Blackstone plans to double its investments in India to $100 bn over the next five years from the current $50 bn, as the global alternative asset manager expands its presence across real estate, infrastructure, financial services and other sectors.

Blackstone President Jon Gray outlined the target in an interview with CNBC-TV18, citing India’s economic growth prospects and the opportunities available through its capital markets. The firm is also assessing investments connected with artificial intelligence (AI), including data centres, cloud infrastructure and computing capacity.

Real estate remains a key component of Blackstone’s India portfolio. Its existing investments in logistics, hotels and shopping centres have performed well, while the firm is seeking additional opportunities in infrastructure and credit, as well as growth equity and private equity.

Gray linked Blackstone’s long-term outlook to India’s expanding middle class, infrastructure development and technology capabilities. He also emphasised the importance of policy certainty and clarity for foreign investors, saying these conditions would support the continued expansion of the opportunity set as the economy grows.

India’s capital markets are another attraction for Blackstone because they provide private equity investors with routes to list portfolio companies and realise returns. The firm has completed 14 initial public offerings (IPOs) in India over time and sponsored five of the country’s six publicly listed real estate investment trusts (REITs).

The planned increase in investment comes as Blackstone seeks to deploy capital in businesses and assets positioned to benefit from India’s economic expansion and rising demand for goods, services and infrastructure. The targeted sectors include data centres, healthcare, manufacturing, financial services, infrastructure and credit.