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Here's what I mean, unlike some of the more functional pieces of law (TMT, labour laws etc.), there isn't that much demand for PE lawyers in-house. The reason is because, most of the execution for transaction is done by law firms (hence the many many teams of PE / M&A lawyers in law firms) - and the in-house folks job is to really coordinate / manage the work and interface internally (even if that).
What this leads to is that the in-house teams in funds / investment houses are generally small compared to a corporate house. The biggest in-house PE team in India is unlikely to be more than 10-20% of the size of a decent in-house team in a large corporate.
That leads to a situation where two things happen: (a) lots of supply in the market for PE lawyers looking to quit law firms and move in-house, and (b) very very limited opportunities for in-house lawyers in PE employers.
This problem becomes more exacerbated as you grow more senior btw. So if you want to make the shift do it ASAP - if you can get it. For example, at the GC level, there are maybe a grand total 10-20 roles in the whole industry - and almost nobody who gets the job quits it (because duh).