Blackstone Group Inc. senior Managing Director (MD) Amit Jain is set to leave the US investment firm at the end of next year, people familiar with the matter said.
The Mumbai-based partner will continue working on Blackstone’s first Asia-focused private equity (PE) fund until December 2021, according to the people, who asked not to be identified because the information is private. Jain will not be involved in Blackstone’s plan for a second such fund, according to the people.
Blackstone aims to raise at least $5 billion for its second buyout fund focused on the region. Jain, who joined the private equity group from consultant McKinsey & Co. in 2010, became senior managing director and one of the partners starting in January. He is one of the key investment managers of the first fund.
Jain was promoted as a senior managing director at Blackstone India in January. He is likely to join rival PE firm Carlyle’s India unit as the co-head of Carlyle, India, they added.
Blackstone has garnered returns of 38 per cent in its global portfolio and about 85 per cent in its India portfolio, they added.
The private equity firm is currently in discussions to acquire a couple of large businesses in India such as Piramal Glass and L&T Finance’s mutual fund business.