A report on Friday said that investments by private equity and venture capital funds fell 42% year-over-year to $4 billion in November.

However, investment in October was up 18% from the previous month, the second consecutive increase in monthly investment, according to reports from industry lobby group IVCA and consultancy Ernst & Young.

Looking at the number of deals, November’s 88 deals were down 15% from a year earlier and up 13% from October. From a deal type perspective, November 2022 saw the highest acquisition value at $1.8 billion in four deals, while the report said five deals in November 2021 invested $1.5 billion.

From a sector perspective, infrastructure topped the list in November 2022, driven by clean energy investments, with six deals worth $1.6 billion in PE/VC investment.

November 2022 recorded 29 exits worth $1.8 billion, compared with 21 deals worth $3.1 billion in November 2021 and 15 deals worth $1.6 billion in October 2022.

Its fundraising was $1.9 billion, compared with $610 million in November 2021, with Kotak Investment Advisors’ $500 million raise for its 13th real estate fund the largest.