Blackstone has opened a global capability centre in Bengaluru to support its international operations, expanding its presence in India as major alternative asset managers build out their support functions in the country, according to a report by Bloomberg.
The new office will reportedly support Blackstone’s private wealth, credit and insurance businesses, while its investment team will remain based at the firm’s India headquarters in Mumbai. Susan Yung, a senior managing director in Blackstone’s Credit & Insurance Investment Operations team, has relocated to Bengaluru to oversee the centre.
Blackstone, which manages $1.37tn globally, has more than $50bn in assets under management in India. The firm is the country’s largest owner of office, retail and logistics properties, has helped launch five of India’s six listed real estate investment trusts and has taken 14 portfolio companies public.
The expansion follows similar moves by KKR and Apollo Global Management, as global alternative investment firms increasingly use India as a hub for operational and technology functions. India had more than 1,800 global capability centres last year, a figure projected to exceed 2,400 by 2030, according to Dun & Bradstreet.
