India’s first PEVC Centre of Excellence ‘Tony James Centre for Private Equity and Venture Capital’ unveiled at IIMB
Through a generous endowment from distinguished alum Mathew Cyriac, the initiative honors investment veteran Tony James
6 August, 2025, Bengaluru: In a milestone development for the alternative investment landscape, the nation’s most influential minds from the PE, VC, and financial services domains gathered to launch the Tony James Centre for Private Equity and Venture Capital at IIMB – India’s first Centre of Excellence dedicated to the acceleration of research, innovation and collaboration in private equity and venture capital (PEVC). The Centre has been established through a visionary philanthropic initiative by PGP 1994 alumnus Mr Mathew Cyriac, Institute Gold Medallist & 2025 Distinguished Alumni Award (DAA) recipient, Chairman – Florintree Advisors, Co-Founder – Yali Capital.
An MoU formalizing the creation of the Centre was signed on 24 August 2024 between IIMB and Mr Cyriac. In one of the largest individual alumni contributions in IIMB’s history, the endowment supports the establishment of the Centre, the naming of four classrooms after eminent finance area faculty who inspired Mr. Cyriac’s cohort, and the bestowal of scholarships for students in the PGP and Doctoral programmes.
Named in honour of Mr. Hamilton Evans “Tony” James, former President, COO, and Executive Vice Chairman of global investment firm Blackstone, the Centre aspires to be a hub for world-class research, education, industry collaboration, policy engagement, and talent development in the PEVC sector.
The launch event witnessed influential thinkers, stalwarts, and veterans leading the charge within national and global PEVC ecosystems.
“It is always a wonderful occasion when an alum comes back and gives to the institute to aid research in an area which is especially relevant to industry as well as academia”, said Professor Sourav Mukherji, Dean, Faculty & Dean, Alumni Relations and Development. In his welcome address, he urged the students and alumni in the audience to view this philanthropic endeavor as an inspiring example that encourages one to do more to advance indigenous research, to do great in life, and in the process, nurture a continued sense of responsibility towards the institute.
Professor Dinesh Kumar, Director In-charge, IIMB, delivered the opening remarks and formally introduced the Centre, saying, “The reality is that high-quality research is capital-intensive. To attract and retain world-class talent and to invest in critical resources like data and infrastructure, significant funding is required. Contributions like that of Mr. Mathew Cyriac are not only generous but also deeply useful in enabling IIMB to build a globally competitive research ecosystem”. He also stated that this was the kind of support that helps the Institute move closer to becoming a research-led institution of global standing.
A vision for PEVC in India – Address from the Florintree Chair Professor
Professor Ashok Thampy, who holds the Florintree Chair in Private Equity and Venture Capital at IIMB, outlined the Centre’s proposed vision and activities.
“As the Indian economy evolves, the role of PE&VC is expected to increase significantly, and this needs to be supported by the development of top-quality talent. The Tony James Centre at IIMB would like to positively contribute to that opportunity”, noted Prof. Thampy, calling his endowed Professorship a great honour and responsibility. He also thanked Mr. Tony James for allowing a person of his stature to use his name against the Centre. “He is indeed a pioneer and a well-known figure in the PEVC space, and this is a responsibility we take very seriously”.
Reflecting on the distinct nature of the PE industry in India and Asia, as compared to that in the U.S., he stressed the Centre’s mission of partnering with industry to develop research and case studies that were attuned towards unlocking value for the nation. “Just as education serves as a powerful leveler by enabling opportunity and social mobility, access to capital plays a transformative role in supporting entrepreneurship and scaling businesses. We need more capital to empower Indian innovators to translate their ideas into impact and build successful enterprises”.
Address from the Centre sponsor
“As the Indian investing market evolves, I believe it will need innovation and sophistication that suit the nuances of the Indian market”, said Centre benefactor Mathew Cyriac, who leads Florintree's scale-up strategy and has backed several IPO and growth-stage platforms, previously leading as MD and Co-Head of Blackstone India’s private equity business.
On the genesis of the idea for the Centre, which emerged during the Institute’s golden jubilee celebrations, Mr Cyriac noted, “I was very interested in building something from the ground up. Considering that IIMB is one of the nation’s highest-ranked B-schools with a finance specialization, I wanted to reinforce that position”. He also believed it was vital to seed an idea of global stature and repute with the name of a distinguished industry leader like Tony James.
He noted that key beneficiaries and partners that the Centre will engage with include students, young professionals, PE firms, the IIMB academic research community, such as doctoral scholars, and last but not least, the LP community, who provide the capital for funds to invest.
Mr. Cyriac also shared anecdotes from his student years, paying tribute to the faculty members who shaped his cohort’s academic journey.
Keynote Address
Delivering the keynote at the launch of the Tony James Centre for Private Equity and Venture Capital, Mr. Vivek Pandit, Senior Partner and Global Co-Leader, Private Equity & Principal Investors at McKinsey & Company, remarked, “This Centre is a tribute to three things – great mentorship, a phenomenal gesture of philanthropy, and the deepening of public-private partnerships and academic research”.
Mr. Pandit recalled his early interactions with Mr. Cyriac during the formative, and often turbulent, years of the sector, when the very notion that equity could be more expensive than debt was difficult for many businesses to grasp.
Offering a data-driven perspective, he noted that India currently accounts for only 2% of global private capital deployment, a modest share when contrasted with two compelling facts: the country is poised to represent nearly 20% of the world’s working-age population and contributes approximately 10% of global incremental GDP growth in absolute terms. “When viewed together,” he observed, “it indicates that private equity in India is still in its early stages of growth.”
On India's global VC standing, Mr. Pandit pointed out that the country is now home to 1 in every 13 unicorns worldwide, with early-stage ventures showcasing remarkable gender diversity and employment growth – metrics that, in his words, “speak to the optimism and societal value we place on ideas.”
Chief Guest’s Address
Delivering the Chief Guest’s Address at the launch of the Tony James Centre for Private Equity and Venture Capital, Mr. Sanjiv Mehta, Executive Chairman, L Catterton India, and former CEO & Chairman of Hindustan Unilever, deliberated on the capital imperatives of a rapidly growing economy.
“If India is to sustain the kind of economic trajectory it has witnessed over the last 30 years,” he remarked, “its GDP is set to grow by an additional $4 trillion. The scale of capital required to finance this growth is immense and must come from diverse sources”. In this context, he noted that while private equity constitutes only a fraction of India’s total capital requirement, it holds significant untapped potential, making this an “exceptionally opportune moment to establish a Centre of Excellence dedicated to the sector.”
He also opined that true value creation stems from individuals and institutions uniting around a shared belief, while allowing profit to emerge as a consequence, not the sole objective.
Special Address: A Vision for Private Capital in India’s Growth Story
Mr. Tony James, former Executive Vice Chairman of Blackstone – one of the world’s largest alternative investment managers and a defining figure in shaping its institutional culture and strategic growth over two decades – shared his reflections in a special virtual address marking the launch of the Tony James Centre at IIM Bangalore.
“I am deeply honoured to be associated with an extraordinary institution like IIMB, which continues to attract some of the most exceptional talent in the country”, noted Mr James. He expressed gratitude to Mr. Mathew Cyriac for his generosity and vision in bringing the Centre to life.
On his personal connection with India’s evolving private equity landscape, Mr. James recalled that his journey began with the opening of Blackstone’s Bangalore office, then led by Prof. George Varughese of IIMB. Consequently, his first hire at the time was a young Mathew Cyriac.
He reflected on India’s transformation, noting, “When we first began, India’s embrace of capitalism was still ambivalent. Today, the country is poised to assume global leadership across multiple domains”.
Responding to the common question of why India needs a vibrant private equity market despite a robust public equity system, he said: “PE and VC have been powerful engines of growth. We couldn’t have the burgeoning transformational entrepreneurial sector that distinguishes the U.S. from other nations without this kind of capital”. These markets, he added, help lower the cost of capital, speed up access to funds, and enhance national competitiveness by enabling companies to scale faster.
He acknowledged the inherent challenges of the private equity model, including regulatory complexity, concentration of economic power, especially in the hands of private players, and its potential to disrupt traditional industry structures, and noted that this was precisely why a Centre such as this at IIMB is so essential. “It can serve as an open, objective forum to study and understand the behaviour of private capital, support rigorous research, debate policy issues, and offer credible insights to regulators, legislators, investors, and the press.”
Serving as a bridge between the worlds of academia, business, and government, he concluded, “The Centre can play a foundational role in guiding the evolution of PE and VC in India, ensuring it contributes to inclusive and sustainable economic growth”.
Industry Insights: Perspectives from Sector Leaders
Mr. Amit Jain, Managing Director & Head, Carlyle India Advisors, spoke of the evolving expectations from private equity professionals in India, noting, “A maturing Indian PE industry demands that professionals operate as owners, not merely investors with a focused on growing and transforming the companies they invest in”. Commending IIMB’s legacy of leadership, he described the Centre as “one of the best gifts this country could have.”.
Mr. Subrata Mitra, Partner, Accel, spoke on the venture capital ecosystem, relaying his journey with Accel and the evolution of India’s tech-driven startup economy. “VC-backed companies have seen exponential market cap growth, yet they still represent a small share of overall public market value”, he observed. He noted that both consumer and B2B tech are advancing at an unprecedented pace, with India’s domestic markets primed for disruption. “New-age companies are fundamentally transforming legacy businesses. Digital innovation is decisively outpacing tradition and that shift will continue to provide strong tailwinds for VC-backed ventures”, he observed. He also outlined potential areas for collaboration between IIMB and the venture capital community in India.
Faculty Legacy Classrooms
Earlier in the day, IIMB honoured four of its finance area faculty in recognition of their profound and unceasing impact on generations of students, as well as academia, institutions and society. With the support of Mr Cyriac’s endowment, four classrooms have been named, each in honour of Late Prof. Prakash G. Apte, Prof. Prasanna Chandra, Prof. S. Sundararajan, and Prof. George Varughese.
Remarks were delivered by Late Prof. Apte’s son, Alok Apte, alongside the other three honourees.
Marking the occasion, Professor George Varughese remarked, “I hold degrees from Harvard and Stanford, yet the sheer intellectual calibre I’ve encountered in an IIMB classroom is unmatched”. He cited Mathew Cyriac as a standout example, remarkable not only for his intellect but also for the purity of soul he embodies.
About the Tony James Centre for Private Equity and Venture Capital
With a strong academic foundation and meaningful industry connections, the Tony James Centre, India’s first Centre of Excellence for PEVC, is set to become a catalyst for thought leadership, talent development, and innovation in the evolving world of private equity and venture capital. It will host eminent global experts, generate research on critical industry issues, and foster sustained collaboration among academia, industry leaders, and regulators. With a mission to nurture future leaders in finance and investment, the Centre’s influence is expected to extend well beyond the boundaries of the IIMB campus.
Supported by a generous endowment from Mr. Mathew Cyriac, an IIMB alumnus and a leader in the Indian private equity space, the Centre is named in honour of Mr. Tony James, former President and COO of The Blackstone Group.
About Florintree Advisors Pvt Ltd
Florintree Advisors Private Limited, headquartered in Mumbai, with a presence in Bangalore, Chennai, Delhi, and Hyderabad, is a sector-agnostic specialized alternative investment firm focused on private market as well as PIPE investments. Founded in 2017 under the leadership of Mathew Cyriac, former Co-Head of Private Equity at Blackstone India, Florintree has built a reputation as an active investor engaged with founders and management teams to drive value addition. Our investment philosophy emphasizes long-term value creation, providing not only capital but also strategic guidance and operational engagement. The firm backs businesses with high-calibre management and a strong vision for growth. Some of its notable investments include Gokaldas Exports, MTAR Technologies, Data Patterns, International ARC and IndoStar Capital, showcasing its ability to identify and support high potential opportunities in both public and private markets.
Click here for photo gallery
India’s first PEVC Centre of Excellence ‘Tony James Centre for Private Equity and Venture Capital’ unveiled at IIMB
Through a generous endowment from distinguished alum Mathew Cyriac, the initiative honors investment veteran Tony James
6 August, 2025, Bengaluru: In a milestone development for the alternative investment landscape, the nation’s most influential minds from the PE, VC, and financial services domains gathered to launch the Tony James Centre for Private Equity and Venture Capital at IIMB – India’s first Centre of Excellence dedicated to the acceleration of research, innovation and collaboration in private equity and venture capital (PEVC). The Centre has been established through a visionary philanthropic initiative by PGP 1994 alumnus Mr Mathew Cyriac, Institute Gold Medallist & 2025 Distinguished Alumni Award (DAA) recipient, Chairman – Florintree Advisors, Co-Founder – Yali Capital.
An MoU formalizing the creation of the Centre was signed on 24 August 2024 between IIMB and Mr Cyriac. In one of the largest individual alumni contributions in IIMB’s history, the endowment supports the establishment of the Centre, the naming of four classrooms after eminent finance area faculty who inspired Mr. Cyriac’s cohort, and the bestowal of scholarships for students in the PGP and Doctoral programmes.
Named in honour of Mr. Hamilton Evans “Tony” James, former President, COO, and Executive Vice Chairman of global investment firm Blackstone, the Centre aspires to be a hub for world-class research, education, industry collaboration, policy engagement, and talent development in the PEVC sector.
The launch event witnessed influential thinkers, stalwarts, and veterans leading the charge within national and global PEVC ecosystems.
“It is always a wonderful occasion when an alum comes back and gives to the institute to aid research in an area which is especially relevant to industry as well as academia”, said Professor Sourav Mukherji, Dean, Faculty & Dean, Alumni Relations and Development. In his welcome address, he urged the students and alumni in the audience to view this philanthropic endeavor as an inspiring example that encourages one to do more to advance indigenous research, to do great in life, and in the process, nurture a continued sense of responsibility towards the institute.
Professor Dinesh Kumar, Director In-charge, IIMB, delivered the opening remarks and formally introduced the Centre, saying, “The reality is that high-quality research is capital-intensive. To attract and retain world-class talent and to invest in critical resources like data and infrastructure, significant funding is required. Contributions like that of Mr. Mathew Cyriac are not only generous but also deeply useful in enabling IIMB to build a globally competitive research ecosystem”. He also stated that this was the kind of support that helps the Institute move closer to becoming a research-led institution of global standing.
A vision for PEVC in India – Address from the Florintree Chair Professor
Professor Ashok Thampy, who holds the Florintree Chair in Private Equity and Venture Capital at IIMB, outlined the Centre’s proposed vision and activities.
“As the Indian economy evolves, the role of PE&VC is expected to increase significantly, and this needs to be supported by the development of top-quality talent. The Tony James Centre at IIMB would like to positively contribute to that opportunity”, noted Prof. Thampy, calling his endowed Professorship a great honour and responsibility. He also thanked Mr. Tony James for allowing a person of his stature to use his name against the Centre. “He is indeed a pioneer and a well-known figure in the PEVC space, and this is a responsibility we take very seriously”.
Reflecting on the distinct nature of the PE industry in India and Asia, as compared to that in the U.S., he stressed the Centre’s mission of partnering with industry to develop research and case studies that were attuned towards unlocking value for the nation. “Just as education serves as a powerful leveler by enabling opportunity and social mobility, access to capital plays a transformative role in supporting entrepreneurship and scaling businesses. We need more capital to empower Indian innovators to translate their ideas into impact and build successful enterprises”.
Address from the Centre sponsor
“As the Indian investing market evolves, I believe it will need innovation and sophistication that suit the nuances of the Indian market”, said Centre benefactor Mathew Cyriac, who leads Florintree's scale-up strategy and has backed several IPO and growth-stage platforms, previously leading as MD and Co-Head of Blackstone India’s private equity business.
On the genesis of the idea for the Centre, which emerged during the Institute’s golden jubilee celebrations, Mr Cyriac noted, “I was very interested in building something from the ground up. Considering that IIMB is one of the nation’s highest-ranked B-schools with a finance specialization, I wanted to reinforce that position”. He also believed it was vital to seed an idea of global stature and repute with the name of a distinguished industry leader like Tony James.
He noted that key beneficiaries and partners that the Centre will engage with include students, young professionals, PE firms, the IIMB academic research community, such as doctoral scholars, and last but not least, the LP community, who provide the capital for funds to invest.
Mr. Cyriac also shared anecdotes from his student years, paying tribute to the faculty members who shaped his cohort’s academic journey.
Keynote Address
Delivering the keynote at the launch of the Tony James Centre for Private Equity and Venture Capital, Mr. Vivek Pandit, Senior Partner and Global Co-Leader, Private Equity & Principal Investors at McKinsey & Company, remarked, “This Centre is a tribute to three things – great mentorship, a phenomenal gesture of philanthropy, and the deepening of public-private partnerships and academic research”.
Mr. Pandit recalled his early interactions with Mr. Cyriac during the formative, and often turbulent, years of the sector, when the very notion that equity could be more expensive than debt was difficult for many businesses to grasp.
Offering a data-driven perspective, he noted that India currently accounts for only 2% of global private capital deployment, a modest share when contrasted with two compelling facts: the country is poised to represent nearly 20% of the world’s working-age population and contributes approximately 10% of global incremental GDP growth in absolute terms. “When viewed together,” he observed, “it indicates that private equity in India is still in its early stages of growth.”
On India's global VC standing, Mr. Pandit pointed out that the country is now home to 1 in every 13 unicorns worldwide, with early-stage ventures showcasing remarkable gender diversity and employment growth – metrics that, in his words, “speak to the optimism and societal value we place on ideas.”
Chief Guest’s Address
Delivering the Chief Guest’s Address at the launch of the Tony James Centre for Private Equity and Venture Capital, Mr. Sanjiv Mehta, Executive Chairman, L Catterton India, and former CEO & Chairman of Hindustan Unilever, deliberated on the capital imperatives of a rapidly growing economy.
“If India is to sustain the kind of economic trajectory it has witnessed over the last 30 years,” he remarked, “its GDP is set to grow by an additional $4 trillion. The scale of capital required to finance this growth is immense and must come from diverse sources”. In this context, he noted that while private equity constitutes only a fraction of India’s total capital requirement, it holds significant untapped potential, making this an “exceptionally opportune moment to establish a Centre of Excellence dedicated to the sector.”
He also opined that true value creation stems from individuals and institutions uniting around a shared belief, while allowing profit to emerge as a consequence, not the sole objective.
Special Address: A Vision for Private Capital in India’s Growth Story
Mr. Tony James, former Executive Vice Chairman of Blackstone – one of the world’s largest alternative investment managers and a defining figure in shaping its institutional culture and strategic growth over two decades – shared his reflections in a special virtual address marking the launch of the Tony James Centre at IIM Bangalore.
“I am deeply honoured to be associated with an extraordinary institution like IIMB, which continues to attract some of the most exceptional talent in the country”, noted Mr James. He expressed gratitude to Mr. Mathew Cyriac for his generosity and vision in bringing the Centre to life.
On his personal connection with India’s evolving private equity landscape, Mr. James recalled that his journey began with the opening of Blackstone’s Bangalore office, then led by Prof. George Varughese of IIMB. Consequently, his first hire at the time was a young Mathew Cyriac.
He reflected on India’s transformation, noting, “When we first began, India’s embrace of capitalism was still ambivalent. Today, the country is poised to assume global leadership across multiple domains”.
Responding to the common question of why India needs a vibrant private equity market despite a robust public equity system, he said: “PE and VC have been powerful engines of growth. We couldn’t have the burgeoning transformational entrepreneurial sector that distinguishes the U.S. from other nations without this kind of capital”. These markets, he added, help lower the cost of capital, speed up access to funds, and enhance national competitiveness by enabling companies to scale faster.
He acknowledged the inherent challenges of the private equity model, including regulatory complexity, concentration of economic power, especially in the hands of private players, and its potential to disrupt traditional industry structures, and noted that this was precisely why a Centre such as this at IIMB is so essential. “It can serve as an open, objective forum to study and understand the behaviour of private capital, support rigorous research, debate policy issues, and offer credible insights to regulators, legislators, investors, and the press.”
Serving as a bridge between the worlds of academia, business, and government, he concluded, “The Centre can play a foundational role in guiding the evolution of PE and VC in India, ensuring it contributes to inclusive and sustainable economic growth”.
Industry Insights: Perspectives from Sector Leaders
Mr. Amit Jain, Managing Director & Head, Carlyle India Advisors, spoke of the evolving expectations from private equity professionals in India, noting, “A maturing Indian PE industry demands that professionals operate as owners, not merely investors with a focused on growing and transforming the companies they invest in”. Commending IIMB’s legacy of leadership, he described the Centre as “one of the best gifts this country could have.”.
Mr. Subrata Mitra, Partner, Accel, spoke on the venture capital ecosystem, relaying his journey with Accel and the evolution of India’s tech-driven startup economy. “VC-backed companies have seen exponential market cap growth, yet they still represent a small share of overall public market value”, he observed. He noted that both consumer and B2B tech are advancing at an unprecedented pace, with India’s domestic markets primed for disruption. “New-age companies are fundamentally transforming legacy businesses. Digital innovation is decisively outpacing tradition and that shift will continue to provide strong tailwinds for VC-backed ventures”, he observed. He also outlined potential areas for collaboration between IIMB and the venture capital community in India.
Faculty Legacy Classrooms
Earlier in the day, IIMB honoured four of its finance area faculty in recognition of their profound and unceasing impact on generations of students, as well as academia, institutions and society. With the support of Mr Cyriac’s endowment, four classrooms have been named, each in honour of Late Prof. Prakash G. Apte, Prof. Prasanna Chandra, Prof. S. Sundararajan, and Prof. George Varughese.
Remarks were delivered by Late Prof. Apte’s son, Alok Apte, alongside the other three honourees.
Marking the occasion, Professor George Varughese remarked, “I hold degrees from Harvard and Stanford, yet the sheer intellectual calibre I’ve encountered in an IIMB classroom is unmatched”. He cited Mathew Cyriac as a standout example, remarkable not only for his intellect but also for the purity of soul he embodies.
About the Tony James Centre for Private Equity and Venture Capital
With a strong academic foundation and meaningful industry connections, the Tony James Centre, India’s first Centre of Excellence for PEVC, is set to become a catalyst for thought leadership, talent development, and innovation in the evolving world of private equity and venture capital. It will host eminent global experts, generate research on critical industry issues, and foster sustained collaboration among academia, industry leaders, and regulators. With a mission to nurture future leaders in finance and investment, the Centre’s influence is expected to extend well beyond the boundaries of the IIMB campus.
Supported by a generous endowment from Mr. Mathew Cyriac, an IIMB alumnus and a leader in the Indian private equity space, the Centre is named in honour of Mr. Tony James, former President and COO of The Blackstone Group.
About Florintree Advisors Pvt Ltd
Florintree Advisors Private Limited, headquartered in Mumbai, with a presence in Bangalore, Chennai, Delhi, and Hyderabad, is a sector-agnostic specialized alternative investment firm focused on private market as well as PIPE investments. Founded in 2017 under the leadership of Mathew Cyriac, former Co-Head of Private Equity at Blackstone India, Florintree has built a reputation as an active investor engaged with founders and management teams to drive value addition. Our investment philosophy emphasizes long-term value creation, providing not only capital but also strategic guidance and operational engagement. The firm backs businesses with high-calibre management and a strong vision for growth. Some of its notable investments include Gokaldas Exports, MTAR Technologies, Data Patterns, International ARC and IndoStar Capital, showcasing its ability to identify and support high potential opportunities in both public and private markets.
Click here for photo gallery