Blackstone.

Blackstone's India franchise is no longer a growth story — it is a harvesting one. Five monetisations landed in the fifteen months to September 2026 (Mphasis twice, Aadhar Housing Finance, Nexus Select Trust, Knowledge Realty Trust) alongside the December 2024 IGI IPO, using every exit route available in the Indian market: open-market block sales, an REIT OFS and a primary listing. None of them are clean breaks — Blackstone kept a 30.64% control block in Mphasis after two 2025 sell-downs, and a ~21.5% stake in Knowledge Realty Trust after its September 2026 OFS raised up to $1.3bn at a 13% discount to NAV. That pattern — sell down, retain a strategic remainder, keep the co-invest relationships with ADIA, GIC and UC Investments intact — is the house style. Where the desk is still building rather than harvesting, the assets are platforms: Horizon Industrial Parks (58.01M sq ft across 45 logistics assets, listed August 2026 at ~89% retained), and Aster DM Quality Care, the four-hospital-brand roll-up (Care Hospitals, KIMSHEALTH, Evercare, Aster DM) that completed its merger in July 2026 with Blackstone as the single largest shareholder at 30.7%. The stated ambition — doubling the ~$50bn India book to $100bn — now has a fourth leg: Ami Momaya's July 2026 hire to open a dedicated APAC infrastructure platform led out of India, the first such vertical for the region. The open wound is Aakash Educational Services, where Blackstone's residual 18% stake sits inside the unresolved insolvency of Byju's parent Think & Learn, with lenders separately negotiating a 30% claim on Aakash to settle a $1bn loan dispute — the one asset in the book where governance rights have not translated into control over the exit timeline.

Asset quality & control 25% · Exit realisation 30% · Value creation 15% · Capital discipline 15% · Franchise stability 15% — the five contributions above sum to 78. Raw scores compare within private equity; across cohorts compare the tier. See the full GP Score methodology · compare this firm →

Recent public evidence mapped to this GP. Read this before reading the position table: it is where the score can move next.

Computed from the public dossier: vehicle cadence, realised exits, mark drift, concentration and franchise stability. All computed signals are GW estimates.

Marked overhangMphasis · International Gemmological Institute (IGI) · Knowledge Realty Trust · Nexus Select Trust · Aakash Educational Services: names with negative 12-month mark or momentum signals in the reconstructed book.

The live research question, the proof required, and the source standard. This prevents a GP score from becoming a stale label.

How hard the public record is beneath this view: source mix, freshness, low-confidence fields and the next source action.

Source tiering follows Gravitywell policy: primary = filing/regulator/company disclosure, secondary = reputable media or research, E = Gravitywell estimate. Evidence score is a GW control metric, not an external rating.

Positions below are a representative slice of a book spanning dozens of real estate assets, listed control stakes and REIT sponsorships. sectorExposure weightings are GW's own reconstruction from disclosed deal values, not an official Blackstone breakdown.

Representative tracked positions reconstructed from public disclosures: not the full book. 12-mo signal is a GW estimate of mark direction from round/exit prints (E). Ownership stakes are not shown: not reliably public.

The 2025-26 entries skew toward control and platform-building rather than growth checks: Kolte-Patil is Blackstone's first residential-developer bet, taken jointly with the founding family rather than as a pure financial buyer, and the Aster DM Quality Care merger converts four separate hospital acquisitions into a single 30.7%-owned national chain. The more telling signal is the new infrastructure hire — a fourth asset-class leg after PE, real estate and credit, opened only after Blackstone set the public target of doubling India AUM to $100bn from the current ~$50bn.