Blackstone Inc. opened a new office in Bengaluru to support its global operations. The center will handle private wealth, credit, and insurance functions. "This expansion reaffirms our long-term commitment to India," said Chief Financial Officer Michael Chae. The firm remains one of the largest investors in the country today.
The Bengaluru office will support functions including private wealth and credit and insurance
Blackstone Inc. has expanded in India, opening a new office to support the firm's operations around the world.
The new global capability center is located in Bengaluru, known as the Silicon Valley of India, where many of the country's technology startups are clustered. Susan Yung, a senior managing director on Blackstone's Credit & Insurance Investment Operations team, will oversee the center's operations and has relocated there, the firm said in a statement.
The center is on a campus that's also home to several global finance and tech firms. The office will support functions including private wealth and credit and insurance. The investment team will continue working out of Blackstone's India headquarters in Mumbai.
"This expansion reaffirms our long-term commitment to India, where we have become one of the most prominent global investors over the past two decades," Blackstone Chief Financial Officer Michael Chae said in the statement.
The $1.37 trillion New York-based firm is one of the largest investors in India, with more than $50 billion of assets under management. Blackstone is the biggest owner of office, retail and logistics properties in the country, and helped launch five of India's six listed real estate investment trusts. The firm has also taken 14 portfolio companies public in India.
Blackstone joins peers including KKR & Co. and Apollo Global Management Inc. in expanding in India to support their global businesses. The basic back-offices set up in the country in the 1990s have evolved into critical engines of global finance. India had more than 1,800 global capability centers last year, a total that's projected to exceed 2,400 by 2030, according to a Dun & Bradstreet report.