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Investments by private equity and venture capital funds declined by 35% to $4.4 billion in April compared with $6.8 billion in the year-ago period, a report said on Thursday.

The number of deals in April stood at 98, which was 56% higher than the year-ago period, the report by EY, a consultancy firm, and industry lobby grouping IVCA said.

“PE/VC investors continue to remain cautious due to global uncertainties, geopolitical tensions, and the ongoing Indian general elections,” the consultancy firm’s partner Vivek Soni said, adding that the activity will be subdued till the outcome of the election is decided.

In April 2024, there were nine large deals of over $100 million, worth $3.1 billion, which is a 48% decrease compared to the %6 billion across 11 deals in April 2023, the report said.

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Buyouts more than doubled at $2.1 billion invested across five deals, compared to $783 million in April 2023 in four deals, the report said, adding that growth investments were the second largest at $884 million, which was a 76% decline.

There was an 11% growth in the bets on startups at $756 million across 54 deals, it said.

From a sector point of view, financial services emerged at the top in April 2024 at $1.8 billion in PE/VC investments across 17 deals, followed by real estate ($849 million), healthcare ($489 million), and ecommerce ($341 million).

There were 21 exits worth $907 million in April, which was much lower than the $1.6 billion across 15 deals in the year-ago period, the report said, adding that Bain Capital’s $428 million sale in Axis Bank was the highest.