India offers growth certainty in a higher-rate, tougher-exit world: Warburg Pincus CEO Jeffrey Perlman

Jeffrey Perlman, CEO, Warburg Pincus

• India remains a top growth market for Warburg Pincus amid global uncertainty
• Warburg Pincus invests billions annually in India's private equity and real estate.
• Exits are challenging, but deeper capital pools support private equity returns

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At a time when global investors are navigating what Warburg Pincus CEO Jeffrey Perlman described as “one of the most complex macro and geopolitical environments,” India continues to stand out as a rare source of growth certainty for long-term capital, particularly private equity.

Speaking at a media interaction in Mumbai, Perlman said that while higher interest rates, geopolitical tensions and exit constraints have reshaped global investing, India’s underlying fundamentals remain compelling. “In that context… we continue to believe that India stands out,” he said, pointing to the country’s combination of scale, sustained growth, rising domestic demand and a deep entrepreneurial ecosystem.

Perlman noted that in a world of structurally higher rates, growth has become far more critical to investment outcomes.

“In a world of structurally higher rates… you really need growth,” he said, adding that India’s GDP growth in the 6–7 percent range continues to differentiate it from most large economies. Reflecting this conviction, India has emerged as Warburg Pincus’ largest investment market outside North America.

The firm is now investing “a few billion dollars a year” in India across private equity, real estate and capital solutions, as part of a diversified, multi-asset strategy.

Perlman highlighted that the opportunity set, particularly in majority-controlled buyouts, has expanded significantly compared with even five or ten years ago, as Indian businesses have scaled and governance standards have strengthened.

He also pointed to a structural shift among Indian entrepreneurs, with more companies looking beyond domestic borders for growth. That evolution, he said, requires partners with global resources and capabilities, reinforcing the relevance of global platforms with long-standing local presence.

Commenting on the rupee's downward slide, as a US dollar investor, he said, currency depreciation has to be factored into underwriting assumptions.

“We’re not currency predictors,” he said, adding that the firm’s focus remains on backing “really good businesses” with strong underlying growth prospects. If that is done well, he noted, returns in dollar terms tend to follow.

Exits remain the single biggest challenge for private equity investors in Asia, Perlman acknowledged, but he argued that deeper pools of capital are ultimately a net positive. More capital, he said, supports exits and reinforces private equity’s role in delivering alpha when public markets struggle.

Looking ahead, Perlman said investors will increasingly rely on private markets for diversification, with returns driven less by multiple expansion and more by earnings growth and value creation.

“Returns matter, but also realised returns,” he said, emphasising the importance of actually distributing capital back to investors, an area where Warburg Pincus believes its track record sets it apart.