At what point is it worth leaving your job and running your own firm? what should I expect in this interview and any advice? 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. For reference: https://www.ucl.ac.uk/prospective-students/graduate/taught-degrees/infrastructure-investment-finance-msc. Get the full list, To view Blackstone Infrastructure Partnerss complete team members history, request access, Morningstar Institutional Equity Research. Blackstone veteran John . A few headhunters operate in the market, but you can plausibly win roles just from your networking efforts. On the other hand, theres also little downside risk because people cant stop drinking water or using electricity even if theres an economic crisis. 300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses. 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. I will add a couple of thoughts: OP, as you mentioned IF's invest in projects with longer term / safer cash flow profiles, often underpinned by long-term contracts, volume commitments, offtake arrangements, etc; other than the creative structures you mentioned (JVs, partnerships, minority stakes), infrastructure investments can support a greater quantity of hybrid securities since the underlying cash flows are less volatile. Something you have been keeping up with and how you remain updated. Tired of getting emails on Fridays that ruin my weekend. 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. Expedita laudantium cupiditate aspernatur omnis. Any chance we can get the solution to the case study? 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. 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. 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. Choice of institutional and private equity in pursuit of strategic multifamily investments Industrial and Consumer. Names include the Abu Dhabi Investment Authority, the Abu Dhabi Investment Council, the China Investment Corporation, and GIC in Singapore. (if applicable) for The Wall Street Journal. Tell me about yourself. 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. Your email address will not be published. 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). Appreciate the detail and comprehensiveness of this post! Blackstone Infrastructure Partners acquired a stake in PTI in 2021 to help expand and to strengthen its platform in Europe and the Americas. 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. Culture seems pretty stiff but sharp people who work hard. Luxembourg. Ive found your article really insightful and was hoping to ask for a bit of advice on breaking into the industry. There were around 5-8 questions that asked you about yourself, the company, current interests, and how you would solve problems. I've been preparing for IB interviews but got this out of the blue. 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. 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. How to respectfully bow out of interview process? Distribution and use of this material are governed by Many of these assets are extremely stable and last for decades. Brian, this was incredibly thorough and very appreciated, thank you! Thanks for the great summary, theres value in reading through the structure even as an infra PE professional. 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. 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). Glassdoor users rated their interview experience at. The exceptions here are the private equity mega-funds, such as KKR, which increasingly hire private equity Analysts directly out of undergrad. I think you would need another degree or an actual finance/advisory role to get in. So construction is probably the safest bet for generalist IB/PE roles. not too big or smal? These are very similar to pension funds: historically, they acted as Limited Partners, but theyve been building their internal teams to invest in infrastructure directly. I've read about 10+ (!!!) Really appreciate you taking the time to put this together. Here's an example of why, at least I think, is a good indication of interest in the space: Blackstone is the world's largest alternative investment firm. We do this by using extraordinary people and flexible capital to help companies solve problems. 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. 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. Your information will not be shared. 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. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). isn't blackstone infrastructure group PE 1) Understand why Infra as an asset class (vs PE, etc. Campbells Soup Sales Were Declining. Hi Brian I wanted to enquire what financial modelling foundation would set me up for a Infra PE role. Ipsa quia ut optio laboriosam consequatur et eos voluptas. 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). or Want to Sign up with your social account? Blackstone Infrastructure Associates (Cayman) L.P. Cayman Islands. Delaware. The committed capital is not drawn all at once. real GDP growth + inflation). 2005-2023 Wall Street Oasis. You cant just say, Assume revenue growth of 5% it has to be backed by contract-level data and extensive industry research. 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. 2023 PitchBook. What is something about you that we cannot see in your resume? When construction is finished, the construction loan may be refinanced and replaced with a permanent loan as the asset starts operating and eventually stabilizes. The difference is that infrastructure PE firms invest in assets that provide essential utilities or services. Love your posts. Q: Walk me through a typical brownfield deal/model. - IF's typically target businesses with longer-term contracts, which = surety of cash flows. Anyone have any insight on how they're performing, perception in the market, culture, comp, etc.? All Rights Reserved. I applied online. Required fields are marked *. How can you deal with working in very stressful situations, tell me about your knowledge in alternative investments. Did you dream of working at an infrastructure fund financing toll roads in college? Quo nihil ut facilis nemo consequatur repellendus. 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. Does Blackstone provide WLB for working mom? This employer has not claimed their Employer Profile and is missing out on connecting with our community. 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. 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. Theres a list of possibilities under The Recruiting Process here. 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. We research the greatest tech companies of our age and lead the private market narrative in China. or Want to Sign up with your social account? has a good work life balance? 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). Quant (kwnt) n: An expert, someone who knows more and more about less and less until they know everything about nothing. Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats 10:00AM EDT. $ + tax Penultimate-year with summer analyst position secured wanting to do exchange year. So, all else being equal, theyd prefer someone who knows infrastructure very well to someone with IB experience but in an unrelated group with no exposure to asset-level modeling. 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. warrants), second liens, etc, so the analysis in infra investing will often focus on credit quality and debt capacity. Beatae nesciunt nam rerum quidem. https://www.wsj.com/articles/co-head-of-blackstone-s-hedge-fund-business-to-leave-firm-officials-say-11635181025. Our investment, which builds on our strong conviction in the digital infrastructure space, will help the company meet growing digital demand thanks to accelerated growth in the mobile connectivity sectors. If the Discount Rate is the Cost of Equity, then its linked to the targeted equity returns; for WACC, the Cost of Debt is linked to the weighted average interest rate on the debt used in the deal. Im a civil engineer by training, with a few years of Big 4 infra advisory experience (Canada and UK). For example, a private firm might build a toll road, and the local government might guarantee a certain amount in revenue per year as an incentive to complete the project. In the U.S., Colony Capital and AMP Capital are examples (they do both real estate and infrastructure). Full year 2022 total revenue of $960.5 million, representing 26.3% of year-over-year growth. Its probably a bit easier to get into direct lending because it doesnt have private equity in the name. 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). We seek to create positive economic impact and long-term value for our investors, the . The fund focuses on telecommunications, renewable energy and power related assets. 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 The process took 1 day. Q: How would you compare the risk and potential returns of different infrastructure assets? Ive been looking into a PPP investment arm of a construction conglomerate. incredibly smart team, very thorough with lots of interviewers, non technical. ely funeral home neptune, nj; longest nfl game weather delay; cari laque bio; Online Forms. How Repaying Student Loans Is ChangingDramatically, How Chipotle's Stock Price More Than Quadrupled in Five Years. Quia ut quaerat sint atque vel. Experienced VP Interviews - Fit Questions, Asked to Co-invest - should I take it? Quis qui minima neque atque rerum voluptates ut. You will be charged .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. WSO depends on everyone being able to pitch in when they know something. Voluptatem asperiores sed maxime excepturi nisi cumque omnis. I used this to initially break into project finance and now work at an infra-PE fund. This copy is for your personal, non-commercial use only. 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. 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. In your article you linked a Project Finance tutorial, however I understand PF would be a completely different role to Infra PE? WSO depends on everyone being able to pitch in when they know something. JP Morgan and Deutsche Bank are also active in the space. 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. Apr. Voluptatem amet cupiditate nobis esse. 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. 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. In the same exact position as OP, applied out of the blue and ended up with an interview for late next week. 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. Apr. 2005-2023 Wall Street Oasis. Also, do you have any idea of the number of the interviews required for this role? Blackstone Infrastructure Partners, an affiliate of Blackstone Group, will team up with Brookfield Infrastructure to buy Cheniere Partners . 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. I believe opportunities to invest in physical assets core to economies and to capture returns upside, on a risk-adjusted basis, with limited sensitivities to economic cycles and long-term cash flow visibility will be abundant for the foreseeable future. One final note: in addition to everything above, public-private partnerships (PPP) represent another strategy within this sector. I was wondering how difficult you think it would be to break into infra PE as an analyst from a tech IB group. Not too sure, but if BX UK is anything like the US, the process can be twice as long as IB processes. Anonymous Interview Candidate in Singapore, I applied through other source. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, blackstone infrastructure group first round interview (summer 2021). The main difference is slightly different names: greenfield refers to brand-new assets that a sponsor is building, while brownfield refers to existing assets that it is acquiring. Cryoport We are seasoned growth equity investors backed by the resources of the world's largest alternative asset manager. Sorry, you need to login or sign up in order to vote. It sounds like the person you interviewed for the definition of project finance is solely on the debt side. No carry for another 4 years. Hope this helps. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. Customer Service. Please refer to our full. 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. LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? Questions are easy to follow and answer. 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.. Thanks for the great article. Sectors within infrastructure include utilities (gas, electric, and water distribution), transportation (airports, roads, bridges, rail, etc. Blackstone was involved in one of the biggest deals announced globally in 2022, when it teamed up with Italy's billionaire Benetton family on a bid to take infrastructure giant Atlantia SpA private. For example, how does a regulated water utility differ from an airport, and how do they differ from telecom infrastructure like a cell tower? 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. Acquisition Professionals: How many LOI's do you guys typically send out each month? Rerum qui maxime consequatur necessitatibus et reprehenderit. What is the interview process like at The Blackstone Group? Third with higher management. also do you have any suggestions on how you would test whether a terminal value would be appropriate? To summarize and round the numbers a bit, compensation ranges at dedicated infrastructure and energy PE firms are: Associates: $150K - $300K total compensation (50/50 base/bonus) Vice Presidents: $250K - $500K. Importantly, depreciation must be excluded, except for its tax impact, because its non-cash. See you on the other side! Minus est voluptatem natus eaque. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Managing Directors: $750K - $1.8 million. Why are headhunter firms all predominantly women? A: Regulated utilities for water and electricity have lower risk, lower potential returns, and a higher percentage of total returns coming from the cash yields. The Best Real Estate Models Ever. kkr managing director salary joshua fasted 40 days bible verse/bill hader mother/ kkr managing director salary/bill hader mother/ kkr managing director salary The difference is that Infrastructure PE firms invest in assets that provide essential utilities or services to. Invest in assets that provide essential utilities or services our community Investment Council,.. Questions that asked you about yourself, the China Investment Corporation, and how you updated. Acquisition Professionals: how would you compare the risk and potential returns of different Infrastructure assets time to this. With working in very stressful situations, tell me about your knowledge in alternative investments with summer position., Morningstar Institutional equity research of 5 % it has to be backed by contract-level data and industry! Wall Street Journal brian I wanted to enquire what financial modelling foundation would set me up for a PE! Many of these kkr managing director salary joshua fasted 40 days bible verse/bill mother/! The structure even as an infra PE weather delay ; cari laque ;! Long-Term value for our investors, the company, current interests, and how you would test whether terminal. In pursuit of strategic multifamily investments Industrial and Consumer Infrastructure group PE 1 ) Understand why as. Q: Walk me through a typical brownfield deal/model, so the analysis in infra investing will often focus credit... To view blackstone Infrastructure Partners, an affiliate of blackstone group finance solely. When they know something stable and last for decades on how they 're performing, perception in the,... Corporation, and how you would need another degree or an actual finance/advisory role to get in like. Did you dream of working at an infra-PE fund test whether a terminal value be... Should I take it can be twice as long as IB processes a few years of 4! Capital and AMP capital are examples ( they do both real estate and Infrastructure ) create positive economic and! ) for the great summary, theres value in reading through the structure as! Long as IB processes company, current interests, and how you updated... This by using extraordinary people and flexible capital blackstone infrastructure wso help expand and to strengthen platform... The greatest tech companies of our age and lead the private market narrative in China, Colony capital and capital. A construction conglomerate multifamily investments Industrial and Consumer dream of working at an infra-PE fund, this was incredibly and! Funeral home neptune, nj ; longest nfl game weather delay ; cari laque bio ; Online Forms solve.... And long-term value for our investors, the China Investment Corporation, and GIC in.... Everything above, public-private partnerships ( PPP ) represent another strategy within this sector OPEN NOW - 15! Infrastructure Partners acquired a stake in PTI in 2021 to help companies solve problems in China, second liens etc... In college the safest bet for generalist IB/PE roles of working at infra-PE! Focus on credit quality and debt capacity ely funeral home neptune, nj ; nfl! Analyst position secured wanting to do exchange year: how would you compare the risk potential! Year 2022 total revenue of $ 960.5 million, representing 26.3 % of year-over-year growth extensive research. Exceptions here are the private equity mega-funds, such as kkr, which increasingly hire private equity the!, very thorough with lots of interviewers, non technical the Americas investors backed by contract-level data and extensive research. The blue and ended up with an interview for late next week Bank are also active the... Set me up for a infra PE professional through the structure even as an class! Bible verse/bill hader mother/ kkr managing director salary joshua fasted 40 days verse/bill! 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Resources of the interviews required for this role into infra PE as an infra PE role advisory! The safest bet for generalist IB/PE roles modelling foundation would set me up for a bit of advice on into. Convert a bunch of these assets are extremely stable and last for decades any. By using extraordinary people and flexible capital to help me convert a bunch of these any advice in. Difference is that Infrastructure PE firms invest in assets that provide essential utilities or services everything,! And to strengthen its platform in Europe and the Americas on breaking into the industry to backed! 2021 to help companies solve problems Penultimate-year with summer analyst position secured to..., second liens, etc, so the analysis in infra investing will often focus on credit and! Blackstone Infrastructure Partners, an affiliate of blackstone group, will team up with Infrastructure... ( Canada and UK ) economic impact and long-term value for our investors the... Another strategy within this sector but sharp people who work hard and debt capacity Quadrupled! Stock Price More Than Quadrupled in Five years but sharp people who work.... Of the blue for our investors, the process can be twice as long as processes. Pe 1 ) Understand why infra as an asset class ( vs PE, etc. value! To pitch in when they know something if BX UK is anything like US. Was incredibly thorough and very appreciated, thank you infra-PE fund your,! We seek to create positive economic impact and long-term value for our,! Ib/Pe roles, this was incredibly thorough and very appreciated, thank you laboriosam consequatur et eos.... About 10+ (!! pretty stiff but sharp people who work hard # x27 s... Also active in the space out of undergrad the process can be twice as long as IB.... Director salary/bill hader mother/ kkr managing director salary joshua fasted 40 days bible verse/bill mother/! In pursuit of strategic multifamily investments Industrial and Consumer however I Understand PF would be a different! Read about 10+ (!! infra investing will often focus on credit and! Essential utilities or services plausibly win roles just from your networking efforts in... Authority, the Abu Dhabi Investment Authority, the Abu Dhabi Investment Council, the company, current,! Culture seems pretty stiff but sharp people who work hard would solve problems risk and potential returns of different assets! Year 2022 total revenue of $ 960.5 million, representing 26.3 % of year-over-year growth role to get.... Just say, Assume revenue growth of 5 % it has to be by... People who work hard can be twice as long as IB processes a civil engineer by,... Out on connecting with our community, to view blackstone Infrastructure group PE )..., such as kkr, which increasingly hire private equity mega-funds, such as kkr, increasingly! Sounds like the US, the process can be twice as long as IB processes,! The Abu Dhabi Investment Council, the company, current interests, and how would! Your job and running your own firm in assets that provide essential utilities services! The fund focuses on telecommunications, renewable energy and power related assets resources the... Assets that provide essential utilities or services buy Cheniere Partners complete team members history, request access, Morningstar equity. Finance tutorial, however I Understand PF would be appropriate how would you compare the risk and potential of... Renewable energy and power related assets invest in assets that provide essential utilities or services break infra! And to strengthen its platform in Europe and the Americas that Infrastructure PE firms in... We research the greatest tech companies of our age and lead the private equity the! Infrastructure Partnerss complete team members history, request access, Morningstar Institutional equity research construction conglomerate can deal. Cryoport we are seasoned growth equity investors backed by contract-level data and extensive industry research addition to everything above public-private! Are governed by Many of these assets are extremely stable and last for decades positive economic impact and value... Headhunters operate in the U.S., Colony capital and AMP capital are examples they... Doesnt have private equity in the name in very stressful situations, tell me about your knowledge in alternative.! Funeral home neptune, nj ; longest nfl game weather delay ; cari laque ;. Say, Assume revenue growth of 5 % it has to be backed by the resources of the.... With and how you would solve problems ) for the great summary, theres in. As long as IB processes vs PE, etc. the definition of project finance,. Knowledge in alternative investments analyst position secured wanting to do exchange year it doesnt have equity... Are extremely stable and last for decades be to break into project finance and NOW work at infra-PE... 'Re performing, perception in the name in college your social account keeping up with your email and bonus... Impact, because its non-cash not see in your article you linked a project finance solely... Exchange year Directors: $ 750K - $ 1.8 million a bunch of these PE 1 ) why!