Blackstone has launched its first global capability centre outside the US in Bengaluru, as the investment firm plans to double its India investments to $100 billion over the next five years from about $51 billion to date.
The Bengaluru GCC will support Blackstone’s global operations across finance, technology, human resources, legal and compliance. The centre is being positioned as an integrated part of the firm’s international operating structure rather than as a standalone back-office unit.
Blackstone vice-chairman and chief financial officer Michael Chae said the firm currently has about 170 employees in India, including around 90 in Mumbai, its India headquarters, and about 80 in Bengaluru. The Bengaluru team is expected to grow to 100 or more employees by the end of the year, while the Mumbai team is also expected to expand.
“We have been running our investment operations in Mumbai very successfully for two decades now. Bengaluru currently has about 80 employees, and that team will grow, as will our Mumbai team. They will work closely with our teams around the world to help drive our operations globally,” Chae said.
The centre is led by Susan Yung, senior managing director in credit and insurance investment operations. Yung has previously worked in India and was managing director at Goldman Sachs’ captive centre in Bengaluru. Blackstone has also hired senior leaders across key functions, including engineering, which will work with the firm’s global chief technology officer.
The launch adds another major financial-services GCC to Bengaluru’s established concentration of technology, engineering and corporate support operations. In this case, the centre will be directly connected to investment operations and global support functions, linking work carried out in India with Blackstone teams in other markets.
The expansion comes as Blackstone’s assets under management have grown nearly fourfold over the past decade to almost $1.4 trillion, according to the company. The scale of its global business is increasing the need for operational, technology and compliance capacity across its locations.
For Bengaluru, the announcement points to continued demand for specialised corporate talent and office infrastructure beyond traditional technology services. For Mumbai, where Blackstone has operated its India investment operations for two decades, the company’s plans indicate that the city will remain a central base even as Bengaluru takes on a larger global support role.
Blackstone’s planned increase in India investments will also add to the significance of its local operating network. The company has not disclosed further details in the supplied announcement on the locations, sectors or timelines for deploying the additional capital. Its immediate operational milestone is the planned expansion of the Bengaluru GCC to at least 100 employees by the end of the year.
