A high-performance hybrid polymeric photorefractive nanocomposite operating at the telecommunications wavelength of 1.34 μm is presented. The photorefractive nanocomposite is sensitized with PbS nanocrystals synthesized via a hot colloidal route. Photoconductivity experiments confirm and quantify the photocharge-generation quantum efficiency of the nanocrystals. A pronounced two-beam coupling effect at the operation wavelength is observed, leading to very high optical gains. Temporal evolution of the photorefractive growth process is also studied.