middle East - rose 33% to USD72.3b in 1H 2025, even as deal count continued to slow.

• Dealmaking has continued at a steady pace for select geographies and themes in 2025 despite lingering uncertainty over geopolitics, trade relations among major economies and the broader economic growth picture.

• India, Southeast Asia and the Middle East have all recorded strong starts to 2025, with investment value reaching USD18.2b, USD11.1b and USD4.8b, respectively - driven by capital deployed in infrastructure and private credit.

Private Credit's Ascent

Amid a global backdrop of interest rate volatility and tighter lending from traditional banks, private credit is emerging as a critical alternative financing source. Investors deployed USD11.7b - putting the asset class on track for a record year.

• India led activity accounting for 54% of private credit investment - nearly double its previous full-year record - as global investors play a decisive role in channeling large-scale financing.

- Shapoorji Pallonji Group secured USD3.4b - the largest private credit deal recorded across GPCA markets - from a consortium including Ares, Cerberus, Davidson Kempner, Farallon and others.

- Apollo provided USD750m in investment-grade financing for Mumbai International Airport through four-year notes to refinance debt.

- KKR anchored a USD600m financing package for education and healthcare group Manipal.

- Kotak Alternative Asset Managers lent ~USD237m to Alaknanda Hydropower.

• CEE saw its largest credit deal as Superbet, a Romanian sports betting and gaming platform, secured EUR1.3b (USD1.3b) from Blackstone and HPS Investment Partners.

• Southeast Asia recorded USD1.1b in private credit led by SeaTown and Deutsche Bank's USD510m loan for VinFast and an Apollo-led USD400m debt refinancing for XCL Education.

A Surge in Global Secondaries

GPCA's Market Update: Unlocking Liquidity Through Global Secondaries examines the evolving role of secondaries in private capital - focusing on key developments in markets outside of the US and Western Europe and leveraging GPCA's insights and proprietary data on GP-led secondary deals.

• Global secondary investment activity - including LP- and GP-led deals - has reached unprecedented levels, driven by current global liquidity challenges, shifts in LP portfolio management practices and new capital entering the secondaries space.

• GPs completed eight CV deals, raising a total of USD1.3b, across global growth markets in the first half of 2025, putting the year on track to be one of the highest on record. Asia has driven much of the activity, accounting for over 80% of CV capital raised and two-thirds of CV deals since 2020.

• In line with broader exit trends, India has captured the secondaries momentum in Asia in the last 18 months, with leading GPs including Multiples Alternate Asset Management and ChrysCapital raising CVs.

Additional Data Highlights

Infrastructure - With more than USD13b deployed in 1H 2025, infrastructure remained a key pillar for private capital across global growth markets, with digital infrastructure in particular continuing to attract strong interest:

• Khazna (UAE): USD2.2b investment from G42, MGX and Silver Lake into its data center portfolio

• Omnia (Brazil): USD1b commitment from Patria to launch a hyperscale data center platform

• Swiftnet (South Africa): USD372m acquisition of telecom towers portfolio by Actis