Blackstone has announced the expansion of its private equity business in Singapore to support the firm’s growing commitment to Southeast Asia. Blackstone recently celebrated its 10th anniversary in Singapore and moved into a new office to support its growth.
“Singapore is home to some of our most important investors, as well as headquarters to global and Asian businesses and a gateway to Southeast Asia,” said Amit Dixit, head of Asia for Blackstone Private Equity, in a statement.
“We are excited to add experienced private equity talent to the Blackstone Singapore team, which already exceeds 100 professionals, and that Aravind Krisnan (pictured) – who has been with Blackstone for more than a decade – will be leading our Southeast Asian private equity business,” he said.
The Blackstone Singapore team is anchored by industry veterans including Gautam Banerjee, chairman of Singapore, Alan Miyasaki, head of real estate acquisitions, Asia, and Harish Manwani, senior operating partner.
Blackstone’s key investments during the past decade in Singapore include Interplex, which provides connector solutions for fast-growing sectors; and Eclipse and Soilbuild Business REIT, high-quality office buildings occupied by multinational corporations.
Recent Asia transactions include the acquisition of CARE Hospitals to create one of India’s largest hospital platforms, the purchase of International Gemological Institute, a global leader in independent certification of lab-grown diamonds and a joint acquisition with Blackstone Real Estate for Crown Resorts in Australia, the largest investment for the firm to date in the region.
Other recent deals include the sale of Sona Comstar in the largest IPO by an auto-components maker in India. The firm has also secured $11bn in commitments for its second Asia private equity fund, nearly tripling its predecessor.
We have built a robust presence in Singapore over the last decade, growing more than threefold across businesses, and cultivated valuable partnerships with our investors, the government, and companies,” said Joe Baratta, Global Head of Private Equity, Blackstone.
“The expansion of our private equity business will significantly help grow our footprint in Southeast Asia.”
Blackstone has over $1trn in assets under management, which includes investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds.
Earlier this month, Blackstone bought a majority holding in Sony Payment Services (SPSV) from Sony Bank, a wholly-owned subsidiary of Sony Group. This marked Blackstone’s first investment in the financial technology sector in Japan.