Blackstone has opened a global capability centre in Bengaluru to support its international operations, expanding its presence in India, according to Private Equity Wire citing a Bloomberg report. The new Bengaluru office will reportedly support Blackstone’s private wealth, credit and insurance businesses, while the firm’s investment team will remain based at its India headquarters in Mumbai.
Bengaluru centre to support wealth, credit and insurance operations
The new office will reportedly support Blackstone’s private wealth, credit and insurance businesses, according to Private Equity Wire. Susan Yung, a senior managing director in Blackstone’s Credit & Insurance Investment Operations team, has relocated to Bengaluru to oversee the centre.
Blackstone’s scale globally and in India
Blackstone manages $1.37tn globally and has more than $50bn in assets under management in India, according to Private Equity Wire. The firm is described as India’s largest owner of office, retail and logistics properties.
Private Equity Wire reports that Blackstone has helped launch five of India’s six listed real estate investment trusts and has taken 14 portfolio companies public.
India as a hub for alternative managers’ support functions
The Bengaluru 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, according to Private Equity Wire’s account of the Bloomberg report.
India had more than 1,800 global capability centres last year, and that figure is projected to exceed 2,400 by 2030, according to Dun & Bradstreet as cited by Private Equity Wire.
Context
A “global capability centre” is widely understood to be an offshore or nearshore hub that centralises business operations, technology, and other corporate support functions for multinational firms. Bengaluru is widely known as one of India’s largest technology and services centres, and is a common location for such centres.
