Private equity and venture capital investments recorded an all-time high of $48 billion in 2019 in India. In terms of value, PE/VC investments increased by 28 percent as compared to 2018, while the deal volume increased by 35 percent. The growth was primarily driven by a significant increase in investments in infrastructure sector. One reason for the growing optimism in Indian private equity is steadily improving returns. Average returns on exited investments have risen from 8 percent (2006–2008) to 22 percent (2012–2014). Returns have, until now, been better for small and midsize deals than for larger ones. The two dominant strategies in Indian private equity—buyout and minority stakes for growth investment.