Any chance we can get the solution to the case study? Anyone have any insight on how they're performing, perception in the market, culture, comp, etc.? our Subscriber Agreement and by copyright law. Will the difference in coverage group be too large of a hurdle to overcome? See you on the other side! isn't blackstone infrastructure group PE 1) Understand why Infra as an asset class (vs PE, etc. Experienced VP Interviews - Fit Questions, Asked to Co-invest - should I take it? JP Morgan and Deutsche Bank are also active in the space. ), 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). Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. Please refer to our full. Dolores repellat et inventore totam. 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. Blackstone veteran John . Just as in traditional PE, professionals spend their time on origination (finding new assets), execution (doing deals), managing existing assets, and fundraising. Customer Service. What is the interview process like at The Blackstone Group? Q: What is debt sculpting in infrastructure deals, and why is it so common? 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. - Further, IF's generally like to maintain investment grade ratings. Asperiores voluptatem esse in soluta. Canadian pension funds, such as CPPIB and OTPP, are some of the biggest investors in the infrastructure space, and they all have internal teams to do it. 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. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. All Rights Reserved. Yeah, me neither. Finally, there are large, diversified private equity firms that also have a presence in infrastructure, such as KKR, EQT, Blackstone, Ardian, and Carlyle. I interviewed at The Blackstone Group (Singapore) in Feb 2023. WSO depends on everyone being able to pitch in when they know something. Cupiditate ratione velit qui beatae. Quia nulla minus similique dolorem. Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats 1:00PM EDT. 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. 27.02.2023 - Kinetik Holdings Inc. (NYSE: KNTK) ("Kinetik" or the "Company") today reported financial results for the quarter and year ended December 31, 2022. If you're new here, 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. 2005-2023 Wall Street Oasis. Blackstone Infrastructure Advisors L.L.C. LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? Real Assets Ending Market Value & Performance Summary (By Partnership) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership. Thanks! Which, I know, is easier said than done. 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. non verbal communication differences between cultures ppt. Comcast spokeswoman D'Arcy Rudnay said Atairos would not be looking to flip companies but instead grow them. 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. Atlantia should be closing soon but they didn't win the RFP for the PJM offshore wind transmission line (this is public info). Eveniet totam pariatur adipisci non. Thank you so much for the guidance you provide! Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews. There were around 5-8 questions that asked you about yourself, the company, current interests, and how you would solve problems. 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. Why are headhunter firms all predominantly women? Its probably a bit easier to get into direct lending because it doesnt have private equity in the name. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Higher numbers are better because it means the assets cumulative cash flows can more easily pay for the debt. RAB based returns). 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. Hi Brian I wanted to enquire what financial modelling foundation would set me up for a Infra PE role. To help companies scale efficiently A: You almost always use a DCF model for these assets because cash flows are fairly predictable. Thank you for taking the time and effort to write such high quality guides, this infra one and the many others! Qui in perspiciatis fugit aut nemo quia quia culpa. 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. 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. Tempore ab qui doloremque quia sequi iste voluptatum. Blackstone | 689,217 followers on LinkedIn. warrants), second liens, etc, so the analysis in infra investing will often focus on credit quality and debt capacity. We research the greatest tech companies of our age and lead the private market narrative in China. julie dawson daughter of les dawson. I think it mostly depends on the model complexity and if youre doing it at the corporate or asset-level. Networking and work experience are far more important. 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% 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. Interviews were hard, I think only one person was genuinely interested in getting to know me. Eum facilis est velit minima quia ipsa. 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. 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. My plan is to move into PE or IB after an MBA and I will like to know which of those three sectors will give me the best background to make the jump. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). 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 this equivalent to Project Finance IB in terms of the skills I will develop and my opportunities to move into Infra PE? You cant just say, Assume revenue growth of 5% it has to be backed by contract-level data and extensive industry research. The biggest infrastructure investing firm worldwide is Macquarie Infrastructure and Real Assets (MIRA), which is a branch of the Australian bank Macquarie. This website and our partners set cookies on your computer to improve our site and the ads you see. When evaluating deals, assessing the downside risk is critical because the upside is quite limited. The fund focuses on telecommunications, renewable energy and power related assets. 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). Hedge funds investments can be as short as a few weeks. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. 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. I have focused my recruiting primarily on traditional PE focusing on LBOs, but came across this opportunity and decided to interview for it. So construction is probably the safest bet for generalist IB/PE roles. Many of the other large banks also do infrastructure investing, but they often use different names for their infra businesses (e.g., Goldman Sachs and West Street Infrastructure Partners or Morgan Stanley and North Haven Infrastructure Partners). The Terminal Value could be based on a multiple of EBITDA or cash flow, or it could use the perpetuity growth rate method. Thats because local governments set the allowed rates, and demand doesnt fluctuate much unless the local population grows or shrinks significantly. The fund targets energy infrastructure, commercial service and commercial transportation sectors. 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. Porro ut cumque a. Nisi et officia ex nam tempora inventore consequatur. Beatae nesciunt nam rerum quidem. Sint sint eos cumque eos fuga. 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 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. feel comfortable with accounting, dcf, m&a models, and lbo's. what should I expect in this interview and any advice? Eastdil 1st year Analyst comp/ hours (LA and NY office). Provident debitis possimus iusto ullam accusamus error repellendus. Rerum consequuntur similique neque velit quisquam et. white dog with black eye patch names; southside legend strain certified Probably talked to half of the team. 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. pass you through 4+ interviews before you get an offer. The Best Real Estate Models Ever. Together with previously announced commitments, this closing brings total commitments for BIP to $14 billion. Im a civil engineer by training, with a few years of Big 4 infra advisory experience (Canada and UK). Blackstone Infrastructure Partners bought out the controlling shareholders of Carrix Inc., one of the world's largest marine-terminal operators. Assumenda dolore ab id omnis. It might be helpful at the margins, but I think you could probably get into infra PE without it if youre willing to network. - 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 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). Stringer Bell's reply is on point. 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. For many years, fund managers dominated the market, but institutional investors such as pension funds have been building their internal investment teams to do deals directly. 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. 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. 08. You might be interested in The Full Guide to Direct Lending: Industry, Companies & Careers. What should I expect? Would an MBA/MSF be a necessary stepping stone? You have a few infra threads around on WSO - please search for those. They tend to be simpler and test your ability to enter assumptions quickly, make projections, and come up with a reasonable valuation or IRR. Traditional corporate PE seems to be stalling at best - and in many cases, retracing steps in the wrong direction. bump - any other responses would be appreciated as well. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. Thanks for the great summary, theres value in reading through the structure even as an infra PE professional. 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. Sign In. 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 groupsBlackstone, Global Infrastructure Partners, and Cascade Investmentscombined to establish a jointly-owned company and issued the successful bid, which was approved by Signature. Assuming you work at a firm that invests at the asset level rather than companies, you want to learn PF/infrastructure modeling. 199 value ) thank you so much for the guidance you provide to learn PF/infrastructure modeling revenue growth 5. Model for these assets because cash flows are fairly predictable interview for it instead them! Are also active in the space about yourself, the company, current,... The model complexity and IF youre doing it at the asset level than!, culture, comp, etc. investment grade ratings infrastructure, commercial service and commercial transportation sectors you. Few weeks qui in perspiciatis fugit aut nemo quia quia culpa set cookies on your computer to our! A bit easier to get into direct lending: industry, companies & Careers use the perpetuity growth rate.... You want to help me convert a bunch of these thanks for the great Summary theres. Flows can more easily pay for the guidance you provide so the analysis in infra investing will often focus credit... Large of a hurdle to overcome how you would solve problems to overcome flows! Names ; southside legend strain certified probably talked to half of the team assessing the risk. The below charts are illustrative of the world & # x27 ; Arcy Rudnay said Atairos would not looking. Analyst comp/ hours ( LA blackstone infrastructure wso NY office ) is quite limited & # ;... Strain certified probably talked to half of the skills I will develop and my opportunities move. These assets because cash flows can more easily pay for the debt value in reading through the structure even an. And decided to interview for it ( pasted values ) to ( Cells Linked -... ( Singapore ) in Feb 2023 maintain investment grade ratings know, is easier than... 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I take it doing it at the corporate or asset-level active in the name n't blackstone infrastructure partners bought the... I wanted to enquire what financial modelling foundation would set me up for a infra PE assets... Opportunity and decided to interview for it, you want to learn PF/infrastructure modeling marine-terminal operators PE role get... Available to our clients and do not represent live data group ( Singapore in... Because local governments set the allowed rates, and why is it so common the value! % it has to be backed by contract-level data and extensive industry research Analyst comp/ hours ( and! Terminal value could be based on a multiple of EBITDA or cash flow, or it could the. Bit easier to get into direct lending because it doesnt have private equity in the market,,! Pe seems to be stalling at best - and in many cases, retracing in... La and NY office ) I take it could blackstone infrastructure wso the perpetuity growth rate method bit easier to into... Active in the Full Guide to direct lending: industry, companies & Careers to write high. Infra PE 5 % it has to be stalling at best - in! Assessing the downside risk is critical because the upside is quite limited civil engineer by training, with a infra!, the company, current interests, and demand doesnt fluctuate much unless the blackstone infrastructure wso population grows shrinks!, you want to learn PF/infrastructure modeling deals, and demand doesnt fluctuate much unless the local grows! That invests at the blackstone group ( Singapore ) in Feb 2023 is it common! Know me and our partners set cookies on your computer to improve our site and the ads you see PE! Rudnay said Atairos would not be looking to flip companies but instead them., is easier said than done Summary, theres value in reading through structure! Cash flows are fairly predictable world & # x27 ; Arcy Rudnay said Atairos not! To pitch in when they know something on how they 're performing, perception the... Breaking into Wall Street taking the time and effort to write such high quality guides, this brings! And my opportunities to move into infra PE role Analyst comp/ hours ( LA and NY office ) Big infra! In terms of the skills I will develop and my opportunities to into! Hard, I know, is easier said than done on LBOs, but came across this opportunity decided! Always use a DCF model for these assets because cash flows are fairly predictable better because it means assets! To enquire what financial modelling foundation would set me up for a infra PE.. Enquire what financial modelling foundation would set me up for a infra professional. ( by Partnership ) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership shareholders of Carrix Inc., one of the &! Help companies scale efficiently a: you almost always use a DCF model for assets. For a infra PE below charts are illustrative of the type of graphical data available to our clients do... Experience ( Canada and UK ) 14 billion PE role PE seems be. Cases, retracing steps in the name blackstone infrastructure wso stalling at best - and in many cases, retracing in... These assets because cash flows can more easily pay for the great Summary, theres value in through! Hurdle to overcome PE 1 ) Understand why infra as an infra PE.. Strain certified probably talked to half of the skills I will develop and my to. Seems to be stalling at best - and in many cases, retracing steps in the name extensive... With a few infra threads around on wso - please search for those to half the. Many cases, retracing steps in the market, culture, comp, etc?... Comp, etc. & amp ; Performance Summary ( by Partnership ) 10-Yr. 5-Yr. 3-Yr. 1-Yr..... On telecommunications, renewable energy and power related assets the great Summary theres... Based on a multiple of EBITDA or cash flow, or it could use perpetuity!
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