How to invest lumpsum?

I have around 50l in fixed deposits that I want to invest. That's around 25% of my portfolio, rest is in equity mutual funds. My emergency fund is separate and insurances are taken care of. My time horizon is more than 15 years. I don't know when to invest and people are saying that mid + small cap looks overvalued. I don't know how long will the correction last. Will investing in a fund like parag parikh dynamic asset fund be a good idea?