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. Ive been looking into a PPP investment arm of a construction conglomerate. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Blackstone Infrastructure Associates L.P. Delaware. Blackstone Infrastructure Partners is an infrastructure core fund managed by The Blackstone Group. Ut sed sit velit accusamus sunt quod porro rerum. Q: Walk me through a typical brownfield deal/model. Yeah, me neither. 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. 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. Tired of getting emails on Fridays that ruin my weekend. The fund targets energy infrastructure, commercial service and commercial transportation sectors. First round of interviews are done over zoom. The biggest infrastructure investing firm worldwide is Macquarie Infrastructure and Real Assets (MIRA), which is a branch of the Australian bank Macquarie. 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. Please refer to our full privacy policy. The average deal size is over $500 million, and the top 10 deals each year are in the multi-billions, up to $10+ billion. 2005-2023 Wall Street Oasis. 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. Thank you so much for the guidance you provide! You get busier when deals are heating up, but its still a vast improvement over the typical IB/PE hours. It invested $1.5 billion in Cheniere Partners in 2012. 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)? I will be starting next summer as a corporate banking analyst for a large US bank, covering Renewable Energy companies. Rerum consequuntur similique neque velit quisquam et. What is the interview process like at The Blackstone Group? The approach you suggested sounds reasonable, but many infra assets do assume a Terminal Value if the asset is expected to last for decades. So it's definitely beneficial to you to try to have a solid grip on the key differences, and why this type of investment platform is interesting to you and your career goals. 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). 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. ER - Hearing back after first round interview? Hi Brian I wanted to enquire what financial modelling foundation would set me up for a Infra PE role. Its because of the specialization and deal/modeling skill set. 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. There were around 5-8 questions that asked you about yourself, the company, current interests, and how you would solve problems. Porro ut cumque a. Nisi et officia ex nam tempora inventore consequatur. 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). Odit id dolor est dolorem ut. Thanks for visiting! I have focused my recruiting primarily on traditional PE focusing on LBOs, but came across this opportunity and decided to interview for it. 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. I was wondering how difficult you think it would be to break into infra PE as an analyst from a tech IB group. Hi, I am starting in Equity Research in a company that overlooks Mining, Construction and Energy sectors. Is my answer convincing? 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. Names include the Abu Dhabi Investment Authority, the Abu Dhabi Investment Council, the China Investment Corporation, and GIC in Singapore. Profits are then distributed between the Limited Partners (LPs) and the General Partners (GPs) with the GPs representing the private equity firm. Minus est voluptatem natus eaque. All Rights Reserved. What should I expect? Similar to real estate private equity, infrastructure private equity firms are also more forgiving about candidates backgrounds. Blackstone Infrastructure Partners, an affiliate of Blackstone Group, will team up with Brookfield Infrastructure to buy Cheniere Partners . 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. ), 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). You might be interested in The Full Guide to Direct Lending: Industry, Companies & Careers. 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. Final Early Bird Pricing! Q: What are the key drivers and key performance indicators (KPIs) for different types of infrastructure assets? Yes, maybe not equivalent, but similar. Voluptatem amet cupiditate nobis esse. Alinda Infrastructure Fund II LP 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. incredibly smart team, very thorough with lots of interviewers, non technical. 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. 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. 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. Then you can use this implied perpetual growth rate to check if the implied perpetual growth rate in your multiple based TV is realistic. - People were nice and welcoming - Very technical towards end of process. At quas dolor non. You cant just say, Assume revenue growth of 5% it has to be backed by contract-level data and extensive industry research. warrants), second liens, etc, so the analysis in infra investing will often focus on credit quality and debt capacity. The quality on this website always blows me away. What I find somewhat interesting about this position is the investments take various forms besides traditional LBOs, i.e. Unlock with Facebook Unlock with Google Unlock with Linkedin Principal (8) $676 Director/MD (22) $599 Vice President (85) $362 Many of these assets are extremely stable and last for decades. At what point is it worth leaving your job and running your own firm? Its probably a bit easier to get into direct lending because it doesnt have private equity in the name. See you on the other side! Our size, coupled with the added power and reach of Blackstone and the exceptional expertise of our people, delivers both tangible and intangible benefits to the sourcing, execution and management of our investments. Blackstone Infrastructure Associates (Cayman) L.P. Cayman Islands. This website and our partners set cookies on your computer to improve our site and the ads you see. Quia reprehenderit corporis consequatur aut necessitatibus vitae nihil officia. Infrastructure assets have the following shared characteristics: On the last point, heres what JP Morgan found when comparing infrastructure, real estate, and the S&P 500 from 1986 to 2013: Holding periods are also longer, partially because customer contracts tend to be lengthy, such as power purchase agreements that last for 15 years. The Best Real Estate Models Ever. In your article you linked a Project Finance tutorial, however I understand PF would be a completely different role to Infra PE? 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. Anyone have any insight on how they're performing, perception in the market, culture, comp, etc.? Tempore ab qui doloremque quia sequi iste voluptatum. If youre already familiar with Excel, LBO modeling, and/or real estate financial modeling, these tests should not be that difficult. See you on the other side! WSO depends on everyone being able to pitch in when they know something. See you on the other side! interviews but that sounded pretty strange. Download Prospectus 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. 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. 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. I interviewed with them over the summer and met a few of the team in-person. Salary level, culture, etc. ), social infrastructure (hospitals, schools, etc. Quis qui minima neque atque rerum voluptates ut. This point explains why infrastructure financial models are often insanely detailed, sometimes with hundreds or thousands of lines for individual customer contracts and 10+ years of projections. Cryoport The fund targets energy infrastructure, commercial service and commercial transportation sectors. 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. Unde ea a ipsa est. Eveniet totam pariatur adipisci non. Eum facilis est velit minima quia ipsa. Discover How To Break Into Investment Banking, Hedge Funds or Private Equity, We respect your privacy. minority stakes, partnerships / JVs etc and the fund has a mandate to look at opportunities both, in energy and non-energy related fields, which is conducive to creative transaction structures. Quant (kwnt) n: An expert, someone who knows more and more about less and less until they know everything about nothing. - Lots of interview rounds. - IF's also differ from traditional PE funds in that they target a "cash on cash" return as well and generally like to structure transactions to allow for distributions (10% of initial equity is generally the goal, but 5-6% is acceptable) 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. Expect lower compensation at pension funds, sovereign wealth funds, and insurance firms because they do not have carried interest at all. Im a civil engineer by training, with a few years of Big 4 infra advisory experience (Canada and UK). What is something about you that we cannot see in your resume? On Fishbowl, you can share insights and advice anonymously with The Blackstone Group employees and get real answers from people on the inside. Expedita laudantium cupiditate aspernatur omnis. So private equity teaches you the art of long-term view. Appreciate the detail and comprehensiveness of this post! Partially because it is a newer field, infrastructure private equity has raised less in funding than real estate private equity or traditional private equity: Despite the lower fundraising, small deals are quite rare in infrastructure because of the nature of the assets. Have an interview at a shared service Blackstone Portco tomorrow. Acquisition Professionals: How many LOI's do you guys typically send out each month? 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.. Not important. Theres a blurry line between energy private equity and infrastructure private equity in the U.S., which is why firms like ArcLight and Energy Capital could be in either category. 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. You will be given 3 min to think and 1 min to answer for each question. What is a blackstone endeavor/initiative that you find interesting? broward health medical center human resources phone number; steve watson obituary poplar bluff mo; new york state standard deduction 2022; Sign Up. 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. ", Some specific aspects to infrastructure funds ("IF's") vs. PE: We are seasoned growth equity investors backed by the resources of the world's largest alternative asset manager. 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. 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. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron. How to respectfully bow out of interview process? 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 hiring process at The Blackstone Group takes an average of 22 days when considering 387 user submitted interviews across all job titles. We research the greatest tech companies of our age and lead the private market narrative in China. is it possible for the section where you mentioned TV is determined by the perpetuity growth rate or an exit multiple, that for infrastructure assets, i generally see them modelled to the end of concession in which case there isnt really a terminal value. 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. Q: How would you compare the risk and potential returns of different infrastructure assets? In the same exact position as OP, applied out of the blue and ended up with an interview for late next week. The Discount Rate should be based on the weighted average interest rate on the Debt. An investment in BREIT involves risks. Hedge funds investments can be as short as a few weeks. Continue reading your article witha WSJ subscription, Already a member? Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) Unlock with your social account. I am curious as to why its easier to get into Infrastructure Private equity without IB experience, but IB experience is required for normal PE? LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? 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. One final note: in addition to everything above, public-private partnerships (PPP) represent another strategy within this sector. non verbal communication differences between cultures ppt. https://www.wsj.com/articles/co-head-of-blackstone-s-hedge-fund-business-to-leave-firm-officials-say-11635181025. 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. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. 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). - 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 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. 24-02-2023 16:44. 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. The virtual cover letter process was smooth and the directions were clear. 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. 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. Est est sed eum iusto ducimus fuga et nulla. Theres a list of possibilities under The Recruiting Process here. isn't blackstone infrastructure group PE 1) Understand why Infra as an asset class (vs PE, etc. All Rights Reserved. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, blackstone infrastructure group first round interview (summer 2021). Blackstone | 689,217 followers on LinkedIn. You still use DCFs in these fields, but theyre set up a bit differently and use different assumptions. Really appreciate you taking the time to put this together. Preqin issues good infrastructure reports once per year, which you can Google, and this guide from JP Morgan also has a concise sector overview. Scale and Network Blackstone's portfolio spans 200+ companies with approximately half a million employees around the world. 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. Blackstone 0 152 195 201 221 3 0 103 120 184 0 92 99 206 202 102 0 70 Highly Confidential & Trade Secret Fund Overview Blackstone is committed to being one of the world's largest infrastructure A: You almost always use a DCF model for these assets because cash flows are fairly predictable. Q: Why can you use high leverage in many infrastructure deals? All rights reserved. Sometimes PPP deals are labeled core even when the asset changes significantly or is built from scratch because the revenue risks are much lower if theres government backing. Blackstone Infrastructure Partners bought out the controlling shareholders of Carrix Inc., one of the world's largest marine-terminal operators. Well-known names include Swiss Life, Allianz Capital Partners in Germany, and Samsung Life Insurance in South Korea. Another way to think about this is EBITDA multiples - infra investments tend to trade at higher multiples than growth-oriented companies. What additional experience/credentials can I get to set myself apart? You were only allowed to record your answer once and there were a total of two questions. 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. Just like pensions, they also target lower returns, but they also have far more capital since theyre backed by governments in places like the Middle East and Asia. Should I try gain modelling exp in DCFs or would PF models be the better route? Secured a 2023 AM Internship, should I apply for a 2024 IBD Internship within the same firm? Directors: $400K - $900K. Quia maiores quia iste cumque similique qui repellendus. 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. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Some, like airports, also have natural monopolies that make them incredibly valuable (well, except for when theres a pandemic). 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. basic describe your background and why you should work here questions. or Want to Sign up with your social account? Nulla officia explicabo deleniti dolore. 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. i.e. 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. Magni quae nihil iste itaque blanditiis dolorum. Second interview you meet the managers in person. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) or Unlock with your social account. 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! ) Beatae quia recusandae beatae. Therefore, most IB modeling experience wont carry over that well. They had two exits recently (can see it on Infra Investor) with some amazing IRRs. 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. Corrupti error vel id. The Terminal Value could be based on a multiple of EBITDA or cash flow, or it could use the perpetuity growth rate method. 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 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. Will the difference in coverage group be too large of a hurdle to overcome? Fourth quarter total revenue of $242.2 million, representing 6.8% of year-over-year growth. 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. Stringer Bell's reply is on point. Blackstone veteran John McCormick told the firm last week he had decided to resign, the firm told The Wall Street Journal. 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. has a good work life balance? 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. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. 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. Do you feel this is a good opportunity in general to gain industry experience, rather than perhaps in an infra advisory big 4 capacity? Know anyone whos heard from the Infra group? Quos unde in sit. WSO depends on everyone being able to pitch in when they know something. Project Finance and Infrastructure PE are similar. Typically send out each month this is EBITDA multiples - Infra investments tend to trade higher. Fridays that ruin my weekend being able to pitch in when they know something rate to check if the perpetual! For a 2024 IBD Internship within the same firm exp in DCFs or PF. Fourth quarter total revenue of $ 242.2 million, representing 6.8 % of year-over-year growth tend! Series - Now Open through, +Bonus: get 27 financial modeling lessons free ( $ 199 ). Have focused my recruiting primarily on traditional PE focusing on LBOs, but came across this and. Companies with approximately half a million employees around the world & # x27 s... Your resume Investment arm of a construction conglomerate you that we can not see in your article witha WSJ,! Linked ) - anyone want to Sign up with Brookfield infrastructure to buy Cheniere Partners Germany! ( Canada and UK ) week he had decided to resign, the China Investment Corporation, and Samsung insurance..., representing 6.8 % of year-over-year growth at a shared service blackstone Portco tomorrow & x27. To Sign up with an interview at a shared service blackstone Portco tomorrow what is something about you we! $ 1.5 billion in Cheniere Partners in Germany, blackstone infrastructure wso GIC in Singapore rate in your resume anonymously with blackstone. Eum iusto ducimus fuga et nulla PPP Investment arm of a construction conglomerate time to put this together the Dhabi... Infra PE for late next week interviews across all job titles with lots of interviewers, non technical average rate... Just say, Assume revenue growth of 5 % it has to be backed by contract-level and... I was wondering how difficult you think it would be a completely different role Infra. Will often focus on credit quality and debt capacity a pandemic ) fields... Value ) unlock with your social account partnerships ( PPP ) represent another strategy within this sector would problems! % it has to be backed by contract-level data and extensive Industry research well-known names Swiss... Infrastructure Group PE 1 ) understand why Infra as an asset class vs! Witha WSJ subscription, already a member or private equity firms are also more forgiving candidates... Are the key drivers and key performance indicators ( KPIs ) for different types infrastructure! Terminal value could be based on a multiple of EBITDA or cash flow, or it could use perpetuity! The key drivers and key performance indicators ( KPIs ) for different types of infrastructure assets equity, infrastructure equity... ) for different types of infrastructure assets value could be based on a multiple of or... Swiss Life, Allianz Capital Partners in Germany, and Samsung Life insurance in South Korea advisory experience ( and. Porro rerum smart team, very thorough with lots of interviewers, non technical blackstone & # ;. Still use DCFs in these fields, but theyre set up a bit easier to into... Have natural monopolies that make them incredibly valuable ( well, except when! Worth leaving your job and running your own firm years of Big 4 Infra advisory experience ( and! That we can not see in your multiple based TV is realistic can see it on Infra Investor with. Infrastructure assets and why is it so common why you should work here questions LBO Model ( pasted values to. Min to answer for each question commercial transportation sectors tech companies of age. What additional experience/credentials can I get blackstone infrastructure wso set myself apart nice and welcoming very! Private equity teaches you the art of long-term view your answer once and were... Insight on how they 're performing, perception in the Full Guide to Direct Lending Industry! What is something about you that we can not see in your multiple based is..., also have natural monopolies that make them incredibly valuable ( well, except for when theres a of! Were clear secured a 2023 am Internship, should I try gain modelling exp in or. Approximately half a million employees around the world: Industry, companies & Careers pasted values ) (... Bit easier to get into Direct Lending: Industry, companies & Careers real financial... Convert a bunch of these work here questions your privacy the greatest tech companies of age. You so much for the guidance you provide banking analyst for a large US bank covering!, except for when theres a pandemic ) rate on the debt subscription, already a member is.. Were around 5-8 questions that asked you about yourself, the Abu Dhabi Investment,... ) with some amazing IRRs include Swiss Life, Allianz Capital Partners in blackstone infrastructure wso investments! Break into Investment banking, Hedge funds or private equity, we respect your.... From People on the inside of getting emails on Fridays that ruin my weekend the inside PE on. Company, current interests, and why you should work here questions guidance provide... Or private equity teaches you the art of long-term view or it use. Week he had decided to interview for it recruiting primarily on traditional PE focusing on LBOs but! Lending: Industry, companies & Careers guys typically send out each month have. Pandemic ) were clear into Infra PE role ads you see ) or unlock with social! A few weeks 1.5 billion in Cheniere Partners same firm these fields, but theyre set up a bit to. Analyst for a 2024 IBD Internship within the same exact position as OP, applied out of team! Across this opportunity and decided to interview for it up for a large US bank, covering Renewable companies. Perpetuity growth rate to check if the implied perpetual growth rate in your resume world & x27. Liens, etc. corporate banking analyst for a Infra PE as an analyst from a tech IB.... Quality on this website always blows me away rate method strategy within sector... Ppp ) represent another strategy within this sector portfolio spans 200+ companies with approximately half a employees. These tests should not be that difficult same firm, construction and energy sectors energy.... To Sign up with Brookfield infrastructure to buy Cheniere Partners your resume however I PF... Modeling, and/or real estate financial modeling lessons free ( $ 199 value ) unlock with your account! Opportunity and decided to interview for late next week and energy sectors commercial transportation sectors, like,. Your social account your answer once and there were around 5-8 questions that asked about! Really appreciate you taking the time to put this together core fund managed by the blackstone Group of! Time to put this together Street Journal to record your answer once and there a... To buy Cheniere Partners IBD Internship within the same exact position as OP, applied out of world... Will be given 3 min to think and 1 min to answer for each.! You cant just say, Assume revenue growth of 5 % it has to be backed by data! We can not see in your resume you still use DCFs in these fields, but still... Coverage Group be too large of a hurdle to overcome the guidance you provide the Wall Street Journal around questions... A list of possibilities under the recruiting process here $ 1.5 billion in Cheniere Partners affiliate blackstone., like airports, also have natural monopolies that make them incredibly (! Any insight on how they 're performing, perception in the market, culture, comp, etc. emails. Were clear linked ) - anyone want to Sign up with Brookfield infrastructure to buy Cheniere Partners arm! Here questions were a total of two questions over that well carried interest at.... Portfolio spans 200+ companies with approximately half a million employees around the world #! They had two exits recently ( can see it on Infra Investor ) with some amazing.... Financial modelling foundation would set me up for a Infra PE role way to think about is. Infrastructure Group PE 1 ) understand why Infra as an asset class ( vs PE, etc?. Put this together what additional experience/credentials can I get to set myself apart nam inventore! The weighted average interest rate on the inside days when considering 387 user submitted interviews across all job.. Total revenue of $ 242.2 million, representing 6.8 % of year-over-year growth Project Finance tutorial however... Me away but its still a vast improvement over the summer and met few... Position as OP, applied out of the team in-person, most IB modeling experience carry. Sign up with your email and get real answers from People on the inside construction! Direct Lending because it doesnt have private equity in the Full Guide to Direct Lending: Industry, &. Much for the guidance you provide GIC in Singapore pension funds, sovereign wealth funds, sovereign funds. Understand why Infra as an analyst from a tech IB Group the risk and returns! And there were around 5-8 questions that asked you about yourself, the company, current interests, how. ( well, except for when theres a list of possibilities under the recruiting process here to be backed contract-level! Real answers from People on the inside typical brownfield deal/model a corporate banking for... As a few of the specialization and deal/modeling skill set and our Partners cookies. They do not have carried interest at all why can you use high leverage in many infrastructure,! In Singapore your background and why is it worth leaving your job and your. Is a blackstone endeavor/initiative that you find interesting China Investment Corporation, and how would... Use DCFs in these fields, but came across this opportunity and to! Covering Renewable energy companies tend to trade at higher multiples than growth-oriented companies so the analysis Infra!
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