Key Takeaways
- • Blackstone President and COO Jonathan Gray said the firm aims to double its India investment exposure from $50 billion to $100 billion over roughly five years, according to The Economic Times.
- • The target spans private equity, real estate, infrastructure, credit and growth equity, but is an ambition contingent on identifying suitable businesses.
- • Gray called India Blackstone's best-performing market, citing growth above 7%, a young population and rising household incomes.
- • Blackstone led over $1 billion in funding for Indian AI cloud platform Neysa in February 2026, with up to $600 million in equity and a planned $1.2 billion total raise.
- • Blackstone's third Asia private equity fund closed at $13.1 billion in June, above its $10 billion target, with 15 exits including the Aadhar Housing Finance and International Gemological Institute listings.
Summary
Blackstone aims to double its investment exposure in India to $100 billion over approximately five years, according to President and Chief Operating Officer Jonathan Gray, who told The Economic Times that the firm would "love that number to be $100 billion" from its current $50 billion. Gray framed the figure as an ambition rather than a commitment, noting that deployment depends on identifying suitable businesses. Potential expansion spans private equity, real estate, infrastructure, credit and growth equity.
Gray described India as Blackstone's best-performing market, pointing to economic growth exceeding 7%, a young population and rising household incomes as drivers of demand in healthcare, housing, travel and financial services. He also highlighted the depth of India's capital markets, calling it probably the easiest place after the United States to list a company, which he said helps private investors realise returns for their backers. Gray acknowledged that higher energy costs, currency depreciation and concerns about AI's effect on IT services have weighed on sentiment, but maintained that the long-term outlook remains attractive.
The expansion plan builds on recent moves. In July, Blackstone launched an Asia-Pacific infrastructure platform and appointed Ami Momaya as Managing Director and Head of Infrastructure for India; Momaya previously held senior roles at the National Investment and Infrastructure Fund and Morgan Stanley Investment Management. In AI infrastructure, Blackstone-affiliated funds and co-investors agreed in February 2026 to invest in Neysa, aIndian AI cloud platform founded in 2023, supporting a planned $1.2 billion raise. The structure included up to $600 million in equity, with Neysa seeking a further $600 million in debt subject to documentation, to fund expansion and the deployment of more than 20,000 GPUs in India.
Blackstone also reported the final close of its third Asia private equity fund at $13.1 billion in June, exceeding its $10 billion target. The firm said it invested more than $7 billion across 12 regional transactions over the preceding 24 months and recorded 15 exits with realisations. Those exits included the listings of International Gemological Institute and Aadhar Housing Finance, illustrating the combination of direct investment and public-market exits that underpins its regional strategy.
Gray described India as Blackstone's best-performing market, pointing to economic growth exceeding 7%, a young population and rising household incomes as drivers of demand in healthcare, housing, travel and financial services. He also highlighted the depth of India's capital markets, calling it probably the easiest place after the United States to list a company, which he said helps private investors realise returns for their backers. Gray acknowledged that higher energy costs, currency depreciation and concerns about AI's effect on IT services have weighed on sentiment, but maintained that the long-term outlook remains attractive.
The expansion plan builds on recent moves. In July, Blackstone launched an Asia-Pacific infrastructure platform and appointed Ami Momaya as Managing Director and Head of Infrastructure for India; Momaya previously held senior roles at the National Investment and Infrastructure Fund and Morgan Stanley Investment Management. In AI infrastructure, Blackstone-affiliated funds and co-investors agreed in February 2026 to invest in Neysa, aIndian AI cloud platform founded in 2023, supporting a planned $1.2 billion raise. The structure included up to $600 million in equity, with Neysa seeking a further $600 million in debt subject to documentation, to fund expansion and the deployment of more than 20,000 GPUs in India.
Blackstone also reported the final close of its third Asia private equity fund at $13.1 billion in June, exceeding its $10 billion target. The firm said it invested more than $7 billion across 12 regional transactions over the preceding 24 months and recorded 15 exits with realisations. Those exits included the listings of International Gemological Institute and Aadhar Housing Finance, illustrating the combination of direct investment and public-market exits that underpins its regional strategy.
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