Hey there!

It’s Sparsh here!👋 

Blackstone President & COO Jon Gray recently laid out a compelling argument for investors and founders in both India and the U.S. 🗣️ 

He touched on how the firm is performing, the current investment environment, the major disruption of AI, the rise of alternatives, and the best places to deploy capital globally. including a sharp focus on India. 🇮🇳 

Let’s dive in to know more! 🚀 

🔍 How Blackstone Is Doing

Jon opened with a reflection on Blackstone’s forty-year journey, starting with just $ 400,000, now boasting around $1.2 trillion in assets under management and a market capitalisation of nearly $225 billion.

💰He credited this growth to three core strengths:

He also pointed to recent evidence of this scale advantage in action: six major deals across disparate geographies and sectors in the past year (data-centres in Asia, a U.S. fast-food chain, etc.). 💡

Finally, he discussed culture: 60,000 applications for internships and only 138 hires, an average tenure of nearly 12 years for 300 partners, and many conference speakers averaging 20 years at the firm. Strong culture, he said, underpins everything. 💪🏼

🌍 The Economy & Investment Environment

Jon acknowledged that the world is currently facing real challenges—tariffs, geopolitical tensions, inflation and cautious consumers. Yet he encouraged us to adopt a balanced view: yes, clouds exist—but there are clear silver linings. ☁️ 

These factors, combined, suggest that while many expect a recession, in their portfolios, they’re seeing rising sales, increasing margins, and a less challenging debt environment—not the usual recipe for a downturn. 📉

🤖 AI Is “The Main Thing”

If there is one theme dominating his talk, it is AI. Jon called it the big thing—not just hype, but starting with a massive investment boom that sets the stage for a productivity explosion. 🧨 

🌐 Best Places to Deploy Capital

Here he got specific about sectors and geographies—especially for investors/founders in India and the U.S.

🧭 Key Risks to Watch

Jon emphasised that with opportunity comes risk. He flagged these caution points:

• AI valuations & speculative build-outs could lead to bubbles 🚨

• Government deficits of 4-6% in major economies may push long-term interest rates higher and cap exit multiples 📉

• Europe faces regulatory headwinds, immigration and political risk 🌍

• U.S.–China relations need careful management; global supply chains remain uncertain 🔄

• Technological disruption: Portfolio companies must actively monitor AI risk—not assume past business models persist ⚠️