Blackstone, the alternative asset manager in New York City, has opened a global capability center in Bengaluru, in southern India. The center is the firm’s second office in India. The Economic Times reported that the new site will support Blackstone’s businesses worldwide.
The center sits in an office park in Bengaluru that Blackstone’s real estate arm co-owns. It will bring together Blackstone employees and professional services partners who handle corporate functions, according to the company’s statement. Susan Yung, a senior managing director in the investment operations team at Blackstone Credit & Insurance, will oversee it. Yung has more than twenty-five years of experience in financial services and has lived in Bengaluru before.
Blackstone’s investment professionals will stay in Mumbai, in western India, which remains the firm’s India headquarters. The firm set up in India twenty years ago and now invests there across real estate, private equity, credit, insurance and infrastructure.
Michael Chae, Blackstone’s vice chairman and chief financial officer, tied the move to the firm’s long-term view of the country. “We are proud to deepen our presence in India with a new office in Bengaluru, reflecting our conviction in one of our most important markets globally,” Chae noted.
The firm’s footprint in India
Blackstone is among the largest owners of office, retail and logistics assets in India. It has helped launch five of the country’s six listed real estate investment trusts, including the first, and has taken fourteen companies public in India, according to the company.
Why this matters
Blackstone now runs both its investment team and a corporate support center in India, two decades after it first set up there. According to the report, the Bengaluru site reflects the firm’s continued investment in its operations in the country.
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