Blackstone’s India co-head of PE leaves the firm

Mathew Cyriac, senior managing director and co-head of private equity in India, has resigned from Blackstone to set up his own investment firm, according to a source familiar with the matter.

Amit Dixit, senior managing director and India co-head of private equity at Blackstone, will now lead the firm’s team in India, according to a media report.

Cyriac’s departure was first reported by The Economic Times.

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

Cyriac joined Blackstone in 2006 and has been involved in the firm’s investments in Allcargo Global Logistics, CMS Infosystems, FINO, FTIL, Gateway Rail, Gokaldas Exports, International Tractors, MCX, MTAR Technologies and Nuziveedu Seeds. He also serves on the boards of CMS Info Systems, FINO, Gateway Rail, Gokaldas Exports, International Tractors and MTAR, according to Blackstone’s website.

Before joining Blackstone, Cyriac served as head of corporate development & strategy of iGATE Corporation and chief financial officer of Quintant Services. Earlier in his career, he worked in the Investment Banking Group at Credit Suisse and the Investment Banking Division of Bank of America.

Blackstone, which raised $70 billion in 2016, last year made its largest deal in India, investing about $825 million for a 84 percent stake in Bangalore-headquartered IT services provider Mphasis.

The firm, with over $366 billion in assets, has invested more than $6 billion in private equity and real estate in India since 2005. Blackstone is also reportedly readying its second Asia-focused private equity real estate investment fund with target of at least $5 billion.