You are right that while PE deals may look robust on paper in the first half of the year, this has been largely accounted for by the mega share placement done by Jio Platforms. For example, the monetization of Jio Platforms by Reliance itself contributed to 50% of the total deal volume in the first half of the year. However, the second half could be more reflective.

Total deal count in the first half slipped nearly 24% to just 183 transactions. That was due to a clustering of Jio deals during the first half. Between April and June 2020, Reliance sold over 25% of its stake in Jio Platforms for a consideration of $17 billion. These included investors like Facebook, TPG, Vista Equity, Silver Lakes, Mubadala, ADIA and Catterton among others.

The last two deals with Qualcomm and Google happened only in July and would get reflected in the second half numbers in terms of deals. This is likely to contribute another $5 billion to the deal value stakes in the second half of the current calendar year. Domestic mergers & acquisitions also generated $16.64 billion worth of deals in the first half.