Key Takeaways
- • Blackstone President and COO Jonathan Gray said India's capital markets are "probably second to the United States" in liquidity, speaking at the Bloomberg New Economy Forum, as reported by Times Now on October 13, 2026.
- • Gray said Blackstone has moved multiple companies to India to list, though he did not name them.
- • Gray attributed the change to capital-market reforms, improved physical infrastructure, better dispute resolution and a more welcoming government stance toward foreign investment over the past two decades.
- • Blackstone entered India in 2005, has said its investments there exceeded $55 billion in value as of February 2025, and described India as its top-performing private equity geography over the preceding decade.
- • Blackstone's February 2026 agreement to invest up to $600 million in equity in Indian AI infrastructure company Neysa underscores the firm's continued commitment to the market.
Summary
Blackstone President and Chief Operating Officer Jonathan Gray said India's capital markets are "probably second to the United States" in terms of liquidity, according to a report by Times Now. Speaking at the Bloomberg New Economy Forum, Gray said the firm had moved multiple companies to India to list, adding, "Can you imagine that 20 years ago?" He did not name the companies involved.
Gray attributed the shift to capital-market reforms and a more open environment for foreign investment over the past two decades. He pointed to improvements in physical infrastructure and dispute resolution, and said the government has been welcoming foreign investment. He noted that twenty years ago Blackstone could not invest in most industries in India, and credited the changes since then with accelerating growth.
Blackstone entered India in 2005. In February 2025, the firm said its investments in the country had totalled more than $55 billion in value since opening its office nearly two decades earlier, and described India as its top-performing private equity geography over the preceding decade. In May, the firm announced plans to open a Mumbai office and said it had allocated up to $1 billion for investment in the country. Blackstone also announced in February 2026 that its affiliated private equity funds and co-investors had agreed to invest up to $600 million in equity in Indian AI infrastructure company Neysa.
Context from National Stock Exchange data cited in the report shows 103 mainboard IPOs in calendar 2025, raising about Rs 1.7 lakh crore, an 8 percent increase from 2024, according to NSE's January 2026 Market Pulse.
Gray attributed the shift to capital-market reforms and a more open environment for foreign investment over the past two decades. He pointed to improvements in physical infrastructure and dispute resolution, and said the government has been welcoming foreign investment. He noted that twenty years ago Blackstone could not invest in most industries in India, and credited the changes since then with accelerating growth.
Blackstone entered India in 2005. In February 2025, the firm said its investments in the country had totalled more than $55 billion in value since opening its office nearly two decades earlier, and described India as its top-performing private equity geography over the preceding decade. In May, the firm announced plans to open a Mumbai office and said it had allocated up to $1 billion for investment in the country. Blackstone also announced in February 2026 that its affiliated private equity funds and co-investors had agreed to invest up to $600 million in equity in Indian AI infrastructure company Neysa.
Context from National Stock Exchange data cited in the report shows 103 mainboard IPOs in calendar 2025, raising about Rs 1.7 lakh crore, an 8 percent increase from 2024, according to NSE's January 2026 Market Pulse.
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