## KEY TAKEAWAYS
- Blackstone aims to double its India investment from $50 billion to $100 billion within about five years, according to COO Jonathan Gray in an interview with The Economic Times.
- Gray said the expansion could span private equity, real estate, infrastructure, credit, and growth equity.
- Gray described India as probably the easiest market after the US in which to list a company, a key exit route for foreign capital including Blackstone's drawdown funds.
- Gray said he is not overly concerned about recent foreign investor outflows from Indian equities, expecting them to return if earnings growth, forecast in the mid-teens this quarter, continues.
## DETAILED SUMMARY
Blackstone, the world's largest alternative asset manager, plans to double its investment in India to $100 billion in about five years, chief operating officer Jonathan Gray said in an interview with The Economic Times. Gray said the current figure is $50 billion. He indicated the capital could be deployed across private equity and real estate, with the firm expanding its infrastructure business and looking to grow its credit franchise. He also described growth equity as an opportunity.
On public markets, Gray said foreign investors have been exiting Indian equities but are likely to return. He attributed last year's caution to India's dependence on energy imports, which made investors wary as energy costs rose. He argued that public market sentiment can shift quickly and said investors would likely come back if earnings growth, which he said is expected to be in the mid-teens this quarter, continues.
Gray highlighted the strength of India's capital markets, noting the stock market has risen about five and a half times over the past 20 years. He said India is probably after the US the easiest place to list a company, a point he tied to exit opportunities for early investors and to the return of capital to investors in Blackstone's drawdown funds. He added that long-term fundamentals and a growing middle class make India one of the firm's "interesting places to deploy capital."
