has a good work life balance? We are delighted that you'd like to resume your subscription. I applied online. Do you think my answer is convincing enough, or does it make me sound like someone who's not getting a traditional LBO PE job and interviewing for an infrastructure fund? Quick question mate when did u receive the hirevue invite? Download Prospectus Expect lower compensation at pension funds, sovereign wealth funds, and insurance firms because they do not have carried interest at all. But theres also more risk because passenger traffic could plummet in an economic recession, a war, or a pandemic. Q: Why can you use high leverage in many infrastructure deals? Shixiang Research. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) Unlock with your social account. Overall quick and moderate process. 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. If youve already had Big 4 infra advisory experience, Im not sure the degree adds a whole lot because its not like youre an engineering with no other experience making a huge change. Quia ut quaerat sint atque vel. 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. broward health medical center human resources phone number; steve watson obituary poplar bluff mo; new york state standard deduction 2022; Sign Up. 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. A top bank will help, but tech coverage to infrastructure PE might be too much of a leap since infrastructure is perceived as specialized. You probably want some experience in something thats a bit closer to infrastructure first if you want to maximize your chances. What is a blackstone endeavor/initiative that you find interesting? It invested $1.5 billion in Cheniere Partners in 2012. Thank you for taking the time and effort to write such high quality guides, this infra one and the many others! Why Infrastructure / Energy Private Equity? Secured a 2023 AM Internship, should I apply for a 2024 IBD Internship within the same firm? Anything infrastructure-related works, whether its project finance, a normal company, the same sector at a Big firm, etc. Many of these assets are extremely stable and last for decades. Asperiores voluptatem esse in soluta. We do this by using extraordinary people and flexible capital to help companies solve problems. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Preqin issues good infrastructure reports once per year, which you can Google, and this guide from JP Morgan also has a concise sector overview. Regarding assets with concession life, I have seen concession life extension assumptions being included in models, but in that case you would need additional assumptions, as you would effectively be capturing the PV of the spread between the concession rights payment (outflow) and the inflows from the later years. Which, I know, is easier said than done. It sounds like the person you interviewed for the definition of project finance is solely on the debt side. (as i think Direct lending / credit investing roles also dont require IB?). An investment in BREIT involves risks. How Repaying Student Loans Is ChangingDramatically, How Chipotle's Stock Price More Than Quadrupled in Five Years. 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. 2022 Results and Commentary . 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. Blackstone veteran John . The most common entry points into infrastructure PE are also the most common exit opportunities: investment banking, project finance, real estate, other areas of PE, infrastructure corporates/developers, and Big 4 infrastructure groups. Qui in perspiciatis fugit aut nemo quia quia culpa. Final Early Bird Pricing! WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. Anonymous Interview Candidate in Singapore, I applied through other source. 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. Thanks for the response in that case, which alternative pathways (non IB) would you consider the best to get into infrastructure private equity? You do need to learn some new terminology, but projecting the cash flows and debt service and calculating the IRR are the same as always. JP Morgan and Deutsche Bank are also active in the space. This may be the single best resource on the internet for an infrastructure finance overview. 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. Questions were a mix of technical and fit. Blackstone Infrastructure Partners, an affiliate of Blackstone Group, will team up with Brookfield Infrastructure to buy Cheniere Partners . This added complexity is something I think I'd enjoy. Region United States - Midwest We leverage Blackstone's strategic resources and geographic reach to offer companies insights, operational capabilities and transformational growth opportunities that peer firms cannot match. 24-02-2023 16:44. What additional experience/credentials can I get to set myself apart? basic describe your background and why you should work here questions. 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. - IF's typically target businesses with longer-term contracts, which = surety of cash flows. 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. Apr. When construction is finished, the construction loan may be refinanced and replaced with a permanent loan as the asset starts operating and eventually stabilizes. 101 Investment Banking Interview Questions, Certified Private Equity Professional - 2nd 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. I've been preparing for IB interviews but got this out of the blue. See you on the other side! 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)? Did you dream of working at an infrastructure fund financing toll roads in college? what should I expect in this interview and any advice? Theres a list of possibilities under The Recruiting Process here. 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. That's why they like pipeline companies, power generation providers, utility companies, toll roads, commodity storage, 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. Blackstone Infrastructure Associates (Cayman) NQ L.P. Cayman Islands. Would caveat that because of the higher prevalence of auctions due to pricings getting competitive the work-life balance I see is getting worse even on the pension fund end of the scale and so comp is adjusted accordingly. Real Assets Ending Market Value & Performance Summary (By Partnership) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership. One final note: in addition to everything above, public-private partnerships (PPP) represent another strategy within this sector. In the U.S., Colony Capital and AMP Capital are examples (they do both real estate and infrastructure). This employer has not claimed their Employer Profile and is missing out on connecting with our community. 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. A few headhunters operate in the market, but you can plausibly win roles just from your networking efforts. The entire process took about max 15 minutes. Directors: $400K - $900K. Most infrastructure PE firms use off-cycle processes to recruit (i.e., they hire as needed rather than recruiting 18-24 months in advance of the jobs start date). Direct lending compensation is lower, and you tend to see and close more deals, but you dont go as in-depth into each one. Unde ea a ipsa est. 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. Provident debitis possimus iusto ullam accusamus error repellendus. Corrupti error vel id. 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. WSO depends on everyone being able to pitch in when they know something. Hi Brian I wanted to enquire what financial modelling foundation would set me up for a Infra PE role. Get the full list, To view Blackstone Infrastructure Partnerss complete team members history, request access, Morningstar Institutional Equity Research. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. My guess is that the first round would be heavier on technicals and with juniors. Any advice for prep for Private Wealth Solutions at Blackstone? 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. Assumenda dolore ab id omnis. 2005-2023 Wall Street Oasis. She compared its model to Warren Buffett's conglomerate holding company Berkshire Hathaway. 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