Blackstone's Co-Head of India Buyouts to Leave for Own Firm

  • Cyriac joined in 2006, formerly worked at iGate, DLJ
  • Firm has been selective in India, seeking control deals

Mathew Cyriac, Blackstone Group LP’s co-head of private equity in India, will leave after 11 years to build his own investment firm.

Blackstone’s activity in India will be led by Amit Dixit, who co-led the team there with Cyriac since 2013, said Joe Baratta, the firm’s global head of private equity.

“Mathew is a talented investor who has played a role in sourcing and executing some of our most successful transactions in the region,” Baratta said in an e-mail. “All of us at Blackstone wish him well as he embarks on his newest pursuit and look forward to continued association and friendship.”

Cyriac and Dixit replaced Akhil Gupta, a former Reliance Industries Ltd. executive, in 2013 as the managers responsible for New York-based Blackstone’s day-to-day operations in India. Before Blackstone, Cyriac worked at information-technology company iGate Corp., Credit Suisse First Boston and Donaldson Lufkin & Jenrette.

The Economic Times first reported Cyriac’s departure.

Blackstone has recently been selective in India, seeking investments in which it can get majority control of the businesses, Baratta said at a conference in September. The firm acquired Hewlett Packard Enterprise Co.’s Indian IT-services firm Mphasis Ltd. last year for $825 million. In 2015 it bought Serco Group Plc’s offshore process outsourcing operations for 250 million pounds ($312 million). About 80 percent of the Serco business’s service centers were in India at the time.

“It’s hard to find those investments, but we found that that is a much more predictable way to invest,” Baratta said in September of control deals.

Blackstone, led by Chief Executive Officer Steve Schwarzman, first started looking for deals in India in 2005. The firm managed $366.6 billion in private equity holdings, real estate, credit assets and hedge funds around the world as of Dec. 31. It’s the largest owner of office buildings in India, global real estate head Jon Gray said in November.

Peter Grauer, chairman of Bloomberg LP, the parent of Bloomberg News, is a non-executive director at Blackstone.

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