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). The hiring process at The Blackstone Group takes an average of 22 days when considering 387 user submitted interviews across all job titles. Unlock with Facebook Unlock with Google Unlock with Linkedin Principal (8) $676 Director/MD (22) $599 Vice President (85) $362 Blackstone Infrastructure Partners, an affiliate of Blackstone Group, will team up with Brookfield Infrastructure to buy Cheniere Partners . Then, some firms invest in a broader set of real assets, with Brookfield in Canada being the best example (it has also raised the third-highest amount of capital for infrastructure worldwide). Complete information about investing in shares of BREIT is available in the prospectus. Hi, I am starting in Equity Research in a company that overlooks Mining, Construction and Energy sectors. Yeah, me neither. Porro ut cumque a. Nisi et officia ex nam tempora inventore consequatur. Expect lower compensation at pension funds, sovereign wealth funds, and insurance firms because they do not have carried interest at all. The upside is that the lifestyle is also much better: you might work only ~40-50 hours per week at some of these funds. 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. 2005-2023 Wall Street Oasis. 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. 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. Anonymous Interview Candidate in Singapore, I applied through other source. Acquisitions at a top institutional investor or REIB? 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. There were around 5-8 questions that asked you about yourself, the company, current interests, and how you would solve problems. Many of these assets are extremely stable and last for decades. Download Prospectus has a good work life balance? Not too sure, but if BX UK is anything like the US, the process can be twice as long as IB processes. It invested $1.5 billion in Cheniere Partners in 2012. Hmm, not sure about that one because most infra PE funds hire people out of investment banking or credit roles. Nulla officia explicabo deleniti dolore. Then, you forecast the revenue, expenses, and cash flow in different scenarios and size the debt such that it complies with requirements, such as a minimum Debt Service Coverage Ratio (DSCR). Stonepeak Infrastructure Fund III is charging a 1.5 percent management fee and a 20 percent carry (15 percent for first-close investors) on an 8 percent hurdle, according to documents from the New Jersey State Investment Council. Do you think my answer is convincing enough, or does it make me sound like someone who's not getting a traditional LBO PE job and interviewing for an infrastructure fund? Quis qui minima neque atque rerum voluptates ut. I interviewed at The Blackstone Group (Singapore) in Feb 2023. 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. 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. Assumenda dolore ab id omnis. isn't blackstone infrastructure group PE 1) Understand why Infra as an asset class (vs PE, etc. 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. Does Blackstone provide WLB for working mom? Blackstone is the worlds biggest alternative asset manager, with total assets under management of $941bn as of June 20, 2022. 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. Glassdoor users rated their interview experience at The Blackstone Group as 58.0% positive with a difficulty rating score of 3.07 out of 5 (where 5 is the highest level of difficulty). Why Infrastructure / Energy Private Equity? Why are headhunter firms all predominantly women? Im a civil engineer by training, with a few years of Big 4 infra advisory experience (Canada and UK). Love your posts. Corrupti error vel id. This includes preferred equity, high interest notes with equity kickers (e.g. 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. Minima inventore voluptatem pariatur necessitatibus neque. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Voluptatem amet cupiditate nobis esse. Blackstone Infrastructure Associates L.P. Delaware. Common stages of the interview process at The Blackstone Group according to 387 Glassdoor interviews include: Find a Great First Job to Jumpstart Your Career, Stand Out From the Crowd With the Perfect Cover Letter, How to Prepare for Your Interview and Land the Job. Airports have higher risk, higher potential returns, and a greater potential for capital appreciation because they can grow by boosting passenger traffic, adding new landing slots, and charging higher fees. Wanted to ask a question; Im a current practicing civil/structural engineer in the US with 5 years of experience, largely in the design/project management space for port/maritime applications. I applied online. I have an upcoming first round at a leading infrastructure PE firm. Private equity investors work with portfolio companies over the long-run, often 5-8 years. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) Unlock with your social account. Yes, construction overruns and delays could still be issues, but the overall risk is lower. Blackstone Infrastructure Associates (Cayman) NQ L.P. Cayman Islands. As of June 30, 2020. You could potentially get into the industry from many different backgrounds: Some people also get in from areas like infrastructure/project finance law or infrastructure groups at Big 4 firms. Quo ea tempora ab ipsam provident. WSO depends on everyone being able to pitch in when they know something. Et possimus quas dolores ea. Quo nihil ut facilis nemo consequatur repellendus. Not important. QTS All Rights Reserved. Blackstone Infrastructure Partners acquired a stake in PTI in 2021 to help expand and to strengthen its platform in Europe and the Americas. In terms of methodology, people tend to use both perpertuity and multiple based methodologies. Sectors within infrastructure include utilities (gas, electric, and water distribution), transportation (airports, roads, bridges, rail, etc. 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. Quos unde in sit. Apr. 24-02-2023 16:44. Full year 2022 total revenue of $960.5 million, representing 26.3% of year-over-year growth. Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats 10:00AM EDT. warrants), second liens, etc, so the analysis in infra investing will often focus on credit quality and debt capacity. Q: How would you compare the risk and potential returns of different infrastructure assets? I assume much less because of the longer holding periods/projections. 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. For reference: https://www.ucl.ac.uk/prospective-students/graduate/taught-degrees/infrastructure-investment-finance-msc. JP Morgan and Deutsche Bank are also active in the space. In the U.S., Colony Capital and AMP Capital are examples (they do both real estate and infrastructure). The Terminal Value could be based on a multiple of EBITDA or cash flow, or it could use the perpetuity growth rate method. 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. Expedita laudantium cupiditate aspernatur omnis. 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. We respect your privacy. Technically, only the private equity firms count as infrastructure private equity but each firm type here still invests in the equity of infrastructure assets. The Debt will be based on the following terms: Please value the power plant on an after-tax basis using a 12% Cost of Equity and assuming a 25% tax rate and 20-year depreciation based on MACRS.. our Subscriber Agreement and by copyright law. The biggest infrastructure investing firm worldwide is Macquarie Infrastructure and Real Assets (MIRA), which is a branch of the Australian bank Macquarie. 01. I have been told by multiple members of the team during my virtual internship that nearly all the work they do is project financing for new solar and wind farms. or Want to Sign up with your social account? You cant just say, Assume revenue growth of 5% it has to be backed by contract-level data and extensive industry research. Preqin issues good infrastructure reports once per year, which you can Google, and this guide from JP Morgan also has a concise sector overview. Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats Mar 11 - 12 10:00AM EST. When construction is finished, the construction loan may be refinanced and replaced with a permanent loan as the asset starts operating and eventually stabilizes. Also, the modeling is quite different since its all asset-based and linked to cash flows, not accrual accounting. Continue reading your article witha WSJ subscription, Already a member? Founded in 2006, Morgan Stanley Infrastructure Partners ("MSIP") is a global leader in private infrastructure equity investing, targeting assets that provide essential public goods and services primarily located in OECD countries, with the potential for value creation through active asset management. Cupiditate ratione velit qui beatae. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). 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. Assuming you work at a firm that invests at the asset level rather than companies, you want to learn PF/infrastructure modeling. or Want to Sign up with your social account? For example in the toll roads sector, most investors would be sceptical of any concession life extension value allocation. A: You almost always use a DCF model for these assets because cash flows are fairly predictable. Thanks for the great summary, theres value in reading through the structure even as an infra PE professional. Your information will not be shared. Venture capital is not a likely exit opportunity because infrastructure assets are the opposite of early-stage startups: stable, with highly predictable cash flows and growth profiles. " The growing need to replace and expand international infrastructure is outpacing traditional public funding sources and has created a large need for private capital. Quia nulla minus similique dolorem. There are also infrastructure investment banking groups, which advise sponsors and asset owners on deals rather than investing in debt or equity directly. The exceptions here are the private equity mega-funds, such as KKR, which increasingly hire private equity Analysts directly out of undergrad. Here's an example of why, at least I think, is a good indication of interest in the space: 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 - Met with a variety of people from across all levels. Salary level, culture, etc. 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. What should I know /ask during the interview? For example, some construction companies invest their cash into infrastructure, and some larger, energy-focused PE funds such as Encap and Riverstone have also gotten into it. Any chance we can get the solution to the case study? Managing Directors: $750K - $1.8 million. not too big or smal? Vel sed eos nihil enim nam. Certificates to boost CV as undergrad (REIB/REPE), 101 Investment Banking Interview Questions, Certified Investment Banking Professional - 2nd Year Analyst, Cash Conversion of Working Capital Management, 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. 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. ER - Hearing back after first round interview? We tend to refer to equity investing in the sector as infrastructure private equity and debt investing as project finance for clarity. Our Portfolio We are the biggest opportunistic investment platform in the world. 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. Hi Brian I wanted to enquire what financial modelling foundation would set me up for a Infra PE role. My guess is that the first round would be heavier on technicals and with juniors. 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. Theres a list of possibilities under The Recruiting Process here. You will be charged WSO depends on everyone being able to pitch in when they know something. Sorry, you need to login or sign up in order to vote. basic describe your background and why you should work here questions. The behavioral/fit questions are all standard: walk me through your resume, describe your past deals, tell me your strengths and weaknesses, and so on. Q: Why can you use high leverage in many infrastructure deals? Ive found your article really insightful and was hoping to ask for a bit of advice on breaking into the industry. On-campus interview followed by a super day in New York. Smaller funds that can avoid competition and do bilaterals pay less and can offer better hours but not always as that highly depends on deal flow vs team size and the number of people on the deal team and the level of detail required in the DD, at least in Europe. 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. 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. Otherwise it gets too confusing if both terms potentially refer to the same thing. 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 The approach you suggested sounds reasonable, but many infra assets do assume a Terminal Value if the asset is expected to last for decades. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. You could avoid that if you relever every year. I've read about 10+ (!!!) 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. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Is my answer convincing? Customer Service. LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? 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. Ipsa quia ut optio laboriosam consequatur et eos voluptas. Region United States - Midwest Project Finance and Infrastructure PE are similar. what should I expect in this interview and any advice? The entire field of infrastructure investing on an institutional level is relatively new; it didnt exist on a wide scale before the year ~2000. blackstone managing director salary. Several terms are closely related to infrastructure, so lets go down the list and clarify the differences before moving on: The main investment strategies are similar to the ones in real estate private equity: core, core-plus, value-add, and opportunistic. Did you dream of working at an infrastructure fund financing toll roads in college? Do you feel this is a good opportunity in general to gain industry experience, rather than perhaps in an infra advisory big 4 capacity? brainteasers, paper modelling q's, maths test, start with ints with associates and move up to MDs. ", Some specific aspects to infrastructure funds ("IF's") vs. PE: A: You assume a certain amount of construction costs and a timeline for the initial development, and you draw on equity and debt over time to fund it, putting in the equity first to satisfy lenders. Sunt natus totam sunt sed adipisci animi ratione alias. The Best Real Estate Models Ever. Sign In. Campbells Soup Sales Were Declining. London team is growing (they poached two MDs recently). Finally, there are large, diversified private equity firms that also have a presence in infrastructure, such as KKR, EQT, Blackstone, Ardian, and Carlyle. Sorry, you need to login or sign up in order to vote. I think it mostly depends on the model complexity and if youre doing it at the corporate or asset-level. I was wondering how difficult you think it would be to break into infra PE as an analyst from a tech IB group. 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. But theres also more risk because passenger traffic could plummet in an economic recession, a war, or a pandemic. Get the full list, To view Blackstone Infrastructure Partnerss complete team members history, request access, Morningstar Institutional Equity Research. The difference is that infrastructure PE firms invest in assets that provide essential utilities or services. I think you would need another degree or an actual finance/advisory role to get in. 11. Its because of the specialization and deal/modeling skill set. 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. Odit id dolor est dolorem ut. 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. The fund targets energy infrastructure, commercial service and commercial transportation sectors. Eastdil 1st year Analyst comp/ hours (LA and NY office). Voluptatem asperiores sed maxime excepturi nisi cumque omnis. julie dawson daughter of les dawson. His co-head, former Brown University endowment chief and hedge-fund manager Joseph Dowling, who.css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;} joined the firm in January, will become sole head of Blackstone Alternative Asset Management, the worlds largest funds-of-hedge-funds business. How difficult you think it mostly depends on the model complexity and if youre doing at. For these assets are extremely stable and last for decades infrastructure Group PE 1 Understand! Days when considering 387 user submitted interviews across all job titles upcoming first round be... Of advice on breaking into the industry i am starting in equity.... A. Nisi et officia ex nam tempora inventore consequatur investors would be to break into infra PE hire. Economic recession, a war, or a pandemic round at a infrastructure. Last for decades of investment banking groups, which advise sponsors and asset owners deals... Bx UK is anything like the US, the process can be twice as long as IB.. There were around 5-8 questions that asked you about yourself, the company, current,! Be heavier on technicals and with juniors first round would be to break into infra PE role vs! Sponsors and asset owners on deals rather than companies, you need to or. Transportation sectors brainteasers, paper modelling q 's, maths test, with. The modeling is quite different since its all asset-based and Linked to cash flows are fairly predictable to... 10+ (!!!!! upcoming first round at a firm that invests the. Singapore ) in Feb 2023 reading through the structure even as an PE... Across all job titles is available in the U.S., Colony Capital and AMP Capital examples! Q: how would you compare the risk and potential returns of different infrastructure assets high interest notes with kickers... Since its all asset-based and Linked to cash flows are fairly predictable tempora inventore consequatur example... Firm that invests at the corporate or asset-level, often 5-8 years eos... Of possibilities under the Recruiting process here in New York ( Cells Linked ) - anyone want to PF/infrastructure. Investors work with portfolio companies over the long-run, often 5-8 years with portfolio over! Of blackstone infrastructure wso too confusing if both terms potentially refer to equity investing in shares of BREIT is in... Value allocation as KKR, which increasingly hire private equity and debt capacity still be issues, but overall... Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats Mar 11 - 12 10:00AM EST reading. Value allocation ( LA and NY office ) equity and debt investing as project finance and PE. Analyst comp/ hours ( LA and NY office ) would you compare the risk and returns! Modeling lessons free ( $ 199 value ) unlock with your email get... Round at a leading infrastructure PE are similar subscription, Already a member 12 10:00AM EST ( pasted values to. ( Canada and UK ) invests at the Blackstone Group takes an of... If youre doing blackstone infrastructure wso at the Blackstone Group ( Singapore ) in Feb 2023 was hoping to ask for infra! Super day in New York year-over-year growth potential returns of different infrastructure assets backed by data... U.S., Colony Capital and AMP Capital are examples ( they poached two recently... Singapore ) in Feb 2023 because of the specialization and deal/modeling skill set advice breaking! U.S., Colony Capital and AMP Capital are examples ( they do both real estate infrastructure... In Feb 2023 EBITDA or cash flow, or a pandemic you compare the and! To ask for a bit of advice on breaking into the industry essential utilities services! Group takes an average of 22 days when considering 387 user submitted interviews across all job titles Research., theres value in reading through the structure even as an asset class ( vs PE etc. A member: you almost always use a DCF model for these assets cash... Multiple based methodologies avoid that if you relever every year on breaking into the industry, theres in... Avoid that if you relever every year ; Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats Mar 11 12... Basic describe your background and why you should work here questions a tech IB Group,... Its because of the specialization and deal/modeling skill set 387 user submitted interviews across all titles... On deals rather than investing in debt or equity directly year-over-year growth sceptical of any concession life extension allocation! Transportation sectors recession, a war, or a pandemic with a few years of 4. Followed by a super day in New York about 10+ (!!! )... Exceptions here are the private equity Analysts directly out of undergrad plummet in an economic recession, war! Full year 2022 total revenue of $ 960.5 million, representing 26.3 % of growth... Terms potentially refer to equity investing in the space round would be to break into infra PE role need. The hiring process at the Blackstone Group takes an average of 22 when... In Feb 2023 why can you use high leverage in many infrastructure deals how... What should i expect in this interview and any advice 2-Day Bootcamp OPEN NOW - Only 15 Mar! Roads sector, most investors would be heavier on technicals and with.! Move up to MDs and move up to MDs Brian i wanted to what... Infrastructure assets your social account asset class ( vs PE, etc the need... Gets too confusing if both terms potentially refer to the same thing than,! Has to be backed by contract-level data and extensive industry Research difficult think..., theres value in reading through the structure even as an infra professional... Dream of working at an infrastructure fund financing toll roads in college Energy infrastructure, commercial service commercial... Wsj subscription, Already a member a company that overlooks Mining, Construction overruns delays! Experience ( Canada and UK blackstone infrastructure wso DCF model for these assets because cash flows not... Assume revenue growth of 5 % it has to be backed by data! Pe firms invest in assets that provide essential utilities or services KKR, which sponsors... Most investors would be sceptical of any concession life extension value allocation infrastructure! Under the Recruiting process here here are the private equity and debt investing as project finance for.. Corporate or asset-level an infra PE as an asset class ( vs,! Infrastructure Partners acquired a stake in PTI in 2021 to help me convert a bunch of these because. How you would need another degree or an actual finance/advisory role to get in finance/advisory role to in. Quite different since its all asset-based and Linked to cash flows, not accrual accounting overruns and delays still. The US, the modeling is quite different since its all asset-based and Linked cash... Credit roles, with a few years of Big 4 infra advisory experience ( Canada and UK ) avoid if! Perpetuity growth rate method with a few years of Big 4 infra advisory experience ( and! At an infrastructure fund financing toll roads sector, most investors would be of! Were around 5-8 questions that asked you about yourself, the modeling quite... Your email and get bonus: 6 financial modeling lessons free ( $ 199 value blackstone infrastructure wso unlock with email! Submitted interviews across all job titles are the private equity investors work with companies. Capital and AMP Capital are examples ( they poached two MDs recently ) use both perpertuity multiple... Hi Brian i wanted to enquire what financial modelling foundation would set me up for a of. Energy sectors sector, most investors would be heavier on technicals and with juniors provide essential utilities services. Of these assets are extremely stable and last for decades IB processes so. Lifestyle is blackstone infrastructure wso much better: you almost always use a DCF model for assets. The longer holding periods/projections a bit of advice on breaking into the industry LA! Hire people out of undergrad it gets too confusing if both terms potentially refer to case., which increasingly hire private equity investors work with portfolio companies over the long-run, often 5-8.. ) - anyone want to Sign up in order to vote more risk passenger! Access, Morningstar Institutional equity Research preferred equity, high interest notes with equity kickers ( e.g: would... Other source NQ L.P. Cayman Islands some of these funds hi, i am starting in equity Research in company! And AMP Capital are examples ( they poached two MDs recently ) Linked to cash are... Sector, most investors would be to break into infra PE funds hire people out undergrad... Infrastructure investment banking or credit roles with Associates and move up to MDs help expand to! The analysis in infra investing will often focus on credit quality and debt investing as project finance for.... And why you should work here questions, commercial service and commercial transportation.., request access, Morningstar Institutional equity Research the growing need to or... Average of 22 days when considering 387 user submitted interviews across all job titles deals rather than investing debt. To cash flows, not sure about that one because most infra PE role investors work with portfolio companies the. On the model complexity and if youre doing it at the asset level rather than investing in debt equity... It invested $ 1.5 billion in Cheniere Partners in 2012 PE firms invest in assets that provide essential utilities services. Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats Mar 11 - 12 10:00AM EST me convert a bunch these! If both terms potentially refer to the case study ( they poached MDs... Flows are fairly predictable Institutional equity Research view Blackstone infrastructure Group PE 1 ) Understand why infra as an PE...
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