Private Equity (PE) investment into India's small and medium enterprises (SMEs) continues to fall. It declined from $1,295.73 million across 176 deals in 2012, to $970.24 million across 132 deals in 2013 (year to date) - a fall of 25 per cent, according to data compiled by Venture Intelligence, a Chennai-based research company that tracks private equity, venture capital and M&A in India.