September 11, 2025

Hold your breath! The world’s top asset managers like KKR & Co. and Blackstone Inc. are moving fast to make India the new superstar in Asia’s private equity game. Imagine this – seven global funds now have their Asia private equity chiefs or co-heads right in Mumbai. That’s a big jump from five years ago when none were based in India! These top bosses, including Blackstone's Amit Dixit and KKR's Gaurav Trehan, manage a whopping $100 billion of assets combined. Although none of the firms shared exact numbers, insiders and Bloomberg News confirm these figures. Why this sudden love for India? It’s simple. While China is facing slow growth and strict rules, India shines with fast economic growth, booming local markets, and deals popping up everywhere – from infrastructure giants to cool new factories. Dhiraj Poddar, co-head of Asia at TA Associates, shared some spicy insights: "The Indian private equity market has matured. Deal sizes have increased, the buyout market has deepened and multiple avenues of exits have emerged over the years." This means India's market is getting stronger and more attractive for big investments. But hey, it’s not all smooth sailing. High company prices and shaky tech startups can cause trouble. Plus, the USA's surprise move to double tariffs on many Indian goods to 50% has added some stormy clouds. Jeff Schlapinski from Global Private Capital Association says, "US-India trade tensions do cloud the picture to some degree, but overall India is less reliant on export markets than many other economies in the region." Many global funds are now putting 50% to 70% of their Asian money into India and Japan, skipping China due to its troubles, says Mumbai’s EY partner Vivek Soni. Look at Blackstone: they have around $50 billion invested in Indian private equity and real estate. KKR has pumped in $11 billion over 20 years and plans to speed up with another $10 billion soon, says co-founder Henry Kravis. Boston’s Advent International is also getting India ready for its next big move in Asia, led by Shweta Jalan, their managing partner. Even Brookfield Asset Management, PAG, and TA Associates have put their top Asia or global leaders in Mumbai, showing India’s rising power. Numbers don’t lie! This year, India grabbed 41% of private equity inflows in emerging markets, beating China’s 34%. China’s share is falling fast from 44% last year and 66% in 2018. Why the big shift? Three magic reasons: more family-run businesses are ready to hand over control, local markets can now handle multi-billion deals, and Indian companies are buying more locally. Jeff Schlapinski sums it up, "Due to increased local institutional and retail participation in public markets, the country has been a leader globally for exits, which is inducing additional new investment." Still, some start-ups in tech, like Byju’s and PharmEasy, have stumbled, hitting some investors hard. And those US tariffs? They could slow investments in sectors like pharma and tech in the next 6-12 months, warns EY’s Soni. But the big players are happy. "Geopolitics can change tomorrow, but the fact is that India has delivered consistent returns over the last several years which explains why it remains a significant focus for Asia and global funds," says TA Associates’ Poddar. So, India is not just the world’s biggest democracy—it’s fast becoming the heart of Asia’s private equity, and those global money wizards are betting big on this thrilling ride!

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Tags: India private equity, Global asset managers, Kkr, Blackstone, Asia investment, Private equity trends,