Investments by private equity and venture capital funds declined for the second consecutive year in 2023 after the "funding winter" impacted 2022, a report said on Wednesday. The dedicated funds poured in USD 49.8 billion across 853 deals in 2023, as against USD 56.1 billion in 2022 across 1,273 deals, the report by industry lobby IVCA and consultancy firm EY said. The overall activity declined 34 per cent in 2022, after the all-time high of USD 75.9 billion reached in 2021. The decline in deals was largely because of a lack of interest in investing in India's startups, the report said, specifying that 2023 saw only 472 deals as against 815 in the year-ago period. The funds have "significant amounts of dry powder" and global funds are also looking to increase India's capital allocation, the consultancy's partner Vivek Soni said, adding that he remains "optimistic" about the Indian PE/VC scene for the new year. In 2023, growth investments was the largest segment for PE/VC bets with