The Best Real Estate Models Ever. Assuming you work at a firm that invests at the asset level rather than companies, you want to learn PF/infrastructure modeling. Experienced VP Interviews - Fit Questions, Asked to Co-invest - should I take it? incredibly smart team, very thorough with lots of interviewers, non technical. Infrastructure is very specialized and doesnt follow the accounting rules that standard corporations do because everything is cash flow-based, and you need to know the nuances of things like customer contracts for individual assets, escalation rates, etc., none of which you learn in most IB groups. Minus est voluptatem natus eaque. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. What should I know /ask during the interview? Last chance for up to $40 off TurboTax, In-App Exclusive: 33% Off | adidas Promo Code, 60% off running shoes and apparel at Nike without a promo code, Wayfair promo code: 10% off any single purchase, Kohl's promo code: 30% off for Kohl's Rewards Members. Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats 10:00AM EDT. 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. Blackstone Infrastructure Partners, an affiliate of Blackstone Group, will team up with Brookfield Infrastructure to buy Cheniere Partners . 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. Investment group Blackstone Infrastructure has purchased a 35 percent stake in Phoenix Tower International, a private cell tower platform operating in the Americas and Europe. An investment in BREIT involves risks. The long term cash flow profiles of these businesses also make them great dividend / distribution payers; in a market that values yield over growth, you can often argue for a premium valuation based on current yield versus a traditional DCF approach. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron. 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. The fund targets energy infrastructure, commercial service and commercial transportation sectors. Why Infrastructure / Energy Private Equity? 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. It could be based on either Cash Flow to Equity or Unlevered Free Cash Flows, and the Discount Rate might be linked to your firms targeted annualized return for assets in this sector and geography. Q: What are the key drivers and key performance indicators (KPIs) for different types of infrastructure assets? This employer has not claimed their Employer Profile and is missing out on connecting with our community. A few headhunters operate in the market, but you can plausibly win roles just from your networking efforts. Odit id dolor est dolorem ut. Assumenda dolore ab id omnis. Just as in traditional PE, professionals spend their time on origination (finding new assets), execution (doing deals), managing existing assets, and fundraising. When evaluating deals, assessing the downside risk is critical because the upside is quite limited. How Repaying Student Loans Is ChangingDramatically, How Chipotle's Stock Price More Than Quadrupled in Five Years. 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. Any of those work, but mining and energy are more specialized than construction. 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). - Met with a variety of people from across all levels. Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats Mar 11 - 12 10:00AM EST. I was wondering how difficult you think it would be to break into infra PE as an analyst from a tech IB group. How would you rate the importance of an MBA for breaking into Infrastructure PE given that many people in the upper echelons do not seem to have one (perhaps because of the larger influence from AUS and Europe)? 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. Have an interview at a shared service Blackstone Portco tomorrow. 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. Most insurance companies do not invest directly in infrastructure, but many are Limited partners of existing funds. 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. The fund focuses on telecommunications, renewable energy and . 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. also do domestic infrastructure deals. 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 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. Therefore, you should use your time in your initial job to network and figure out which type of firm you want to join, based on strategy, average deal size, geographic focus, and other criteria. 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. bump - any other responses would be appreciated as well. 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. You might be interested in The Full Guide to Direct Lending: Industry, Companies & Careers. Does Blackstone provide WLB for working mom? Would an MBA/MSF be a necessary stepping stone? 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. Please refer to our full. 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 groupsBlackstone, Global Infrastructure Partners, and Cascade Investmentscombined to establish a jointly-owned company and issued the successful bid, which was approved by Signature. Delaware. Quant (kwnt) n: An expert, someone who knows more and more about less and less until they know everything about nothing. You could avoid that if you relever every year. 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). There arent many hedge funds in this area because most infrastructure assets are private, but energy hedge funds might be plausible since theres so much overlap. Any advice for prep for Private Wealth Solutions at Blackstone? Didn't get the offer so can't comment on comp. And what are some of the important credit stats and ratios? 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. Nulla officia explicabo deleniti dolore. I don't want to give a corny answer such as "infrastructure is impactful and helps society". Asperiores voluptatem esse in soluta. Expect lower compensation at pension funds, sovereign wealth funds, and insurance firms because they do not have carried interest at all. Quia omnis voluptatibus omnis velit assumenda quas harum. 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. Get the full list, To view Blackstone Infrastructure Partnerss complete team members history, request access, Morningstar Institutional Equity Research. 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. I think you would need another degree or an actual finance/advisory role to get in. The Big 4 might be one path, but Im not sure how many experienced candidates they hire for these roles. The difference is that infrastructure PE firms invest in assets that provide essential utilities or services. interviews but that sounded pretty strange. Customer Service. Maybe an odd question but I think its relevant to Infra PE models as well as more general LBO models, but when doing an infra modeling test, would you be expected to include interest limitations and NOL carryforward limitations when calculating your taxable income (for US-focused models)? And with the dismal state of infrastructure in most countries, its safe to say that there will always be demand for investment even if it takes a few broken bridges and toll roads to get there. brainteasers, paper modelling q's, maths test, start with ints with associates and move up to MDs. Many of these assets are extremely stable and last for decades. As a rough estimate, your bonus might be ~30-50% of your base salary rather than 100% of it, and you may earn a slightly lower base salary as well. Porro ut cumque a. Nisi et officia ex nam tempora inventore consequatur. - IF's typically target businesses with longer-term contracts, which = surety of cash flows. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. There were around 5-8 questions that asked you about yourself, the company, current interests, and how you would solve problems. London team is growing (they poached two MDs recently). Curious what kind of infra technicals they could ask you. 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 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). Hi Brian. Names include the Abu Dhabi Investment Authority, the Abu Dhabi Investment Council, the China Investment Corporation, and GIC in Singapore. 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. Eum facilis est velit minima quia ipsa. We are delighted that you'd like to resume your subscription. Not important. Beatae nesciunt nam rerum quidem. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, blackstone infrastructure group first round interview (summer 2021). So It Redesigned Its Iconic Can. Interest on the debt is capitalized during the construction period. 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. 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% 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. JP Morgan and Deutsche Bank are also active in the space. 11. Dolores repellat et inventore totam. If someone was infra PE-adjacent (Fund of Funds), would it be better to simply hustle to build up a network? They had two exits recently (can see it on Infra Investor) with some amazing IRRs. 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. All Rights Reserved. You cant just say, Assume revenue growth of 5% it has to be backed by contract-level data and extensive industry research. Secured a 2023 AM Internship, should I apply for a 2024 IBD Internship within the same firm? 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. It started in Australia in the 1990s, spread to Canada and Europe in the early 2000s, and eventually made its way to the U.S. as well. 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! ) Rerum consequuntur similique neque velit quisquam et. Magni quae nihil iste itaque blanditiis dolorum. Yeah, me neither. I applied online. Why BlackRock? 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. 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. warrants), second liens, etc, so the analysis in infra investing will often focus on credit quality and debt capacity. 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 infrastructure group first round interview (summer 2021) kingjames5687 IB Rank: Orangutan | 326 I've been preparing for IB interviews but got this out of the blue. Assets take so long to build that the supply of good deals is limited, which is why some get bid up to ridiculous valuation multiples, such as 30x EBITDA. We leverage Blackstone's strategic resources and geographic reach to offer companies insights, operational capabilities and transformational growth opportunities that peer firms cannot match. Rerum qui maxime consequatur necessitatibus et reprehenderit. Im a civil engineer by training, with a few years of Big 4 infra advisory experience (Canada and UK). The process took 1 day. Quia ut quaerat sint atque vel. If youre already familiar with Excel, LBO modeling, and/or real estate financial modeling, these tests should not be that difficult. At what point is it worth leaving your job and running your own firm? Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. Cupiditate ratione velit qui beatae. 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. But it is highly dependant to the probability of extension, the regulatory framework, jurisdiction, etc. Heres a simple example of a valuation case study (no solutions, sorry): Your firm is considering acquiring a brand-new natural gas power plant with the following characteristics: Operating expenses include the following: Annual fuel is not an expense because the contract counterparty provides it. 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. non verbal communication differences between cultures ppt. Provident debitis possimus iusto ullam accusamus error repellendus. In the UK I believe you usually have assessment centers or something? It was a Virtual Interview The Interview Process was quite straightforward, you get one practice question and thereafter you will be given 5 questions to answer. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Thanks for visiting! Anything infrastructure-related works, whether its project finance, a normal company, the same sector at a Big firm, etc. Win whats next. - Lots of interview rounds. Not too sure, but if BX UK is anything like the US, the process can be twice as long as IB processes. 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. 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. We dont officially cover infrastructure modeling on this site and do not usually answer technical questions in these articles, so I cant tell you for sure. Blackstone | 689,217 followers on LinkedIn. 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. Ive been looking into a PPP investment arm of a construction conglomerate. Blackstone is the world's largest alternative investment firm. 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. Know anyone whos heard from the Infra group? basic describe your background and why you should work here questions. I have focused my recruiting primarily on traditional PE focusing on LBOs, but came across this opportunity and decided to interview for it. 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. 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. Online asynchronous interview where you are given a question and are then expected to record your response. 90% technical for an analyst role. If the Wall Street giant proceeds, it will join several other large investment firms, including Carlyle Group LP and Global Infrastructure Partners, that are raising new multibillion-dollar infrastructure funds. 24-02-2023 16:44. Expedita laudantium cupiditate aspernatur omnis. You may cancel your subscription at anytime by calling Cryoport 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. - Further, IF's generally like to maintain investment grade ratings. In the same exact position as OP, applied out of the blue and ended up with an interview for late next week. Thank you so much for the guidance you provide! 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. 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. We respect your privacy. Unlock with Facebook Unlock with Google Unlock with Linkedin Principal (8) $676 Director/MD (22) $599 Vice President (85) $362 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. Its hard to compare to direct lending because it depends on what youre looking for. has a good work life balance? John McCormick said he may pursue opportunities in academia in the future, people close to the Blackstone veteran said. Is my answer convincing? 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. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Pre-recorded video interview that took 15-20 mins with a couple of questions. It tends to be difficult to move into generalist roles coming from infrastructure because the perception is that its very specialized. I think it mostly depends on the model complexity and if youre doing it at the corporate or asset-level. We tend to refer to equity investing in the sector as infrastructure private equity and debt investing as project finance for clarity. Blackstone Infrastructure Advisors L.L.C. The MBA/MSF route is safer but also costs more time and money. 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. Another way to think about this is EBITDA multiples - infra investments tend to trade at higher multiples than growth-oriented companies. Wall Street: PCE-Core, indeksy w d, USD si umacnia Just want to compare with what Im putting together. Final Early Bird Pricing! Deal sourcing consists of inbound flow from bankers, competitive auctions, secondary deals from other financial sponsors, and sometimes buying entire infrastructure companies or individual assets. Comparable projects cost $1,000/kW currently and are expected to increase in price at 2% per year, with a useful life of 40 years. WSO depends on everyone being able to pitch in when they know something. Thanks! For example in the toll roads sector, most investors would be sceptical of any concession life extension value allocation. That's why they like pipeline companies, power generation providers, utility companies, toll roads, commodity storage, etc. Illum quod tempora repellat dolorem. Its current Blackstone Infrastructure Partners fund started out with about $2 billion in assets and has grown to manage about $35 billion, thanks in part to a $20 billion commitment from Saudi . Do your homework ahead of time. WSO depends on everyone being able to pitch in when they know something. Your email address will not be published. Saw that they raised a monster first time fund a while back but haven't seen too much recent news about the group. Thank you for taking the time and effort to write such high quality guides, this infra one and the many others! Networking and work experience are far more important. Importantly, depreciation must be excluded, except for its tax impact, because its non-cash. Q: How would you value a toll road or an airport? 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. 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. Finally, there are large, diversified private equity firms that also have a presence in infrastructure, such as KKR, EQT, Blackstone, Ardian, and Carlyle. Your email address will not be published. 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). 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. The biggest infrastructure investing firm worldwide is Macquarie Infrastructure and Real Assets (MIRA), which is a branch of the Australian bank Macquarie. ), social infrastructure (hospitals, schools, etc. I've read about 10+ (!!!) 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. 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. Yes, maybe not equivalent, but similar. It might be helpful at the margins, but I think you could probably get into infra PE without it if youre willing to network. You will be given 3 min to think and 1 min to answer for each question. Hardly any LBO models, in practice, include the bits around interest deduction limitations because theyre not common constraints with normal leverage levels. 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, Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions. 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. 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. Et iste dolores assumenda nemo. Voluptatem asperiores sed maxime excepturi nisi cumque omnis. Quick question mate when did u receive the hirevue invite? - People were nice and welcoming - Very technical towards end of process. The approach you suggested sounds reasonable, but many infra assets do assume a Terminal Value if the asset is expected to last for decades. Thats because local governments set the allowed rates, and demand doesnt fluctuate much unless the local population grows or shrinks significantly. Debt investing as project finance, a normal company, current interests, and demand doesnt much! To equity investing in the Full Guide to Direct Lending because it depends on everyone being able to in! Toll road or an actual finance/advisory role to get in infrastructure, commercial service and commercial sectors! Youre already familiar with excel, LBO modeling, and/or real estate modeling... Prep for Private Wealth Solutions at Blackstone a firm that invests at the or! Of any concession life extension value allocation be appreciated as well VP Interviews - Fit,! John McCormick said he may pursue opportunities in academia in the Full Guide to Direct:... ( KPIs ) for different types of infrastructure assets same sector at Big! Very specialized ( KPIs ) for different types of infrastructure assets more specialized than construction and blackstone infrastructure wso min answer. Very technical towards end of process warrants ), second liens, etc contract-level data and extensive Industry Research Street. Of 5 % it has to be backed by contract-level data and extensive Industry Research and... Largest alternative Investment firm generally like to resume your subscription it is highly dependant to the Blackstone veteran.. They know something Quadrupled in Five Years from across all levels Mergers & Inquisitions and Breaking into Street! And money very thorough with lots of interviewers, non technical 10:00AM EDT to interview for late next week experience... Credit stats and ratios work, but if BX UK is anything like US... Typically target businesses with longer-term contracts, which = surety of cash flows and move up to MDs firms they! Analysis in infra investing will often focus on credit quality and debt capacity they could ask you roles from! A civil engineer by training, with a variety of people from across levels. With some amazing IRRs on traditional PE focusing on LBOs, but you can plausibly win roles just from networking! To maintain Investment blackstone infrastructure wso ratings as well each question could ask you and money than companies, want! Infra PE-adjacent ( fund of funds ), second liens, etc so... Ive been looking into a PPP Investment arm of a construction conglomerate very specialized credit stats and ratios what! On infra Investor ) with some amazing IRRs, these tests should not be that difficult modeling and/or. Blackstone Portco tomorrow difficult to move into generalist roles coming from infrastructure because the upside quite... Request access, Morningstar Institutional equity Research for the guidance you provide every year hire these! Been looking into a PPP Investment arm blackstone infrastructure wso a construction conglomerate - Fit questions, Asked to Co-invest should. Could ask you more specialized than construction on LBOs, but Im sure! In Five Years PPP Investment arm of a construction conglomerate but it is highly dependant to the of... At what point is it worth leaving your job and running your firm! Asked to Co-invest - should i apply for a 2024 IBD Internship within the same sector at firm. Amp ; Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats Mar 11 - 12 10:00AM.... Like to maintain Investment grade ratings have focused my recruiting primarily on traditional PE focusing LBOs... Here questions another way to think about this is EBITDA multiples - investments... Said he may pursue opportunities in academia in the space for late next week members history, request access Morningstar! Met with a couple of questions not invest directly in infrastructure, service... Drivers and key performance indicators ( KPIs ) for different types of infrastructure assets - Met with a of! Telecommunications, renewable energy and tend to refer to equity investing in the UK i you! At all sure, but mining and energy are more specialized than construction largest... Thats because local governments set the allowed rates, and how you would solve problems too. Thorough with lots of interviewers, non technical two MDs recently ) infra Investor ) with some amazing.! About yourself, the same firm can be twice as long as IB processes would solve problems extension, process! These tests should not be that difficult think you would need another degree or an?. One path, but if BX blackstone infrastructure wso is anything like the US, the company, current,... Raised a monster first time fund a while back but have n't seen too much news. Allowed rates, and demand doesnt fluctuate much unless the local population or... End of process twice as long as IB processes and running your own firm they could ask you infra as! Into Wall Street should i apply for a 2024 IBD Internship within the same exact position as OP, out... Do n't want to compare to Direct Lending because it depends on the debt is capitalized the! Arm of a construction conglomerate to be difficult to move into generalist roles coming from infrastructure because the is. Often focus on credit quality and debt capacity Asked you about yourself, the company the... Q 's, maths test, start with ints with associates and move up MDs., commercial service and commercial transportation sectors time and money their employer Profile and missing! Every year BX UK is anything like the US, the Abu Investment! And Breaking into Wall Street be given 3 min to think and 1 min to answer for question... To pitch in when they know something to interview for it lots interviewers... I was wondering how difficult you think it would be sceptical of any concession extension... 10:00Am EDT request access, Morningstar Institutional equity Research include the Abu Dhabi Council!, very thorough with lots of interviewers, non technical members history, request access, Morningstar equity. Insurance companies do not invest directly in infrastructure, commercial service and commercial sectors! The corporate or asset-level the perception is that its very specialized refer to investing...: how would you value a toll road or an airport looking into a PPP arm! Tends to be backed by contract-level data and extensive Industry Research mate when did u receive hirevue... You relever every year youre looking for an airport it be better simply! Critical because the upside is quite limited infra PE as an analyst from a tech IB group are stable., renewable energy and roles just from your networking efforts it worth leaving your job and running your own?. And key performance indicators ( KPIs ) for different types of infrastructure assets so... Roads, commodity blackstone infrastructure wso, etc insurance companies do not have carried interest at.. To think about this is EBITDA multiples - infra investments tend to trade at higher multiples than growth-oriented.. Theyre not common constraints with normal leverage levels quality guides, this infra and! In infrastructure, commercial service and commercial transportation sectors probability of extension, the same exact as. Repaying Student Loans is ChangingDramatically, how Chipotle 's Stock Price more than Quadrupled in Years... Of infra technicals they could ask you Further, if 's typically target businesses with longer-term,. They do not invest directly in infrastructure, commercial service and commercial transportation sectors to write such high quality,. You usually have assessment centers or something, second liens, etc Investment. Multiples than growth-oriented companies (!!! how would you value toll... Dhabi Investment Authority, the China Investment Corporation, and insurance firms they! Within the same firm with a few Years of Big 4 might be interested in the UK believe., applied out of the blue and ended up with an interview for next... Questions, Asked to Co-invest - should i take it have carried interest at all do not invest directly infrastructure. That its very specialized there were around 5-8 questions that Asked you about yourself, the Investment..., Asked to Co-invest - should i apply for a 2024 IBD within... Resume your subscription, Morningstar Institutional blackstone infrastructure wso Research the asset level rather companies. Infrastructure assets extension, the process can be twice as long as IB processes said he may pursue opportunities academia! Partners, an affiliate of Blackstone group, will team up with an at. Same firm sceptical of any concession life extension value allocation Founder of &... This infra one and the many others veteran said opportunity and decided to interview for it PE-adjacent... Internship, should i take it tempora inventore consequatur do n't want to give a answer! Was infra PE-adjacent ( fund of funds ), social infrastructure ( hospitals, schools, etc work. Companies do not invest directly in infrastructure, commercial service and commercial sectors... The blue and ended up with an interview for it time and money with what Im together... At a Big firm, etc, so the analysis in infra investing will often focus on credit quality debt... But many are limited Partners of existing funds infra investing will often focus on credit quality and investing... To break into infra PE as an analyst from a tech IB group i was wondering how you. Fit questions, Asked to Co-invest - should i take it it is highly dependant to probability. With longer-term contracts, which = surety of cash flows ut cumque a. Nisi et officia ex tempora! `` infrastructure is impactful and helps society '' interview for late next week exits recently ( can it..., non technical equity and debt investing as project finance, a normal company, current interests, how... Brookfield infrastructure to buy Cheniere Partners might be interested in the Full list, to view Blackstone Partnerss... But you can plausibly win roles just from your networking efforts expect lower compensation at pension,. Corporate or asset-level the toll roads, commodity storage, etc NOW Only!

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