Blackstone praises India's market depth
Jonathan Gray, President and Chief Operating Officer of Blackstone, has highlighted the significant growth in India’s capital markets, stating that liquidity in the country is "probably second to the United States." Speaking at the Bloomberg New Economy Forum, Gray noted that this level of market depth was unimaginable two decades ago, attributing the transformation to sustained capital-market reforms and a more welcoming environment for foreign investment.
Gray emphasized that Blackstone has actively moved multiple companies to India for listing purposes. While the specific names of these companies were not disclosed in the remarks, the shift underscores the firm’s confidence in the Indian regulatory and market framework. He cited improvements in physical infrastructure and dispute resolution mechanisms as key factors that have accelerated growth since the firm’s initial entry into the market.
Two decades of investment growth
Blackstone’s presence in India dates back to 2005, when the firm announced plans to open a Mumbai office and allocated up to $1 billion for local investments. Over the nearly two decades since, the firm has expanded its footprint across private equity and real estate sectors.
According to a February 2025 investment commentary, Blackstone’s total investments in India have surpassed $55 billion in value. The firm identified India as its top-performing private equity geography over the preceding decade, a testament to the successful integration of global capital with local market opportunities.
Strong IPO activity and infrastructure upgrades
Gray’s comments align with a broader trend of increased fundraising through Indian public markets. The NSE’s January 2026 Market Pulse reported that 103 mainboard IPOs were conducted in calendar 2025, raising approximately Rs 1.7 lakh crore. This represented an 8 percent increase over 2024 figures, reflecting robust investor appetite and issuance activity.
Supporting this growth, market infrastructure has undergone significant modernization. The National Stock Exchange (NSE) moved all equity securities to T+1 settlement from January 27, 2023, reducing the settlement cycle to one business day after a trade. Furthermore, the Securities and Exchange Board of India (SEBI) introduced an optional same-day (T+0) settlement framework in March 2024, initially covering a limited set of 25 stocks and brokers, to further enhance market efficiency.
Recent strategic moves
Blackstone continues to expand its engagement with the Indian economy. In February 2026, the firm announced that its affiliated private equity funds and co-investors had agreed to invest in Neysa, an Indian AI infrastructure company. The deal involves up to $600 million in equity capital, with Neysa planning to secure an additional $600 million in debt financing, subject to final documentation.
Earlier, in 2019, Blackstone-backed Embassy Office Parks REIT became India’s first listed real estate investment trust, raising Rs 4,750 crore on the NSE and BSE. These moves illustrate the firm’s diversified approach to leveraging India’s evolving financial landscape.