For normal companies, the TV should usually contribute less than ~80% of the total implied value, but no idea what this should be for infrastructure assets. Its probably a bit easier to get into direct lending because it doesnt have private equity in the name. I interviewed at The Blackstone Group, You get sent a link to take a pymetrics game test online, you play various timed games which test your problem solving and personality traits, takes about twenty five minutes. 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 Porro ut cumque a. Nisi et officia ex nam tempora inventore consequatur. Thanks for the response in that case, which alternative pathways (non IB) would you consider the best to get into infrastructure private equity? interviews but that sounded pretty strange. 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. Quo ea tempora ab ipsam provident. What should I know /ask during the interview? 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. Quia omnis voluptatibus omnis velit assumenda quas harum. I cannot comment directly on books or courses because I have not completed any myself, but Ive heard that Ed Bodmers tutorials are good. Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats 1:00PM EDT. Sorry, you need to login or sign up in order to vote. Yes, construction overruns and delays could still be issues, but the overall risk is lower. There were around 5-8 questions that asked you about yourself, the company, current interests, and how you would solve problems. The fund focuses on telecommunications, renewable energy and . You might also want to understand the MLP structure with GPs, IDRs, and how pipeline companies have used this financial engineering structure to create arbitrage opportunities. 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. 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. Profits are then distributed between the Limited Partners (LPs) and the General Partners (GPs) with the GPs representing the private equity firm. Third with higher management. 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. Is this equivalent to Project Finance IB in terms of the skills I will develop and my opportunities to move into Infra PE? - 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 ", Some specific aspects to infrastructure funds ("IF's") vs. PE: 90% technical for an analyst role. Thank you for taking the time and effort to write such high quality guides, this infra one and the many others! Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats Mar 11 - 12 10:00AM EST. 400 + Transactions 70 + Current Portfolio Companies 70 + Fully Realized Investments $ 122 B+ Assets Under Management as of June 30, 2022 Our flexible and long-term capital allows Nexus to work with companies and management teams to Its hard to compare to direct lending because it depends on what youre looking for. 2023 PitchBook. Not important. This employer has not claimed their Employer Profile and is missing out on connecting with our community. Some, like airports, also have natural monopolies that make them incredibly valuable (well, except for when theres a pandemic). 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. Get the full list, To view Blackstone Infrastructure Partnerss complete team members history, request access, Morningstar Institutional Equity Research. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. See you on the other side! Sorry, you need to login or sign up in order to vote. The difference is that infrastructure PE firms invest in assets that provide essential utilities or services. - People were nice and welcoming - Very technical towards end of process. Blackstone Infrastructure Associates (Lux) S. r.l. Quia ut quaerat sint atque vel. For reference: https://www.ucl.ac.uk/prospective-students/graduate/taught-degrees/infrastructure-investment-finance-msc. This added complexity is something I think I'd enjoy. We prefer a different structure and formatting for models, but thats more of a personal preference. Acquisitions at a top institutional investor or REIB? And the case studies and modeling tests are much simpler than on-the-job models because you usually have only 1-3 hours to complete them. We tend to refer to equity investing in the sector as infrastructure private equity and debt investing as project finance for clarity. ), 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). 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. Qui sunt incidunt laborum quas. Why are headhunter firms all predominantly women? 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. 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. Just want to compare with what Im putting together. Blackstone Infrastructure Partners is an infrastructure core fund managed by The Blackstone Group. Hire view digital interview : Questions: Tell me about yourself Tell me about a recent investment Blackstone did Tell me about time you used various prespectives to solve a problem. Common stumbling blocks include incorrect inflation assumptions (messing up annual vs. quarterly vs. monthly periods), not sculpting the debt the right way, using the wrong number for CFADS, or using the incorrect tax number. Know anyone whos heard from the Infra group? If someone was infra PE-adjacent (Fund of Funds), would it be better to simply hustle to build up a network? Here are a few examples of sector-specific interview questions: A: You like working on deals involving long-term assets that provide an essential service and also do some social good. 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. The approach you suggested sounds reasonable, but many infra assets do assume a Terminal Value if the asset is expected to last for decades. Cryoport Beatae quia recusandae beatae. LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? The hiring process at The Blackstone Group takes an average of 22 days when considering 387 user submitted interviews across all job titles. 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). 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). All Rights Reserved. All Rights Reserved. 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. For example in the toll roads sector, most investors would be sceptical of any concession life extension value allocation. 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. For example, how does a regulated water utility differ from an airport, and how do they differ from telecom infrastructure like a cell tower? Its unusual to break in without a few years of full-time experience in one of these fields; few firms hire undergrads or recent grads because they dont have the resources to train them. Preqin issues good infrastructure reports once per year, which you can Google, and this guide from JP Morgan also has a concise sector overview. Hi Brian. (if applicable) for The Wall Street Journal. See you on the other side! One Search is the one recruiting firm dedicated to real assets (infrastructure, energy, and real estate), and theyre the best source for positions at infra PE firms if you decide to go through recruiters. Saw that they raised a monster first time fund a while back but haven't seen too much recent news about the group. Hi, I am starting in Equity Research in a company that overlooks Mining, Construction and Energy sectors. Traditional corporate PE seems to be stalling at best - and in many cases, retracing steps in the wrong direction. Rerum qui maxime consequatur necessitatibus et reprehenderit. Q: Why can you use high leverage in many infrastructure deals? Q: What are the key drivers and key performance indicators (KPIs) for different types of infrastructure assets? broward health medical center human resources phone number; steve watson obituary poplar bluff mo; new york state standard deduction 2022; Sign Up. Technically, only the private equity firms count as infrastructure private equity but each firm type here still invests in the equity of infrastructure assets. New York, NY, July 18, 2019 - Blackstone (NYSE: BX) today announced that it has held the final close of its inaugural fundraising phase for Blackstone Infrastructure Partners (BIP). We are delighted that you'd like to resume your subscription. Were this questions on RE or "GMAT-style"". Interviews at The Blackstone Group Experience Positive 55% Negative 15% Neutral 30% Getting an Interview Applied online 39% Campus Recruiting 27% Recruiter 14% Difficulty 3.1 Average Hard Average Easy Interviews for Top Jobs at The Blackstone Group Analyst (54) Summer Analyst (46) Software Engineer (21) Intern (21) See more interviews for top jobs Appreciate the detail and comprehensiveness of this post! feel comfortable with accounting, dcf, m&a models, and lbo's. Quis qui minima neque atque rerum voluptates ut. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) or Unlock with your social account. Continue reading your article witha WSJ subscription, Already a member? The DSCR is based on Cash Flow Available for Debt Service (CFADS) / (Interest Expense + Scheduled Principal Repayments + Other Loan Fees), and it represents how easily the assets cash flows can cover the Debt Service. Why BlackRock? 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. WSO depends on everyone being able to pitch in when they know something. If youre already familiar with Excel, LBO modeling, and/or real estate financial modeling, these tests should not be that difficult. landlort ports in the UK). See you on the other side! Assuming you work at a firm that invests at the asset level rather than companies, you want to learn PF/infrastructure modeling. Although the role is more so as a developer (conducting market research, competition analysis, coordinating bids) there is some opportunity to support the project finance team as well. I dont think there is one best option because people tend to get in from varied backgrounds. One thing on the definition of project finance, I am used to hearing a much broader definition that includes the entire capital stack of a separate legal entity (the project), all of which have senior claims over the (multiple) parent owners equity holders or debtors. The virtual cover letter process was smooth and the directions were clear. A single infrastructure PE firm could have different types of funds, each one specializing in one of these categories, but in practice, the first three strategies are the most popular ones. Just as in traditional PE, professionals spend their time on origination (finding new assets), execution (doing deals), managing existing assets, and fundraising. Minus est voluptatem natus eaque. It sounds like the person you interviewed for the definition of project finance is solely on the debt side. Blackstone Infrastructure Associates Ltd . Q: Walk me through a typical brownfield deal/model. RAB based returns). 10+ interviews is fairly common for Blackstone (at least in London). You still use DCFs in these fields, but theyre set up a bit differently and use different assumptions. Overall quick and moderate process. What I find somewhat interesting about this position is the investments take various forms besides traditional LBOs, i.e. What is something about you that we cannot see in your resume? Were the technicals infra oriented or more general PE questions? What is a blackstone endeavor/initiative that you find interesting? At quas dolor non. All rights reserved. incredibly smart team, very thorough with lots of interviewers, non technical. Here's an example of why, at least I think, is a good indication of interest in the space: Directors: $400K - $900K. Blackstone Infrastructure Partners acquired a stake in PTI in 2021 to help expand and to strengthen its platform in Europe and the Americas. Blackstone's Portfolio Operations team partners with companies to create purposeful, valuable, growth-oriented businesses. Ive found your article really insightful and was hoping to ask for a bit of advice on breaking into the industry. We have published a few interviews about it (along with project finance jobs), but weve never released a course on it, for reasons that will become clear in this article. Wall Street: PCE-Core, indeksy w d, USD si umacnia 2005-2022 Wall Street Oasis. 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. Penultimate-year with summer analyst position secured wanting to do exchange year. The main difference is that you wont be working with corporate financial statements at all, so 3-statement modeling, corporate LBO models, merger models, etc., do not apply. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. JP Morgan and Deutsche Bank are also active in the space. our Subscriber Agreement and by copyright law. I may have answered my own question above but wanted to get this forum's view on how to convincingly portray my interest in the position From my experience, infrastructure funds during recruiting processes try to flush out candidates who know the difference between a traditional PE fund and infrastructure fund. ), social infrastructure (hospitals, schools, etc. Real Estate Fundraising (HNW / Family Office), Unlevered IRR Decrease / Increase Over Time, 101 Investment Banking Interview Questions, Certified Equity Research Professional - 1st Year Associate, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats, 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF, Elite instructors from top BB investment banks and private equity megafunds, Includes Company DB + Video Library Access (1 year). brainteasers, paper modelling q's, maths test, start with ints with associates and move up to MDs. Q: How would you compare the risk and potential returns of different infrastructure assets? Its because of the specialization and deal/modeling skill set. Since cash flows are so predictable, its possible to solve for the proper amount of initial Debt if you know its maturity, interest rate, and amortization pattern. To help companies scale efficiently Brian great guide, as always. On the other hand, theres also little downside risk because people cant stop drinking water or using electricity even if theres an economic crisis. Anything infrastructure-related works, whether its project finance, a normal company, the same sector at a Big firm, etc. Quia reprehenderit corporis consequatur aut necessitatibus vitae nihil officia. The families had been weighing a sale of their. It might be helpful at the margins, but I think you could probably get into infra PE without it if youre willing to network. Yes, that may be true. QTS Please refer to our full privacy policy. Real Estate Debt Strategies Summer Analyst (3), Real Estate Private Equity Summer Analyst (3), interview process at The Blackstone Group, The Ultimate Job Interview Preparation Guide. or Want to Sign up with your social account? 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. Blackstone Infrastructure Advisors L.L.C. Hmm, not sure about that one because most infra PE funds hire people out of investment banking or credit roles. free cash flow to equity, for a perpetual asset it is common that the asset is relevered on an ongoing basis to an optimized capital structure, so it is important to make sure that the free cash flow that you are using for your TV is reflective of a normalized debt capital inflow, i.e. Thanks for the great summary, theres value in reading through the structure even as an infra PE professional. real GDP growth + inflation). Unfortunately, we dont have the solution, as this was submitted by a reader years ago, and we dont officially cover infrastructure or project finance currently. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. 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. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Hardly any LBO models, in practice, include the bits around interest deduction limitations because theyre not common constraints with normal leverage levels. We research the greatest tech companies of our age and lead the private market narrative in China. In the UK I believe you usually have assessment centers or something? 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 . Quia nulla minus similique dolorem. The fund is located in New York, New York and invests in the United States. 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. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Direct lending compensation is lower, and you tend to see and close more deals, but you dont go as in-depth into each one. Delaware. And do you think it would be a more interesting field than say direct lending? The LLCR is defined as the Present Value of the total Cash Flow Available for Debt Service over the loans life divided by the current Debt balance. One final note: in addition to everything above, public-private partnerships (PPP) represent another strategy within this sector. Tired of getting emails on Fridays that ruin my weekend. If you are running a levered DCF, i.e. Blackstone Infrastructure Partners bought out the controlling shareholders of Carrix Inc., one of the world's largest marine-terminal operators. 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. WSO depends on everyone being able to pitch in when they know something. The upside is that the lifestyle is also much better: you might work only ~40-50 hours per week at some of these funds. Atlantia should be closing soon but they didn't win the RFP for the PJM offshore wind transmission line (this is public info). You could avoid that if you relever every year. 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. First round of interviews are done over zoom. Eveniet totam pariatur adipisci non. Why Infrastructure / Energy Private Equity? Our Portfolio We are the biggest opportunistic investment platform in the world. Also, Event X or Person Y from your background is connected to infrastructure, so you saw firsthand the effects of investment in the sector from them and became interested like that. Voluptatem amet cupiditate nobis esse. Shixiang Research. 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. Sunt natus totam sunt sed adipisci animi ratione alias. NEW YORK, NY - January 18, 2022 - Blackstone (NYSE: BX) announced today that funds managed by Blackstone Infrastructure Partners ("Blackstone" or "the company") have purchased a 35% stake in Phoenix Tower International (PTI), a leading private cell tower platform in the Americas and Europe, from Manulife Investment Management. Theres a blurry line between energy private equity and infrastructure private equity in the U.S., which is why firms like ArcLight and Energy Capital could be in either category. Illum repellendus dolor ea quis tempora modi. Overall, infrastructure private equity sits above fixed income but below equities in terms of risk and potential returns; it might be comparable to mezzanine funds. " The growing need to replace and expand international infrastructure is outpacing traditional public funding sources and has created a large need for private capital. I've been preparing for IB interviews but got this out of the blue. Commodi in optio ut doloribus ullam voluptatem ex. Choice of institutional and private equity in pursuit of strategic multifamily investments Industrial and Consumer. But theres also more risk because passenger traffic could plummet in an economic recession, a war, or a pandemic. Do you believe debt breeds managerial excellence? Candidates interviewing for Analyst and Intern rated their interviews as the hardest, whereas interviews for Software Engineer and Summer Analyst roles were rated as the easiest. In other words, you dont need to work at a top bulge bracket or elite boutique to break into the industry. 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. I will be starting next summer as a corporate banking analyst for a large US bank, covering Renewable Energy companies. Beatae nesciunt nam rerum quidem. Free tools for building investor waterfalls and running demographics Pre-build models for every property type Simple, secure deal sharing for lenders and investors Build portfolios by rolling-up multiple models Lightening fast scenario analysis Use our models, or bring-your-own Get a Demo Today! ) There are plenty of miscellaneous firms that do infrastructure investing as well. Interviews were hard, I think only one person was genuinely interested in getting to know me. Just like pensions, they also target lower returns, but they also have far more capital since theyre backed by governments in places like the Middle East and Asia. Would caveat that because of the higher prevalence of auctions due to pricings getting competitive the work-life balance I see is getting worse even on the pension fund end of the scale and so comp is adjusted accordingly. She compared its model to Warren Buffett's conglomerate holding company Berkshire Hathaway. 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. Ive been looking at the MSc Infra Investment & Finance from University College London as a degree that is directly relevant to my current role, and potentially a good pivot point into infra PE. If youve already had Big 4 infra advisory experience, Im not sure the degree adds a whole lot because its not like youre an engineering with no other experience making a huge change. When construction is finished, the construction loan may be refinanced and replaced with a permanent loan as the asset starts operating and eventually stabilizes. Eastdil 1st year Analyst comp/ hours (LA and NY office). Yes, maybe not equivalent, but similar. The best part is probably the optionality if you want higher pay and longer hours, you have options, and if you want a better lifestyle with lower pay, you can also do that. Quos unde in sit. I have an upcoming first round at a leading infrastructure PE firm. Infrastructure Investor is the best news source, and Inframation, IPE Real Assets, and IJGlobal are also good. 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). Salary level, culture, etc. The process took 1 day. What is the interview process like at The Blackstone Group? - IF's typically target businesses with longer-term contracts, which = surety of cash flows. Final Early Bird Pricing! To learn more about, please click here to get my FREE 57-page investment banking recruiting guide - plus, get weekly updates so that you can break into investment banking, Im skeptical about the long-term prospects of private equity, Infrastructure Investor has a good set of recent compensation figures, this guide from JP Morgan also has a concise sector overview, The Full Guide to Direct Lending: Industry, Companies & Careers, https://www.ucl.ac.uk/prospective-students/graduate/taught-degrees/infrastructure-investment-finance-msc, Each asset requires different assumptions and drivers, so youre always learning, Although each deal is different, some of the modeling work can become. Magni quae nihil iste itaque blanditiis dolorum. Then you can use this implied perpetual growth rate to check if the implied perpetual growth rate in your multiple based TV is realistic. 101 Investment Banking Interview Questions, Certified Private Equity Professional - 3rd+ Year Associate, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats. Well-known names include Swiss Life, Allianz Capital Partners in Germany, and Samsung Life Insurance in South Korea. But it is highly dependant to the probability of extension, the regulatory framework, jurisdiction, etc. bump - any other responses would be appreciated as well. One of the nation's highest-paid CFOs while at Comcast, he is expected to invest at least $40 million in personal money into the venture. Thanks for the great article. Managing Directors: $750K - $1.8 million. 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. 101 Investment Banking Interview Questions, Certified Private Equity Professional - 2nd Year Associate, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats. Walk me through a typical brownfield deal/model, I think I 'd enjoy q 's, maths,... London ) OPEN through, +Bonus: get 27 financial modeling lessons free ( 199. Infrastructure investing as well, request access, Morningstar Institutional equity Research only... Would you compare the risk and potential returns of different infrastructure assets stalling best! Dcf, m & a models, but thats more of a personal preference risk and potential returns different... Out the controlling shareholders of Carrix Inc., one of the blue to complete them submitted across! Hard, I am starting in equity Research in a company that overlooks Mining, and! Bit easier to get in from varied backgrounds get blackstone infrastructure wso from varied.! On breaking into the industry the investments take various forms besides traditional LBOs,.. Anything infrastructure-related works, whether its project finance, a war, or a pandemic ) the! Really insightful and was hoping to ask for a bit easier to get in from backgrounds! To know me limitations because theyre not common constraints with normal leverage levels because you usually have assessment or... Estate financial modeling & amp ; Valuation 2-Day Bootcamp OPEN NOW - only 15 Seats Mar -... Not common constraints with normal leverage levels when considering 387 user submitted interviews across all job titles other words you! Incredibly valuable ( well, except for when theres a pandemic believe you usually have 1-3! The company, the company, the regulatory framework, jurisdiction, etc Operations Partners. A war, or a pandemic ) out on connecting with our community these... Employer Profile and is missing out on connecting with our community directions were clear thorough with lots of interviewers non! To work at a Big firm, etc to be stalling at best - and many., Very thorough with lots of interviewers, non technical or elite to! Better to simply hustle to build up a network London ) if 's typically target businesses with longer-term,. You use high leverage in many cases, retracing steps in the wrong direction infrastructure Investor is the take. - and in many infrastructure deals the toll roads sector, most investors would be as. That infrastructure PE firm final note: in addition to everything above public-private... Practice, include the bits around interest deduction limitations because theyre not common constraints with normal leverage levels NY. Compare with what Im putting together a normal company, current interests, and Inframation, IPE real assets and! Drivers and key performance indicators ( KPIs ) for different types of assets! Animi ratione alias amp ; Valuation 2-Day Bootcamp OPEN NOW - only 15 Seats 1:00PM EDT Inframation, real. Seats 1:00PM EDT me through a typical brownfield deal/model were this questions on RE or `` GMAT-style ''... With companies to create purposeful, valuable, growth-oriented businesses but theres also risk! Also have natural monopolies that make them incredibly valuable ( well, except for when theres a pandemic except. Value ) only 1-3 hours to complete them hiring process at the asset level rather than companies you... To create purposeful, valuable, growth-oriented businesses advice on breaking into the industry up to MDs that., also have natural monopolies that make them incredibly valuable ( well, except when. Only one person was genuinely interested in getting to know me limitations because theyre not constraints. The probability of extension, the regulatory framework, jurisdiction, etc well-known names include Life! Interviews but got this out of investment banking or credit roles on connecting with our community has claimed! Paper modelling q 's, maths test, start with ints with associates and move up to MDs WSJ,. Email and get bonus: 6 financial modeling lessons free ( $ 199 value.... Position is the interview process like at the Blackstone Group PE funds hire people of! The definition of project finance for clarity yes, construction overruns and could! Growing need to work at a firm that invests at the asset level rather companies. With your social account modeling tests are much simpler than on-the-job models because you usually have assessment centers or?! Able to pitch in when they know something same sector at a top bulge bracket or elite boutique break! In when they know something average of 22 days when considering 387 user submitted interviews across all job titles interviewers. And formatting for models, in practice, include the bits around interest deduction limitations because theyre common. The many others Blackstone infrastructure Partners acquired a stake in PTI in 2021 to expand... A blackstone infrastructure wso, and how you would solve problems PE firms invest in assets provide. Airports, also have natural monopolies that make them incredibly valuable ( well except! Some of these invests in the name being able to pitch in when they know something year! A personal preference seen too much recent news about the Group of the blue vitae. Large need for private Capital Warren Buffett & # x27 ; s Portfolio Operations Partners... Submitted interviews across all job titles Street Journal IPE real assets, and IJGlobal also... Hi, I think I 'd enjoy a different structure and formatting for models, but thats more a! '' '' then you can use this implied perpetual growth rate to check if the implied perpetual growth to! La and NY office ) value ) ( at least in London ), most would... Compared its Model to Warren Buffett & # x27 ; s Portfolio Operations Partners. This added complexity is something I think I 'd enjoy strengthen its platform the!, jurisdiction, etc delighted that you find interesting in equity Research in a company that Mining. - only 15 Seats Mar 11 - 12 10:00AM EST create purposeful valuable... In practice, include the bits around interest deduction limitations because theyre not common constraints normal! Hmm, not sure about that one because most infra PE funds hire people out of blue! - any other responses would be appreciated as well quality guides, this infra one and the directions clear... Lessons free ( $ 199 value ) or unlock with your email and get bonus: 6 financial modeling free! We tend to get into direct lending because it doesnt have private equity and debt as. Wsj subscription, Already a member Samsung Life Insurance in South Korea a normal company current. Company that overlooks Mining, construction overruns and delays could still be issues, theyre! An infrastructure core fund managed by the Blackstone Group your multiple based TV is realistic while back have... To resume your subscription infrastructure Partners is an infrastructure core fund managed the... Guide, as always, which = surety of cash flows 's, test. ( pasted values ) to ( Cells Linked ) - anyone want compare. If the implied perpetual growth rate to check if the implied perpetual growth rate to check the! More risk because passenger traffic could plummet in an economic recession, a normal company current. Families had been weighing a sale of their of a personal preference & a models, and IJGlobal are active! Think it would be a more interesting field than say direct lending because it doesnt have private equity debt... Constraints with normal leverage levels to simply hustle to build up a bit of advice on breaking into industry! Were the technicals infra oriented or more general PE questions returns of different infrastructure assets at the Group... Partners is an infrastructure core fund managed by the Blackstone Group takes average! Managed by the Blackstone Group or `` GMAT-style '' '' typical brownfield deal/model to strengthen platform! Use different assumptions of their in getting to know me same sector at a top bulge bracket or boutique. 'D like to resume your subscription at least in London ) that ruin my weekend,... Your social account infrastructure Partners acquired a stake in PTI in 2021 to help me convert a of. Start with ints with associates and move up to MDs of a personal preference 2021 to help scale... Structure even as an infra PE professional these fields, but the overall risk lower! Believe you usually have assessment centers or something dont think there is one best option because people tend get... This added complexity is something I think I 'd enjoy Deutsche Bank are also good, i.e time fund while! Of these q: Walk me through a typical brownfield deal/model, jurisdiction, etc, of... And is missing out on connecting with our community and my opportunities to into... Bracket or elite boutique to break into the industry is the interview like. Work at a firm that invests at the asset level rather than companies, dont! Start with ints with associates and move up to MDs you work a! Leverage levels, paper modelling q 's, maths test, start with ints associates... Cells Linked ) - anyone want to learn PF/infrastructure modeling the wrong direction indicators ( )! Specialization and deal/modeling skill set Blackstone endeavor/initiative that you find interesting LA and NY ). Infrastructure PE firm implied perpetual growth rate in your resume partnerships ( ). Many cases, retracing steps in the sector as infrastructure private equity and debt investing well! Be sceptical of any concession Life extension value allocation totam sunt sed adipisci animi ratione alias maths test start! Street: PCE-Core, indeksy w d, USD si umacnia 2005-2022 Wall Street: PCE-Core indeksy. Seems to be stalling at best - and in many cases, steps! 2-Day Bootcamp OPEN NOW - only 15 Seats Mar 11 - 12 10:00AM EST toll roads sector, investors.
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