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Foreword and outlook November recorded US$4 billion in PE/VC investments, a 156% increase compared to November 2023 and 15% lower than October 2024. The number of deals in November 2024 was 47% higher compared to the same month last year. “ “ “ “ “ Pure-play PE/VC investments in November 2024 totalled US$3.5 billion, a 297% increase compared to November 2023 (US$873 million) and 27% higher than October 2024 (US$2.7 billion). The real estate and infrastructure asset class declined by 20% year-on-year, recording US$566 million in November 2024 compared to US$704 million in November 2023. In terms of deal numbers, pure-play and real estate and infrastructure asset classes grew year-on-year by 53% and 13%, respectively. Buyout investments emerged as the leading deal type in November 2024 at US$1.6 billion, followed by start-up investments at US$1.1 billion. Sector-wise, industrial products led with US$1 billion, followed by financial services with US$723 million. PE/VC exits in November 2024 stood at US$3.7 billion across 15 deals, a two –fold increase compared to November 2023 (US$1.2 billion). PE-backed IPOs accounted for US$1.2 billion across five IPOs. The growing interest in growth-oriented businesses and cash flow-generating assets has significantly boosted investments in the Indian real estate sector. Combining lower risk with attractive returns, real estate appeals particularly in markets with good economic growth, a limited supply of premium assets and safety net provided by the real asset value. This mix of income stability, growth potential, and risk continues to make India a good option for Real Estate funds looking to increase their exposure. For more details, see our spotlight section. With one month remaining in 2024, PE/VC investments in the 2H2024 have reached US$17.8 billion, representing only 56% of 1H2024’s US$31.7 billion. 2H2024 has averaged monthly PE/VC investments of US$3.6 billion and 2024 is expected to end with numbers similar to last year’s total PE/VC investments of US$53.4 billion. While 2024 had started off on a strong note, geopolitical tensions, uncertainty over US elections outcome, and inflation weighed on the markets as did the bid ask spread between seller expectations and buyer valuations. As we look into 2025, some of the uncertainty around future US policies and its impact on geopolitics, trade and currency markets may abate post the assumption of office by the Trump 2.0 administration in January. At a macro level, India’s strong fiscal health, stable government, and rising GST collections provide a solid foundation for optimism. At a micro level, earnings quality of India Inc., govt capex expansion and lowering of inflation can provide the tail wind to improve the pace of PE/VC deal making. “ Vivek Soni Partner and National Leader Private Equity Services, EY India

Agenda 1 Monthly trend analysis: November 2024 2 Spotlight: PE/VC trends in the real estate sector

Monthly trend analysis: November 2024

Key trends PE/VC investments in November 2024 totalled US$4 billion, 156% higher than November 2023 (US$1.6 billion) and 15% lower than in October 2024 (US$4.7 billion). In terms of deal volume, November 2024 saw a 47% increase, with 87 deals compared to 59 in November 2023.  Investments November 2024 recorded 11 large deals (valued at over US$100 million), aggregating US$3.2 billion—a 222% increase in value from November 2023 (US$1 billion across six deals) and 3% lower than October 2024 (US$3.3 billion across nine deals). The largest deal of the month involved PAG acquiring a majority stake in Manjushree Technopack for ~ US$1 billion.  Buyout investments led in November 2024, with US$1.6 billion invested across five deals—a significant increase from US$217 million across three deals in November 2023, representing 613% growth. Start-up investments were the second largest, with US$1.1 billion invested across 49 deals in November 2024—a 95% increase compared to US$553 million across 39 deals in November 2023. PIPE investments ranked third, at US$578 million across 19 deals, reflecting 662% growth compared to November 2023 (US$76 million across six deals). Credit investments totalled US$432 million across four deals, a 3% increase from November 2023 (US$420 million across five deals). Lastly, growth investments stood at US$394 million across 10 deals, up 27% from November 2023 (US$311 million across six deals).  From a sector point of view, industrial products was the top sector in November 2024, attracting US$1 billion in PE/VC investments, followed by financial services and e-commerce (US$723 million and US$550 million respectively). These sectors, combined, accounted for 57% of total PE/VC investments in November 2024.  Page 5 E Y A N A L Y S I S O F V C C E D G E D A T A

PE/VC monthly headline trends: investments Total PE/VC investments US$m # 7,500 160 134 140 119 6,000 111 109 106 120 96 94 93 93 87 100 84 82 4,500 80 6,966 59 6,889 3,000 5,900 60 4,906 4,738 4,133 4,034 40 3,509 3,352 1,500 2,951 2,904 2,765 20 1,577 0 - Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Value (US$m) # of deals PE/VC investments: split across asset classes US$m 8,000 45 6,000 2,487 1,228 94 5,083 890 2 897 315 1,805 4,000 506 251 409 379 425 170 672 199 93 692 453 4,434 2,000 3,922 646 3,775 236 3,625 3,468 701 541 2,880 2,734 2,931 2,073 3 1,836 1,586 1,265 873 - Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 PE/VC investments (other sectors) (US$m) Real estate (US$m) Infrastructure (US$m) Page 6 E Y A N A L Y S I S O F V C C E D G E D A T A

PE/VC monthly headline trends: investments PE/VC investments: split across deal segments (value in US$m) 79 100% 196 326 492 356 432 215 991 82 106 889 90% 523 420 216 848 338 2,034 1,804 578 455 80% 1,664 695 411 729 871 1,354 76 70% 916 980 1,081 558 60% 195 431 3,435 1,581 2,284 553 50% 260 884 554 1,359 1,216 40% 1,134 228 634 872 2,054 30% 1,550 217 1,530 327 20% 735 71 2,482 1,626 1,984 1,012 1,324 730 10% 311 518 642 571 394 209 0% Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Growth Buyout Startup PIPE Credit investment PE/VC investments: split across deal segments (number of deals) 100% 4 6 5 10 9 10 17 12 15 25 90% 24 10 23 6 8 19 10 37 21 5 80% 13 15 7 28 10 70% 60% 13 51 51 56 50% 48 39 64 57 49 60 42 39 40% 64 45 30% 6 5 20% 3 5 4 3 5 9 3 5 3 21 5 10% 2 18 17 15 13 17 16 12 16 10 6 12 9 0% Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Growth Buyout Startup PIPE Credit investment Page 7 E Y A N A L Y S I S O F V C C E D G E D A T A

PE/VC investments: split by sector Top sectors by value (US$m) Top sectors by volume 1,020 12 Industrial products Financial services 23 12 16 11 11 723 Financial services Technology 16 468 8 156 9 550 Food and agriculture E-commerce 8 300 2 45 7 410 Retail and consumer products Healthcare 5 48 5 114 7 406 Healthcare Food and agriculture 6 91 5 20 6 315 E-commerce Infrastructure 6 1,805 4 701 6 251 Aerospace and defense Real estate 2 199 3 5 155 Infrastructure Technology 9 1,111 7 44 58 4 Real estate Retail and consumer products 6 61 1 45 20 146 Others Others 23 632 16 434 Nov-24 Nov-23 Oct-24 Page 8 E Y A N A L Y S I S O F V C C E D G E D A T A

PE/VC investments: split by deal size and deal type (excludes real estate and infrastructure) Deal size Deal type Volume Value (US$m) Value (US$m) Volume 1,250 3 >$1000m Buyout 136 3 1 1 1,000 $500m - $1000m 1 950 1,081 49 Start-up 729 53 7 1,764 551 38 $100m - $500m 4 623 2 369 463 15 1 67 $50m - $100m PIPE 6 147 3 452 3 164 11 4 9 271 $20m - $50m 16 474 430 3 4 97 Credit 134 6 17 220 178 3 $10m - $20m 8 109 8 102 244 8 40 146 Growth 1,588 13 <$10m 38 126 134 5 29 141 Nov-24 Nov-23 Oct-24 * PIPE: Private investment in public equity Note: Deal value not available for five deals in November 2023, five deal in October 2024 and three deals in November 2024 Page 9 E Y A N A L Y S I S O F V C C E D G E D A T A

Top PE/VC investments Top PE/VC investments, excluding infrastructure and real estate, in November 2024 Company PE investors Sector Stage US$m Stake (%) Manjushree Technopack PAG Industrial products Buyout 1,000 Bajaj Finance IFC Financial services Credit 400 Motilal Oswal, Mankind Pharma Family Office, Claypond Capital, Cello Family Office and others KiranaKart Technologies (Zepto) E-Commerce Start-up 350 7 Advanta Enterprises (Advanta Seeds) Alpha Wave Global Food and agriculture Start-up 350 12 Vee Healthtek TA Associates Healthcare Buyout 250 PNB Housing Finance Morgan Stanley Financial services PIPE 156 5 Bright Lifecare (BLife, Healthkart, MuscleBlaze, TrueBasics, Gritzo, BGreen) ChrysCapital, Motilal Oswal and others E-Commerce Growth 153 31 Aster DM Healthcare Blackstone and TPG Healthcare PIPE 104 4 Sarvagram Solutions Peak XV, Temasek, Elevar Equity and others Financial services Start-up 67 Infosys Premji Invest Technology PIPE 48 Page 10 E Y A N A L Y S I S O F V C C E D G E D A T A

PE/VC investments in infrastructure and real estate sectors Top sectors by volume Top sectors by value (US$m) 5 315 Infrastructure Infrastructure 9 1,805 7 701 4 251 Real estate 6 Real estate 199 1 3 Nov-24 Nov-23 Oct-24 Page 11 E Y A N A L Y S I S O F V C C E D G E D A T A

PE/VC investments in infrastructure and real estate sectors Deal size Deal type Value (US$m) Volume Volume Value (US$m) 2 300 >$1000m Buyout 92 1 2 217 $500m - $1000m 750 1 2 150 Growth 2 38 437 3 177 1 $100m - $500m 992 3 624 4 4 114 86 1 PIPE $50m - $100m 5 48 163 2 64 1 2 65 $20m - $50m 20 1 1 2 Credit 4 1,671 3 38 2 242 $10m - $20m 3 47 13 1 2 5 Start-up 155 3 <$10m 4 31 3 1 2 3 Nov-24 Nov-23 Oct-24 * PIPE: Private investment in public equity Note: Deal value not available for one deal October 2024. Page 12 E Y A N A L Y S I S O F V C C E D G E D A T A

Top infrastructure and real estate investments Top infrastructure and real estate investments in November 2024 Company PE investors Sector Stage US$m Stake (%) Energy Platform of IndiGrid, BII and Norfund (EnerGrid) BII and Norfund Infrastructure Buyout 200 67 Runwal Enterprises (Affordable Housing Projects in India) HDFC Capital Real estate Growth 137 IndoSpace’s 2.5 million sq ft warehousing assets Alta Capital Real estate Buyout 100 100 Larsen and Toubro Premji Invest Infrastructure PIPE 86 SolarWorld Energy Solutions Valuequest and others Infrastructure Growth 13 4 Page 13 E Y A N A L Y S I S O F V C C E D G E D A T A

Key trends November 2024 recorded 15 exits worth US$3.7 billion, compared to US$1.2 billion across 22 exits in November 2023, marking 200% year- on-year growth. Total fundraises in November 2024 reached US$1.1 billion across eight funds, compared to US$401 million raised across six funds in November 2023.   Exits Fundraise PE-backed IPOs contributed US$1.2 billion across five IPOs, accounting for 34% of overall exits in November 2024. Alpha Alternatives raised US$450 million, making it the largest fundraise in November 2024.   The largest exit in November involved Advent selling its majority stake in Manjushree Technopack to PAG for US$1 billion.  Page 14 E Y A N A L Y S I S O F V C C E D G E D A T A

PE/VC monthly headline trends: exits Total PE/VC exits US$m # 45 4,000 39 40 34 33 33 35 3,000 29 30 24 24 22 22 25 19 2,000 16 20 3,495 15 3,232 2,949 2,777 15 2,649 2,555 10 2,502 1,000 10 3,666 1,373 1,221 1,115 1,050 5 747 0 0 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Value (US$m) # of exits US$m PE/VC exits: split across asset classes 4,000 958 888 3,000 473 0 118 36 801 111 537 632 2,000 2 2,672 2,640 25 2,607 2,502 2,444 2,240 2,148 143 1,000 2,017 120 73 1,346 1,115 1,078 930 674 - Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Other sectors (US$m) Real estate (US$m) Infrastructure (US$m) Page 15 E Y A N A L Y S I S O F V C C E D G E D A T A

PE/VC monthly headline trends: exits Top sectors Deal type Volume Value (US$m) Volume Value (US$m) 1,000 1 Industrial products 1,237 5 IPO 21 1 958 3 Infrastructure 6 265 868 3 1,041 E-commerce 6 402 398 1 Strategic 25 4 2 Financial services 100 2 37 5 166 250 4 1 1,000 1 Technology 950 3 106 104 5 Secondary 1,070 4 1 Healthcare 1 71 2 1 1 51 331 2 Logistics and transportation 89 36 2 Open market 1 Real estate 611 7 143 2 1 58 1 Retail and consumer products 44 2 111 2 Buyback 1 1 Others 21 2 237 2 203 5 Nov-24 Nov-23 Oct-24 Note: Deal value not available for seven exits in November 2023, five exits in October 2024, and four exits in November 2024. Page 16 E Y A N A L Y S I S O F V C C E D G E D A T A

Top exits Top exits in November 2024 Company Sector Seller Buyer Stage US$m Stake (%) Manjushree Technopack Industrial products Advent PAG Secondary 1,000 Brookfield's 2.2 GW Assets Infrastructure Brookfield Gentari Strategic 900 100 Swiggy E-commerce Accel, Apoletto Asia, Alpha Wave and others IPO 811 8 PNB Housing Finance Financial services Carlyle Open market 273 9 Sagility India Technology EQT IPO 250 15 Page 17 E Y A N A L Y S I S O F V C C E D G E D A T A

PE/VC monthly headline trends: fundraise Fundraise US$m # 3,000 14 12 12 11 10 10 10 9 9 2,000 8 8 7 7 6 6 2,816 6 5 1,000 4 3 1,343 1,093 1,125 2 828 608 481 437 434 401 363 145 209 - 0 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Total funds raised (US$m) Total # of funds raised Page 18 E Y A N A L Y S I S O F V C C E D G E D A T A

Fundraise Top fundraises in November 2024 Status Fund PE/VC GP US$m Strategy Alpha Alternatives Build India Infrastructure Fund Road assets in India, including standard, distressed, under- construction and operating projects Raised Alpha Alternatives 450 25-30 start-ups across consumer technology, enterprise software, artificial intelligence and financial services sectors Raised Stellaris Venture Partners Fund 3 Stellaris Venture Partners 300 Announced Aavishkaar Capital 7th Fund Aavishkaar Capital 178 Financial inclusion, sustainable agriculture, and essential services Green Frontier Capital India Climate Opportunities Fund Start-ups that help India's low-carbon transition through climate technologies Announced Green Frontier Capital 178 Raised CapitaLand India Growth Fund 2 CapitaLand 99 Business parks in Bengaluru, Mumbai and Pune Page 19 E Y A N A L Y S I S O F V C C E D G E D A T A

Spotlight: PE/VC trends in real estate

Spotlight: PE/VC trends in real estate (2019– November 2024)  Since 2019, the real estate sector has attracted PE/VC investments, totalling US$40.3 billion across 456 deals, accounting for 12% of overall PE/VC investments. This positions real estate as the third most attractive sector for PE/VC investors, following infrastructure (US$55.7 billion) and financial services (US$40.3 billion).  The year 2023 marked a historic milestone for real estate investments, achieving an all-time annual high of US$8.5 billion within the sector. As of now, 2024 has emerged as the second-best year for the sector, with investments already reaching US$7.2 billion with one month remaining, indicating sustained momentum in the sector. In terms of the number of deals, 2024 has recorded the highest deals in the sector so far (105 deals).  PE/VC investments in real estate continue to be dominated by the commercial segment, accounting for one-third of the dollar value of investments (US$13.7 billion). The rising demand driven by e-commerce growth and the expansion of the retail sector has spurred a significant need for logistics and warehousing infrastructure. This has made emerging sub-sectors like logistics parks and data centers increasingly attractive to PE/VC investors, collectively attracting investments worth US$6.1 billion. Following closely, the residential and developer segments have also secured substantial investments, drawing US$5.4 billion and US$5.3 billion, respectively, reflecting robust growth across diverse real estate categories.  Currently, data centers are seeing significant interest from PE funds, which are evolving as an alternate asset class for varying real estate portfolios. Hyperscale data centers are being developed by reputed Indian real estate developers in partnership with global operators and PE investors.  PE/VC investments within the real estate sector have predominantly taken the form of buyout and growth transactions, with investors seeking ownership of yield-generating assets. They accounted for 46% and 29%, respectively. These two strategies represent a substantial 75% of all real estate investments. Page 21 E Y A N A L Y S I S O F V C C E D G E D A T A

Spotlight: PE/VC trends in real estate (2019– November 2024)  The surge in real estate investments can be attributed primarily to large deals exceeding US$100 million, which accounted for 77% of overall investments in the real estate asset class (US$30.9 billion across 102 deals). Notably, these large deals were concentrated in the commercial, developer, residential and data center segments.  Despite the challenges faced by the office market during 2020 and 2021 due to the COVID-19 pandemic and subsequent lockdowns, the segment is witnessing a strong recovery. The adoption of hybrid work models has rejuvenated demand for office spaces. This resurgence is further fuelled by the growth of IT/ITES sectors, the expansion of corporates, and the rapid rise of start-ups, driving a renewed focus on modern and flexible office infrastructure.  Tax benefits for first-time home buyers have bolstered demand for affordable housing. In response, developers are increasingly turning their attention to Tier II and Tier III cities, aiming to capitalize on the growing and largely untapped market potential in these regions.  E-commerce expansion has created investment opportunities in logistics parks and the warehousing segment.  Additionally, the rise of data centers on account of high date consumption in India and the evolving data localisation policies have further enhanced the prospects of the data center asset class.  Overall, investor confidence in the Indian real estate market is on the rise. With the future of the sector looking highly promising, fuelled by strong economic growth and urbanization, the industry is expected to continue being a significant contributor to the GDP of the country. Page 22 E Y A N A L Y S I S O F V C C E D G E D A T A

Spotlight: PE/VC investment trends in real estate (2019– November 2024) Total PE/VC investments in the real estate US$m # 120 10,000 105 97 100 8,000 76 74 80 60 6,000 60 44 8,512 4,000 6,953 40 7,199 6,293 5,891 5,472 2,000 20 0 - 2019 2020 2021 2022 2023 5M2024 Value (US$m) # of deals Page 23 E Y A N A L Y S I S O F V C C E D G E D A T A

Spotlight: PE/VC investment trends in real estate (2019– November 2024) PE/VC investments: split across deal segments (value in US$m) 81 100% 257 421 275 212 1,080 117 243 90% 365 1,920 1,927 536 656 90 80% 328 70% 610 255 3,186 60% 537 2,037 3,761 1,915 4,633 50% 40% 3,145 30% 3,619 2,242 20% 2,781 1,698 10% 659 734 0% 2019 2020 2021 2022 2023 11M2024 Growth Buyout Start-up PIPE Credit investment PE/VC investments: split across deal segments (number of deals) 100% 2 8 13 3 90% 14 3 2 80% 43 41 21 13 16 70% 8 60% 7 5 10 50% 19 17 16 12 19 40% 12 30% 14 21 20% 27 27 19 11 10% 19 14 0% 2019 2020 2021 2022 2023 11M2024 Growth Buyout Start-up PIPE Credit investment Page 24 E Y A N A L Y S I S O F V C C E D G E D A T A

Spotlight: PE/VC investment trends in real estate (2019– November 2024) Investments split by real estate sub-sectors in 2019– November 2024 Split by value (US$m) Split by number of deals (US$m) Commercial 13,695 Residential 119 Logistics/Industrial Parks/Data centers 6,142 Commercial 89 Residential Developer 5,438 82 Developer Online real estate portal 5,335 39 Warehousing Hospitality 3,433 36 SEZ/IT parks Logistics/Industrial Parks/Data centers 1,767 30 Hospitality Warehousing (Real Estate) 1,692 25 SEZ/IT parks REIT's 1,528 15 REIT's Online real estate portal 8 1,024 Other Real estate Other Real estate 13 268 Page 25 E Y A N A L Y S I S O F V C C E D G E D A T A

Spotlight: PE/VC investment trends in real estate (2019– November 2024) Top PE/VC investment deals in the real estate sector in 2019– November 2024 Company PE investors Stage Sub-sector Year US$m Stake (%) 300MW hyperscale facility in Navi Mumbai (Digital Edge DC) Logistics/Industrial Parks/Data centers NIIF, AGP and Digital Edge Growth 2023 2,000 RMZ Corp,12.5 million sq. ft. real estate assets Brookfield Buyout Commercial 2020 2,000 Investment platform for office properties in India CDPQ and Temasek Buyout Commercial 2023 1,867 100 Prestige Estates Projects Ltd., Certain Commercial and Retail Properties Blackstone Buyout Commercial 2020 1,500 100 Reliance Logistics and Warehouse Holdings (Reliance Retail Ventures Limited's warehousing assets) ADIA and KKR Growth Warehousing 2024 1,500 Logistics/Industrial Parks/Data centers Embassy Industrial Parks Blackstone Buyout 2021 715 100 JV with Brookfield REIT for Two Large Commercial Assets totalling 6.5 million sq. ft. GIC Growth REIT's 2023 700 50 Bain Capital, Ivanhoe Cambridge Logistics/Industrial Parks/Data centers Lodha Logistics Platform Buyout 2022 667 67 Indiabulls real estate’s commercial properties Blackstone Buyout Developer 2019 624 50 Core JV GIC and ESR Buyout Warehousing 2022 600 100 Page 26 E Y A N A L Y S I S O F V C C E D G E D A T A

Spotlight: PE/VC exit trends in real estate (2019– November 2024) Total PE/VC exits in the real estate US$m # 3,000 25 19 20 20 15 2,000 15 12 9 9 2,587 10 1,000 1,653 5 1,219 1,012 955 925 - 0 2019 2020 2021 2022 2023 11M2024 Value (US$m) # of deals Page 27 E Y A N A L Y S I S O F V C C E D G E D A T A

Spotlight: PE/VC exit trends in real estate (2019– November 2024) Deal type - 2019– November 2024 (US$m) Deal type - 2019– November 2024 (#) Secondary Strategic 2,624 27 Open market Secondary 2,564 18 Strategic 1,832 Open market 16 Buyback 731 Buyback 12 IPO 600 IPO 11 Page 28 E Y A N A L Y S I S O F V C C E D G E D A T A

Spotlight: PE/VC exit trends in real estate (2019– November 2024) Exit split by real estate sub-sectors in 2019– November 2024 Split by value (US$m) Split by number of deals (US$m) REIT's Developer 3,211 22 Commercial Residential 1,790 16 Commercial Developer 15 1,319 REIT's Residential 10 996 Hospitality Logistics/industrial parks/data centers 8 593 Logistics/industrial parks/data centers Retail 7 224 Online real estate portal 3 Hospitality 203 Retail 2 Online real estate portal 14 Other real estate 1 Other real estate - Note: Deal value not available for 14 exits Page 29 E Y A N A L Y S I S O F V C C E D G E D A T A

Spotlight: PE/VC exit trends in real estate (2019– November 2024) Top PE/VC exits in the real estate sector in 2019–November 2024 Company Seller(s) Buyer(s) Exit type Sub-sector Year US$m Stake (%) Embassy Office Parks REIT (Embassy REIT) Blackstone Open market REIT's 2023 851 24 Blackstone and Embassy Office Ventures Vrindavan Tech Village Embassy Office Parks REIT Strategic Commercial 2020 524 40 Nexus Select Trust Blackstone Open market REIT's 2024 505 22 Warburg Pincus and Embassy Property Developments Embassy Industrial Parks Blackstone Secondary REIT's 2021 501 70 Embassy Office Parks REIT Blackstone ADIA, Kotak RE and others Secondary REIT's 2022 325 8 Goldman Sachs and Warburg Pincus Good Host Spaces (New Door) Alta Capital Secondary Residential 2023 320 100 Tata Realty and Infrastructure Intellion Square in Mumbai Actis Strategic Commercial 2021 312 26 Embassy Office Parks REIT Blackstone Open market REIT's 2020 302 9 Logistics/Industrial Parks/Data centers Data Infrastructure Trust Brookfield IPO 2023 284 6 Embassy Office Parks REIT (Embassy REIT) Blackstone Open market REIT's 2021 275 6 Page 30 E Y A N A L Y S I S O F V C C E D G E D A T A

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About our Private Equity Services practice EY has been working with the private equity industry for more than 25 years, with approximately 25,000 seasoned professionals worldwide dedicated to the industry and its business issues. EY serves 74% of the top 300 PE firms included in the Global PEI 300 firms list. Private equity firms, portfolio companies and investment funds face complex challenges. Successful deals depend on the ability to move faster, drive rapid and strategic growth, and create greater value throughout the transaction life cycle. EY taps its global network to help source deal opportunities and combines deep sector insights with the proven, innovative strategies that have guided the world’s fastest-growing companies. In India, EY is among the leading providers of advisory, tax, transactions and assurance services. We are also one of the best professional services brand* in India, which is a testimony to our relentless commitment to deliver exceptional client service and create a better working world.  Our India Private Equity Services practice has been among the top advisors for private equity deals over the past two decades in India.  EY has been ranked a #1 Financial Advisor for over a decade across Mergermarket, Thomson Reuters and Bloomberg**. Our position as the foremost M&A advisor in the Indian mid-market enables us to create a robust deal origination pipeline for our PE/VC clients, acting as the tip of the spear of what is India’s dominant PE Services practice.  Our Private Equity Services practice provides value to PE funds and their portfolio companies through its deep sector and service expertise. EY India is organized around key industry verticals in a matrix structure that enables us to offer a unique blend of industry expertise and functional skills. We actively track about 15 sectors with sector leads, driving our penetration in each of those sectors.  EY has been recognized with prestigious European M&A Firm of the Year Awards at the Mergermarket event. ** for most number of deals Page 32 E Y A N A L Y S I S O F V C C E D G E D A T A

EY services for private equity We offer an array of services to Private Equity funds and their portfolio/investee companies through our various service lines. Partners (Personal tax) Fund assurance and management (Fund and fund management company audit, portfolio valuation, controls and process design and review, tax and regulatory compliance) Fund Raising (Marketing collateral, fund structuring, audit of fund performance) Funds Buyside support (Due diligence – financial, tax, business and commercial, forensics and background, HR, IT and environmental, modeling and valuations) Buy and sell side advisory (M&A, capital markets support, tax structuring, regulatory compliance, SPA advisory, integrated sell side advisory – building equity story, vendor due diligence (VDD), structuring marketing) Strategy and Transaction Services PE Value creation (Growth strategy, EBITDA improvement, Go to market) Portfolio Services Exit readiness (IPO, GAAP conversion, vendor due diligence, value creation, investor relations, exit preparation, sale mandates, exit structuring) Transition (PMO, 100-days plan, transaction Integration, GAAP conversion, governance, controls assessment, MIS development, process advisory, standard operating procedures, CFO services and compliance manager) Assurance (Statutory audit, tax compliance, risk management, corporate governance advisory, internal audits and fraud reviews) Distressed (Debt syndication, bank intermediation, restructuring, working capital management, cost reduction, insolvency, and bankruptcy advisory) Tax and Legal (Tax advisory, tax accounting, ESOP advisory, global mobility, transfer pricing, and operating model effectiveness, tax policy and litigation, regulatory compliance) Growth (Strategic options, Value Creation, technology security, IT strategy, operational improvement, SCM, market entry options and working capital management) Page 33 E Y A N A L Y S I S O F V C C E D G E D A T A

#1 on deal value and deal volume across league tables* Financial Advisor ` January – September 2024 * Bloomberg, Mergermarket, Refinetive, VCCircle, Consistently ranked #1 on volume on Bloomberg for 21 consecutive years (2003-2023) and Merger market for 18 consecutive years (2006-2023) Page 34 E Y A N A L Y S I S O F V C C E D G E D A T A

Ernst & Young LLP EY | Building a better working world Contacts P r i v a t e E q u i t y S e r v i c e s EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets. Vivek Soni Partner and National Leader E: Vivek.Soni@in.ey.com Varun Kaila Director E: Varun.Kaila@in.ey.com Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow. Narendra Rohira Partner, Transaction Tax E: Narendra.Rohira@in.ey.com Nachiket Deo Partner, Transaction Tax E: Nachiket.Deo@in.ey.com EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories. Subramaniam Krishnan Partner, Tax & Regulatory Services E: Subramaniam.Krishnan@in.ey.com Tejas Desai Partner, Tax & Regulatory Services E: Tejas.Desai@in.ey.com S t r a t e g y a n d T r a n s a c t i o n s ( S a T ) All in to shape the future with confidence. Amit Khandelwal Managing Partner, SaT E: Amit.Khandelwal@in.ey.com Ajay Arora Partner and National Leader Investment Banking Advisory E: Ajay.Arora@in.ey.com EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EYG member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com. Kuldeep Tikkha Partner and National Leader Transaction Diligence E: Kuldeep.Tikkha@in.ey.com A d v i s o r y Ernst & Young LLP is one of the Indian client serving member firms of EYGM Limited. For more information about our organization, please visit www.ey.com/en_in. Sardul Seth Partner, Business Consulting E: sardul.seth@in.ey.com Anurag Gupta Partner, Business Consulting E: anurag.gupta2@in.ey.com Ernst & Young LLP is a Limited Liability Partnership, registered under the Limited Liability Partnership Act, 2008 in India, having its registered office at Ground Floor, Plot No. 67, Institutional Area, Sector - 44, Gurugram - 122 003, Haryana, India. R e s e a r c h a n d I n s i g h t s © 2024 Ernst & Young LLP. Published in India. All Rights Reserved. Shantanu Kulkarni Manager E: Shantanu.Kulkarni@in.ey.com Shubham Deshpande Assistant Manager E: shubham.deshpande@in.ey.com EYIN2412-014 This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor. B r a n d , M a r k e t i n g a n d C o m m u n i c a t i o n s Bhavisha Jogi Vice President E: Bhavisha.Jogi@in.ey.com Harshpreet Singh Associate E: Harshpreet.Singh@in.ey.com HS

About IVCA

Contacts IVCA About IVCA The Indian Private Equity & Venture Capital Association (IVCA), is the apex body promoting the Alternative Investment Funds (AIFs) in India and promotes stable, long-term capital flow (Private Equity (PE), Venture Capital (VC) and Angel Capital) in India. Rajat Tandon President, IVCA E: Rajat.Tandon@ivca.in Aakriti Bamniyal Senior Vice President, IVCA E: aakriti@ivca.in With leading VC/ PE firms, institutional investors, banks, corporate advisers, accountants, lawyers and other service providers as members, it serves as a powerful platform for all stakeholders to interact with each other. Being the face of the Industry, it helps establish high standards of governance, ethics, business conduct and professional competence. With a prime motive to support the ecosystem, it facilitates contact with policy makers, research institutions, universities, trade associations and other relevant organizations. Thus, support entrepreneurial activity, innovation and job creation.

Empowering PE Professionals in a Transformative Age