Blackstone overtakes Saudi Arabia's Public Investment Fund as top India investor on PE and sovereign fund table for 2021

(Representative image: Reuters)

US private equity giant Blackstone surpassed Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF) as the top India investor last year on a table of leading private equity and sovereign funds, according to a report published by Bain Capital and Indian Venture and Alternate Capital Association.

In 2021, Blackstone invested $4.9 billion in India, compared with $3.3 billion by PIF.

In 2020, Blackstone had invested $1.6 billion, ranking eighth. The PE fund Kohlberg Kravis Roberts (KKR) has seen its investment in the country slow down quite sharply, the report added.

In 2021, it fell from 2nd to 7th spot with an investment of $1.2 billion, down from $3 billion in 2020 when it invested in Reliance Jio and Reliance Retail. Advent International, one of the newcomers to the block, had a very busy and aggressive year in 2021 and has continued the momentum into 2022, as per the report.

In 2020, it ranked third with $2.4 billion, just behind Carlyle. Baring, which signed a big deal with Hinduja Global Solutions, and Warburg Pincus, which partnered Ola Cabs and Parksons Packaging, made the list in 2021 after not making the top 10 in 2020. In 2021, only two sovereign funds - Singapore-based GIC and Temasek - were among the top 10.