Blackstone Taps Deutsche Bank’s Shah for Top Private Credit Role

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Blackstone Inc. has hired Apurva Shah for a top role in its private credit and insurance business in India as the alternative asset manager seeks to capture the country’s rising demand for credit.

Shah, the firm’s first hire for credit in India, will report to Mark Glengarry, head of Asia Pacific private credit strategies at Blackstone Credit & Insurance, known as BXCI, according to a spokesperson for Blackstone.

“Building our private credit capabilities in India is a natural evolution of the business,” Glengarry said in an emailed statement. “We have two decades of experience partnering with leading Indian businesses and supporting their growth, and now there’s an opportunity to help finance their next phase of expansion and parts of the economy more broadly.”

Shah has more than 26 years of experience in leveraged finance, securitizations, structuring, mergers and acquisitions advisory, and capital markets. He worked for two decades in senior roles at Deutsche Bank AG, after working with other banks including Citigroup Inc.

Under Glengarry’s leadership, the BXCI team has doubled over the three years since it was established in the region, according to the statement. It now has a presence in Hong Kong, Japan, Australia and Singapore. BXCI manages $484 billion in assets under management, representing a threefold increase since 2020.

Global funds regained dominance in India’s private credit market, driving majority of the capital flows in deals this year. Overseas funds had a 68% share in $9 billion worth of private credit deals recorded in six months through June, according to a report by global consulting firm EY.

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