Bengaluru: Alternative asset management giant Blackstone is set to expand its presence in India with a second office in the country at Bengaluru, the firm announced in a recent statement. With nearly $1.4 trillion in assets under management (AUM), Blackstone’s new Global Capability Centre (GCC) in India’s infotech (IT) capital is part of its plan to double its investments in the sub-continent.
“Blackstone, the world’s largest alternative asset manager with nearly $1.4 trillion in assets under management, has opened its GCC in Bengaluru, leasing 4.5 lakh square feet in the Outer Ring Road RR tech corridor.
The centre will support global operations across finance, technology, human resources, legal and compliance. The expansion comes as Blackstone plans to double its investments in India from $51 billion to $100 billion over the next five years,” Karnataka Minister for Information Technology Priyank Kharge said in an earlier post.
The firm said that its second office in India underscores the company’s long-term commitment to one of its priority global markets.
Bengaluru has over 1,100 GCCs, with nearly one in three such investments finding its way into India’s IT capital.
Despite the congestion and high cost of operations, investors have continued to prefer setting up shop in Bengaluru to benefit from a robust ecosystem, comprising startups, software services and other talent availability.
The office will be located on the ORR, one of the city’s most congested stretches of road but also one of India’s most robust technology corridors.
“The new Global Capability Center (GCC) will bring together Blackstone employees and professional services partnerships across corporate functions, strengthening the firm’s operational capabilities in India and globally,” Blackstone said in a statement earlier this week.
Susan Yung, a Senior Managing Director in the Blackstone Credit & Insurance (BXCI) Investment Operations team, will oversee operations for the GCC.
“By investing in exceptional talent, technology-enabled capabilities, and a world-class workplace, we are strengthening our ability to support the firm’s operations globally. 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,” Michael Chae, Vice Chairman & Chief Financial Officer of Blackstone, said in a statement.
Blackstone was among the first global investors to establish a presence in India two decades ago. The company is India’s largest owner of office, retail, and logistics, and has been involved in the launch of five of the country’s six listed Real Estate Investment Trusts (REITs), including the first.
(Edited by Nardeep Singh Dahiya)
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