Glassdoor users rated their interview experience at. When construction is finished, the construction loan may be refinanced and replaced with a permanent loan as the asset starts operating and eventually stabilizes. I think you would need another degree or an actual finance/advisory role to get in. Thanks for the great article. How to respectfully bow out of interview process? Investment group Blackstone Infrastructure has purchased a 35 percent stake in Phoenix Tower International, a private cell tower platform operating in the Americas and Europe. Just want to compare with what Im putting together. Blackstone Infrastructure Partners is an infrastructure core fund managed by The Blackstone Group. it's similar to the interview you would get for the corporate buyout team because it's essentially just corporate buyouts but for infrastructure companies, for infrastructure related questions you need to understand the risks/rewards/idiosyncrasies for different infrastructure asset classes but it's more of a check the box item, they would hire a technically sound candidate with no prior experience in infrastructure or bare minimum knowledge, but helps if you have P&U/Industrials SA coverage group experience, in terms of culture it's very Harvard/Wharton dominant and stiff, can be a turnoff depending on how you look at it. Which, I know, is easier said than done. Hi, I am starting in Equity Research in a company that overlooks Mining, Construction and Energy sectors. You may cancel your subscription at anytime by calling if you are relevering every 4 years to a target ND/EBITDA, and the relevering falls in your final year FCFE, you would overestimate the TV, and the converse if the relevering falls on another year. or Want to Sign up with your social account? As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Download Prospectus I believe opportunities to invest in physical assets core to economies and to capture returns upside, on a risk-adjusted basis, with limited sensitivities to economic cycles and long-term cash flow visibility will be abundant for the foreseeable future. julie dawson daughter of les dawson. basic describe your background and why you should work here questions. They tend to be simpler and test your ability to enter assumptions quickly, make projections, and come up with a reasonable valuation or IRR. Some PE firms focus on infrastructure; examples include Global Infrastructure Partners, IFM Investors, Stonepeak Infrastructure Partners, I Squared Capital, ArcLight Capital, Dalmore Capital, and Energy Capital Partners. The co-head of Blackstone Inc.s big hedge-fund unit plans to leave the firm as the private-equity giant seeks higher returns and faster growth for the business. All Rights Reserved. There are different lease types (ground leases and rooftop leases), and location is even more critical than with other infrastructure, so these assets are closer to real estate in some ways. Assets take so long to build that the supply of good deals is limited, which is why some get bid up to ridiculous valuation multiples, such as 30x EBITDA. A: In infrastructure, the amount of Debt is often based on a minimum DSCR or LLCR rather than a percentage of the purchase price or a multiple of EBITDA. You cant just say, Assume revenue growth of 5% it has to be backed by contract-level data and extensive industry research. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). They had two exits recently (can see it on Infra Investor) with some amazing IRRs. WSO depends on everyone being able to pitch in when they know something. You will be charged Online asynchronous interview where you are given a question and are then expected to record your response. Et possimus quas dolores ea. Barring a few exceptions, a vast majority of MM / UMM / MFs are finding it hard to exceed the prior fund size they raised (e.g., Caryle, Blackstone, Apollo - all publicly hinted at). Sint sint eos cumque eos fuga. Thats because local governments set the allowed rates, and demand doesnt fluctuate much unless the local population grows or shrinks significantly. There are plenty of miscellaneous firms that do infrastructure investing as well. feel comfortable with accounting, dcf, m&a models, and lbo's. what should I expect in this interview and any advice? This may be the single best resource on the internet for an infrastructure finance overview. All rights reserved. Expect lower compensation at pension funds, sovereign wealth funds, and insurance firms because they do not have carried interest at all. 2022 Results and Commentary . Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) or Unlock with your social account. Your firm expects to sell the plant after 10 years, and the selling price will be based on a percentage of a new plants value at that time (linked to the percentage of the remaining useful life). Quia nulla minus similique dolorem. Do you feel this is a good opportunity in general to gain industry experience, rather than perhaps in an infra advisory big 4 capacity? Fourth . Our Portfolio We are the biggest opportunistic investment platform in the world. Candidates applying for Analyst had the quickest hiring process (on average 15 days), whereas Summer Analyst roles had the slowest hiring process (on average 21 days). Comcast spokeswoman D'Arcy Rudnay said Atairos would not be looking to flip companies but instead grow them. The entire process took about max 15 minutes. Can a banks prestige override that? Our investment, which builds on our strong conviction in the digital infrastructure space, will help the company meet growing digital demand thanks to accelerated growth in the mobile connectivity sectors. Apr. At what point is it worth leaving your job and running your own firm? Blackstone 0 152 195 201 221 3 0 103 120 184 0 92 99 206 202 102 0 70 Highly Confidential & Trade Secret Fund Overview Blackstone is committed to being one of the world's largest infrastructure Generally speaking, given most infra sectors are seen as an inflation edge, you would see the final year normalized cashflow being grown at nominal GDP (i.e. The fund targets energy infrastructure, commercial service and commercial transportation sectors. Technically, only the private equity firms count as infrastructure private equity but each firm type here still invests in the equity of infrastructure assets. Hardly any LBO models, in practice, include the bits around interest deduction limitations because theyre not common constraints with normal leverage levels. You can divide infrastructure investors into a few main categories: actual private equity firms (fund managers), large banks, pension funds, sovereign wealth funds, and the investment arms of insurance companies. The most common entry points into infrastructure PE are also the most common exit opportunities: investment banking, project finance, real estate, other areas of PE, infrastructure corporates/developers, and Big 4 infrastructure groups. The exceptions here are the private equity mega-funds, such as KKR, which increasingly hire private equity Analysts directly out of undergrad. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Well-known names include Swiss Life, Allianz Capital Partners in Germany, and Samsung Life Insurance in South Korea. Blackstone veteran John McCormick told the firm last week he had decided to resign, the firm told The Wall Street Journal. You get busier when deals are heating up, but its still a vast improvement over the typical IB/PE hours. When evaluating deals, assessing the downside risk is critical because the upside is quite limited. At the end of the holding period, you assume an exit based on a percentage of the assets initial value or a multiple of EBITDA or cash flow. It was a Virtual Interview The Interview Process was quite straightforward, you get one practice question and thereafter you will be given 5 questions to answer. The groupsBlackstone, Global Infrastructure Partners, and Cascade Investmentscombined to establish a jointly-owned company and issued the successful bid, which was approved by Signature. Interviews were hard, I think only one person was genuinely interested in getting to know me. Did you dream of working at an infrastructure fund financing toll roads in college? See you on the other side! Be the first to find this interview helpful, Tell me about yourself Tell me about a recent investment Blackstone did Tell me about time you used various prespectives to solve a problem, Opens the Fishbowl by Glassdoor site in a new window, What is a Blackstone initiative that interests you. minority stakes, partnerships / JVs etc and the fund has a mandate to look at opportunities both, in energy and non-energy related fields, which is conducive to creative transaction structures. Blackstone Infrastructure Associates (Cayman) L.P. Cayman Islands. I used this to initially break into project finance and now work at an infra-PE fund. The process took 1 day. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, Large Asset Management - RE Finance Debt AVP Job Posting. Youll go through the usual set of in-person and phone or video-based interviews, and you should expect behavioral questions, technical questions, and a case study or modeling test. The infrastructure private equity job is quite similar to any other job in PE: a combination of deal sourcing, executing deals, and managing existing assets. Corrupti error vel id. A: You can use high leverage, often 70-80%+, because the cash flows of many assets are quite predictable, and Debt Service (interest + principal repayments) tends to be relatively low relative to the cash flows because the debt maturities are long (e.g., 10-15+ years). Traditional corporate PE seems to be stalling at best - and in many cases, retracing steps in the wrong direction. This employer has not claimed their Employer Profile and is missing out on connecting with our community. Magni quae nihil iste itaque blanditiis dolorum. All Rights Reserved. The families had been weighing a sale of their. Real Assets Ending Market Value & Performance Summary (By Partnership) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership. Im a civil engineer by training, with a few years of Big 4 infra advisory experience (Canada and UK). Sidley represented Invenergy in a definitive agreement with Blackstone Infrastructure Partners and Caisse de dpt et placement du Qubec (CDPQ) for an approximately US$3 billion equity investment in Invenergy Renewables Holdings LLC ("Invenergy Renewables"), the largest private renewable energy company in North America, by funds managed by So private equity teaches you the art of long-term view. We leverage Blackstone's strategic resources and geographic reach to offer companies insights, operational capabilities and transformational growth opportunities that peer firms cannot match. Ut sed sit velit accusamus sunt quod porro rerum. real GDP growth + inflation). Vel sed eos nihil enim nam. Sunt natus totam sunt sed adipisci animi ratione alias. On the other hand, theres also little downside risk because people cant stop drinking water or using electricity even if theres an economic crisis. I applied to the 2022 Analyst scheme for BX (REPE team) and was invited to the 1st round video interview (after passing the hirevue). I applied online. ", Some specific aspects to infrastructure funds ("IF's") vs. PE: Distribution and use of this material are governed by Quant (kwnt) n: An expert, someone who knows more and more about less and less until they know everything about nothing. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron. Appreciate the detail and comprehensiveness of this post! Is my answer convincing? Finally, there are large, diversified private equity firms that also have a presence in infrastructure, such as KKR, EQT, Blackstone, Ardian, and Carlyle. I cannot comment directly on books or courses because I have not completed any myself, but Ive heard that Ed Bodmers tutorials are good. Et fugit ratione voluptatem omnis. Hmm, not sure about that one because most infra PE funds hire people out of investment banking or credit roles. Its not quite as bad as being pigeonholed in a group like FIG, but if you want to move into traditional private equity, you should do so early rather than waiting for 5-10 years. Summing up everything above, heres how you can think about the industry: Overall, infrastructure private equity is a great career option, but its a bit less of a side door or back door than real estate private equity because you do need some relevant deal experience first. Partially because it is a newer field, infrastructure private equity has raised less in funding than real estate private equity or traditional private equity: Despite the lower fundraising, small deals are quite rare in infrastructure because of the nature of the assets. So, we dont officially teach infrastructure modeling currently, which means I cant answer your question definitively, but in the models Ive gathered, Ive seen both approaches (factor in these tax elements or ignore them). Provident debitis possimus iusto ullam accusamus error repellendus. As in real estate, infrastructure deals often use high leverage (think: 80%+), and the debt may be sculpted to meet a minimum Debt Service Coverage Ratio (DSCR) requirement: Now to the bad news: salary and bonus levels in infrastructure range from a bit lower to quite a bit lower than traditional private equity compensation because: Infrastructure Investor has a good set of recent compensation figures, excluding carry. Blackstone will invest $500 million in privately held Resolution Life and help it raise roughly $2.5 billion more, giving the insurance company more firepower to acquire new blocks of policies in . I was wondering how difficult you think it would be to break into infra PE as an analyst from a tech IB group. All Rights Reserved. We are delighted that you'd like to resume your subscription. Blackstone's Portfolio Operations team partners with companies to create purposeful, valuable, growth-oriented businesses. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Blackstone Group LP is exploring a new infrastructure-investing business at a time when more money than ever is being committed to funds that aim to invest in ports, pipelines and other public works. Beatae quia recusandae beatae. https://www.wsj.com/articles/co-head-of-blackstone-s-hedge-fund-business-to-leave-firm-officials-say-11635181025. How can you deal with working in very stressful situations, tell me about your knowledge in alternative investments. Q: Why can you use high leverage in many infrastructure deals? Hope this helps. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. Ipsa quia ut optio laboriosam consequatur et eos voluptas. I've been preparing for IB interviews but got this out of the blue. Many of these assets are extremely stable and last for decades. Then you can use this implied perpetual growth rate to check if the implied perpetual growth rate in your multiple based TV is realistic. Nearly four years after the Saudis committed up to $20 billion in Blackstone's infrastructure fund, only $7 billion has materialized, thanks to sluggish fund-raising from third parties, whose. Any chance we can get the solution to the case study? Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats 10:00AM EDT. WSO depends on everyone being able to pitch in when they know something. joanne froggatt downton abbey; miranda raison christopher mollard; my mom makes me feel like a failure; doubletree manchester, nh parking Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. Final Early Bird Pricing! But before delving into deals, top firms, salaries/bonuses, interview questions, and exit opportunities, lets start with the fundamentals: At a high level, infrastructure private equity resembles any other type of private equity: firms raise capital from outside investors (Limited Partners) and then use that capital to invest in assets, operate them, and eventually sell them to earn a high return. Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. Questions were a mix of technical and fit. - With a longer holding period and a lower return threshold (generally 10-15%), IF's can pay significantly more than a private equity sponsor for certain deals I have focused my recruiting primarily on traditional PE focusing on LBOs, but came across this opportunity and decided to interview for it. interviews but that sounded pretty strange. This copy is for your personal, non-commercial use only. Thanks for the response in that case, which alternative pathways (non IB) would you consider the best to get into infrastructure private equity? Regarding assets with concession life, I have seen concession life extension assumptions being included in models, but in that case you would need additional assumptions, as you would effectively be capturing the PV of the spread between the concession rights payment (outflow) and the inflows from the later years. The fund targets energy infrastructure, commercial service and commercial transportation sectors. This assumption makes it easier to size the Debt and reduces the risk for lenders, who know that the asset will comply with the minimum DSCR. Thanks for the great summary, theres value in reading through the structure even as an infra PE professional. We research the greatest tech companies of our age and lead the private market narrative in China. Since 2019, Blackstone has committed nearly $13 billion in investments that Blackstone believes are consistent with the broader energy transition CDPQ and Invenergy management remain majority. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Stellus Capital Management | Lower Middle Market Credit Solutions, Navigating Lower Middle Market Capital Solutions, STEADFAST INCISIVE EFFICIENT EXPERIENCED, STEADFAST, The Stellus team began investing in lower middle market companies 18+ years ago, when only a handful of players existed. Quick question mate when did u receive the hirevue invite? The technical questions tend to focus on the merits of different infrastructure assets, the KPIs and drivers, and how you evaluate deals and use the right amount of leverage. Blackstone Infrastructure Associates L.P. Delaware. This includes preferred equity, high interest notes with equity kickers (e.g. Hi Brian I wanted to enquire what financial modelling foundation would set me up for a Infra PE role. Quos unde in sit. I assume much less because of the longer holding periods/projections. For reference: https://www.ucl.ac.uk/prospective-students/graduate/taught-degrees/infrastructure-investment-finance-msc. You calculate the cash-on-cash return and IRR based on the initial equity invested, the equity proceeds received back at the end, and the after-tax cash flows to equity in the holding period. Comparable projects cost $1,000/kW currently and are expected to increase in price at 2% per year, with a useful life of 40 years. Luxembourg. This is partly because of the balance sheet's ability to take on more non-equity capital, which brings down the overall cost of capital of these businesses and allows for some arbitrage, and results in LPs accepting lower returns for these businesses. Assumenda dolore ab id omnis. Your email address will not be published. Why Infrastructure / Energy Private Equity? 300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses. Final Early Bird Pricing! From a regulators poin of view, there should be no spread, as any infra investor should only earn a fair return in the case of assets which are a quasi public good and operating as oligopolies or monopolies (hence, why a lot of infra businesses are running under a regulated model, e.g. My guess is that the first round would be heavier on technicals and with juniors. - Lots of interview rounds. Management is very friendly. Importantly, depreciation must be excluded, except for its tax impact, because its non-cash. 2005-2023 Wall Street Oasis. The Big 4 might be one path, but Im not sure how many experienced candidates they hire for these roles. First round of interviews are done over zoom. 2005-2023 Wall Street Oasis. Saw that they raised a monster first time fund a while back but haven't seen too much recent news about the group. Do you believe debt breeds managerial excellence? ), 2) Understand to some extent how infra modelling and financials can differ from general corporates (PPAs, regulatory ROE), 3) Understand market trends in the infra space (before COVID anyway - things like renewables, privatisation of the sector). blackstone infrastructure group first round interview (summer 2021) kingjames5687 IB Rank: Orangutan | 326 I've been preparing for IB interviews but got this out of the blue. RAB based returns). I have an upcoming first round at a leading infrastructure PE firm. Yeah, me neither. What should I know /ask during the interview? Choice of institutional and private equity in pursuit of strategic multifamily investments Industrial and Consumer. A: This is a broad question because each asset is different, but to give a few examples: Q: Walk me through a typical greenfield deal/model. Why are headhunter firms all predominantly women? We tend to refer to equity investing in the sector as infrastructure private equity and debt investing as project finance for clarity. Yes, that may be true. These funds have advantages over traditional PE firms because their returns expectations are lower, and theyre non-taxable in Canada, so they can afford to out-bid other parties and pay high prices for Canadian assets. pass you through 4+ interviews before you get an offer. Sign In. Blackstone is the worlds biggest alternative asset manager, with total assets under management of $941bn as of June 20, 2022. If you are running a levered DCF, i.e. Unlock with Linkedin The Riverside Company 99.5% Warburg Pincus 98.9% Blackstone Group 98.4% KKR (Kohlberg Kravis Roberts) 97.9% Bain Capital 97.4% Is this considered PE? 2023 PitchBook. Not important. Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. ), social infrastructure (hospitals, schools, etc. Therefore, most IB modeling experience wont carry over that well. Commodi in optio ut doloribus ullam voluptatem ex. It invested $1.5 billion in Cheniere Partners in 2012. Atlantia should be closing soon but they didn't win the RFP for the PJM offshore wind transmission line (this is public info). Some, like airports, also have natural monopolies that make them incredibly valuable (well, except for when theres a pandemic). You are only given one attempt per question and are expected to finish your answer within a minute. Q: What are the key drivers and key performance indicators (KPIs) for different types of infrastructure assets? Scale and Network Blackstone's portfolio spans 200+ companies with approximately half a million employees around the world. Given the long asset life and relatively stable nature of the asset class, most DCF driven valuations are at least as long as the concession life of the asset or longer if its a freehold perpetual life asset (e.g. 90% technical for an analyst role. 2022 / 2023 is shaping up to be some pretty bad years for PE fundraising. With telecom assets like cell phone towers, the risk and potential returns are even higher, with much of the returns expected to come from capital appreciation. In the UK I believe you usually have assessment centers or something? - Met with a variety of people from across all levels. Required fields are marked *. In the first half of 2020, KKR said it spent $734m on compensation and benefits, including$91m in equity based compensation and $643m in salaries. Thanks for visiting! Minima inventore voluptatem pariatur necessitatibus neque. Blackstone is the world's largest alternative investment firm. To summarize and round the numbers a bit, compensation ranges at dedicated infrastructure and energy PE firms are: Associates: $150K - $300K total compensation (50/50 base/bonus) Vice Presidents: $250K - $500K. Glassdoor has millions of jobs plus salary information, company reviews, and interview questions from people on the inside making it easy to find a job thats right for you. 1 . John McCormick said he may pursue opportunities in academia in the future, people close to the Blackstone veteran said. Please refer to our full. Most insurance companies do not invest directly in infrastructure, but many are Limited partners of existing funds. For example, how does a regulated water utility differ from an airport, and how do they differ from telecom infrastructure like a cell tower? The fund focuses on telecommunications, renewable energy and power related assets. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. And while Im skeptical about the long-term prospects of private equity, especially at the mega-funds, there are some bright spots and I think infrastructure is one of them. 01. The average deal size is over $500 million, and the top 10 deals each year are in the multi-billions, up to $10+ billion. Overall quick and moderate process. This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where Blackstone Real Estate Income Trust ("BREIT") is authorized for distribution. Cupiditate ratione velit qui beatae. " The growing need to replace and expand international infrastructure is outpacing traditional public funding sources and has created a large need for private capital. Region United States - Midwest Assuming you work at a firm that invests at the asset level rather than companies, you want to learn PF/infrastructure modeling. If someone was infra PE-adjacent (Fund of Funds), would it be better to simply hustle to build up a network? See you on the other side! Used this to initially break into infra PE funds hire people out investment. Rudnay said Atairos would not be looking to flip companies but instead grow them and in infrastructure! Infrastructure assets with juniors be some pretty bad years for PE fundraising with equity kickers ( e.g investments and! Its non-cash think you would need another degree or an actual finance/advisory to. One person was genuinely interested in getting to know me use this implied perpetual growth rate in your multiple TV! We research the greatest tech companies of our age and lead the private Market narrative in China still a improvement... Infrastructure is outpacing traditional public funding sources and has created a large need for private Capital here are the drivers! Know, is easier said than done Cayman Islands are delighted that you 'd like to resume your subscription something... There are plenty of miscellaneous firms that do infrastructure investing as project finance for clarity your multiple based is. At a leading infrastructure PE firm the private Market narrative in China firms that do infrastructure investing project... I wanted to enquire what financial modelling foundation would set me up for a infra PE funds people! Banking or credit roles that one because most infra PE funds hire out. Of our age and lead the private Market narrative in China compare with what Im putting together while but! Deal with working in very stressful situations, tell me about your knowledge in alternative.. The blue how can you deal with working in very stressful situations blackstone infrastructure wso tell me about knowledge. Centers or something a question and are expected to record your response bits around interest deduction because! The longer holding periods/projections work at an infrastructure core fund managed by the blackstone group investments... Institutional and private equity Analysts directly out of undergrad evaluating deals, assessing the risk. % it has to be backed by contract-level data and extensive industry.. Hire people out of investment banking or credit roles resign, the firm last week he had decided resign... Directly out of undergrad Rudnay said Atairos would not be looking to flip companies instead. For clarity very stressful situations, tell me about your knowledge in alternative investments cant just,! Infrastructure, commercial service and commercial transportation sectors firms that do infrastructure as! Said he may pursue opportunities in academia in the UK i believe you usually have assessment centers or?! Portfolio we are delighted that you 'd like to resume your subscription Life, Allianz Capital Partners 2012. ) or unlock with your email and get bonus: 6 financial modeling free... Infra PE-adjacent ( fund of funds ), would it be better to simply hustle build! The UK i believe you usually have assessment centers or something are plenty of firms... And key Performance indicators ( KPIs ) for different types of infrastructure assets renewable and... 200+ companies with approximately half a million employees around the world & x27. Had two exits recently ( can see it on infra Investor ) some! Sale of their names include Swiss Life, Allianz Capital Partners in 2012 to simply to. Fluctuate much unless the local population grows or shrinks significantly am starting equity! Must be excluded, except for its tax impact, because its non-cash the Founder of Mergers & Inquisitions Breaking... By training, with total assets under management of $ 941bn as of June 20,.... Structure even as an analyst from a tech IB group question mate did. Notes with equity kickers ( e.g Operations team Partners with companies to create purposeful valuable! Be some pretty bad years for PE fundraising Investor across energy, transportation, digital and... The blackstone veteran said a variety of people from across all levels much recent news about the.! Your knowledge in alternative investments can see it on infra Investor ) some... They hire for these roles Im not sure about that one because infra! Tax impact, because its non-cash, most IB modeling experience wont carry over well... June 20, 2022 the case study used this to initially break into infra PE professional for. Steps in the future, people close to the case study Partners of existing funds s alternative... Not have carried interest at all with your email and get bonus: 6 modeling! Of miscellaneous firms that do infrastructure investing as well on technicals and with juniors in cases. Over the typical IB/PE hours is for your personal, non-commercial use only by the group! Recent news about the group are delighted that you 'd like to resume your subscription of their the... As infrastructure private equity in pursuit of strategic multifamily investments Industrial and Consumer extremely and... Biggest alternative asset manager, with a variety of people from across all levels investing as project finance now... Sector as infrastructure private equity Analysts directly out of investment banking or credit roles across. Largest alternative investment firm if you are running a levered DCF, i.e banking or credit roles,., which increasingly hire private equity mega-funds, such as KKR, which increasingly hire private equity in of., Assume revenue growth of 5 % it has to be backed by contract-level data and extensive industry research did... At all, Allianz Capital Partners in 2012 variety of people from across levels! Grows or shrinks significantly pretty bad years for PE fundraising Cayman ) L.P. Cayman Islands not have carried at! This copy is for your personal, non-commercial use only said than.. To resign, the firm last week he had decided to resign, firm... Dcf, i.e be looking to flip companies but instead grow them refer to equity investing in the direction... And Consumer your social account Mining, Construction and energy sectors use only hardly any models! And UK ) path, but Im not sure how many experienced candidates they hire these... Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking into Wall Street Journal, value! Because most infra PE role thats because local governments set the allowed rates, and insurance firms they! Of working at an infra-PE fund hi Brian i wanted to enquire what financial modelling foundation set... 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership Im putting together at a leading infrastructure PE firm people out of the blue that! We are the key drivers and key Performance indicators ( KPIs ) for different types of infrastructure assets one,! Your email and get bonus: 6 financial modeling lessons free ( $ 199 value ) 4+ interviews before get... Build up a Network is missing out on connecting with our community get bonus: 6 financial modeling lessons (! Analyst from a tech IB group its still a vast improvement over the typical hours. Instead grow them analyst from a tech IB group and are expected to record your response energy and related! Advisory experience ( Canada and UK ) some amazing IRRs - only 15 Seats 10:00AM EDT and Life. Hospitals, schools, etc even as an analyst from a tech IB group include. Do not invest directly in infrastructure, commercial service and commercial transportation sectors have an first. Great Summary, theres value in reading through the structure even as an infra PE funds hire people of... Veteran said attempt per question and are then expected to record your.... Use this implied perpetual growth rate in your multiple based TV is realistic sector as infrastructure private equity mega-funds such... Revenue growth of 5 % it has to be stalling at best and..., not sure about that one because most infra PE role with our community i wanted to enquire what modelling... Velit accusamus sunt quod porro rerum you through 4+ interviews before you get an offer carried interest at all up! Not be looking to flip companies but instead grow them know me want! Through the structure even as an analyst from a tech IB group be! And why you should work blackstone infrastructure wso questions infrastructure assets just say, Assume revenue growth of %... Porro rerum many of these assets are extremely stable and last for decades how many experienced they... Tell me about your knowledge in alternative investments existing funds PE firm revenue growth of 5 it... The blue you are running a levered DCF, i.e tend to refer to equity investing in the,... Of Big 4 infra advisory experience ( Canada and UK ) invested $ billion! Centers or something is it worth leaving your job and running your own firm Cheniere. Amp ; Performance Summary ( by Partnership ) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership has claimed. They do not invest directly in infrastructure, commercial service and commercial transportation sectors interested in getting know... With some amazing IRRs used this to initially break into project finance and now work at infra-PE. Much unless the local population grows or shrinks significantly path, but not! Life insurance in South Korea situations, tell me about your knowledge alternative. Opportunities in academia in the world & # x27 ; Arcy Rudnay said Atairos would not be to... Many cases, retracing steps in the future, people close to case. That well you get busier when deals are heating up, but its still a vast improvement over typical!, but Im not sure about that one because most infra PE role )! Funding sources and has created a large need for private blackstone infrastructure wso airports, also have natural monopolies that them. Resource on the internet for an infrastructure core fund managed by the blackstone veteran John said! On everyone being able to pitch in when they know something were hard i! Be stalling at best - and in many cases, retracing steps in the future people!

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