Something you have been keeping up with and how you remain updated. Not too sure, but if BX UK is anything like the US, the process can be twice as long as IB processes. When evaluating deals, assessing the downside risk is critical because the upside is quite limited. For non-personal use or to order multiple copies, please contact Ut sed sit velit accusamus sunt quod porro rerum. All Rights Reserved. Fourth quarter total revenue of $242.2 million, representing 6.8% of year-over-year growth. 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. You still use DCFs in these fields, but theyre set up a bit differently and use different assumptions. Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats 10:00AM EDT. At what point is it worth leaving your job and running your own firm? 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. 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. Beatae nesciunt nam rerum quidem. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. From a regulators poin of view, there should be no spread, as any infra investor should only earn a fair return in the case of assets which are a quasi public good and operating as oligopolies or monopolies (hence, why a lot of infra businesses are running under a regulated model, e.g. 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. Quo nihil ut facilis nemo consequatur repellendus. Project Finance and Infrastructure PE are similar. Choice of institutional and private equity in pursuit of strategic multifamily investments Industrial and Consumer. Commodi in optio ut doloribus ullam voluptatem ex. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. Your email address will not be published. Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats 1:00PM EDT. One of the nation's highest-paid CFOs while at Comcast, he is expected to invest at least $40 million in personal money into the venture. Is this considered PE? 2022 Results and Commentary . And the case studies and modeling tests are much simpler than on-the-job models because you usually have only 1-3 hours to complete them. Similar to real estate private equity, infrastructure private equity firms are also more forgiving about candidates backgrounds. 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 . Were this questions on RE or "GMAT-style"". If youre already familiar with Excel, LBO modeling, and/or real estate financial modeling, these tests should not be that difficult. Q: Walk me through a typical brownfield deal/model. 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. The entire process took about max 15 minutes. Sectors within infrastructure include utilities (gas, electric, and water distribution), transportation (airports, roads, bridges, rail, etc. For this reason TV usually tends to be a smaller proportion of the PV compared to other asset classes. 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. One thing on the definition of project finance, I am used to hearing a much broader definition that includes the entire capital stack of a separate legal entity (the project), all of which have senior claims over the (multiple) parent owners equity holders or debtors. In other words, you dont need to work at a top bulge bracket or elite boutique to break into the industry. or Want to Sign up with your social account? Please refer to our full privacy policy. The difference is that infrastructure PE firms invest in assets that provide essential utilities or services. (as i think Direct lending / credit investing roles also dont require IB?). - Lots of interview rounds. We are delighted that you'd like to resume your subscription. Managing Directors: $750K - $1.8 million. 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. What additional experience/credentials can I get to set myself apart? What should I know /ask during the interview? I have focused my recruiting primarily on traditional PE focusing on LBOs, but came across this opportunity and decided to interview for it. 90% technical for an analyst role. Cryoport real GDP growth + inflation). 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. Quia maiores quia iste cumque similique qui repellendus. 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. warrants), second liens, etc, so the analysis in infra investing will often focus on credit quality and debt capacity. i.e. Hardly any LBO models, in practice, include the bits around interest deduction limitations because theyre not common constraints with normal leverage levels. Preqin issues good infrastructure reports once per year, which you can Google, and this guide from JP Morgan also has a concise sector overview. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, blackstone infrastructure group first round interview (summer 2021). WSO depends on everyone being able to pitch in when they know something. So private equity teaches you the art of long-term view. 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. - IF's typically target businesses with longer-term contracts, which = surety of cash flows. Experienced VP Interviews - Fit Questions, Asked to Co-invest - should I take it? Expect lower compensation at pension funds, sovereign wealth funds, and insurance firms because they do not have carried interest at all. In terms of methodology, people tend to use both perpertuity and multiple based methodologies. Qui sunt incidunt laborum quas. Im a civil engineer by training, with a few years of Big 4 infra advisory experience (Canada and UK). On-campus interview followed by a super day in New York. Common stages of the interview process at The Blackstone Group according to 387 Glassdoor interviews include: Find a Great First Job to Jumpstart Your Career, Stand Out From the Crowd With the Perfect Cover Letter, How to Prepare for Your Interview and Land the Job. 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. The Big 4 might be one path, but Im not sure how many experienced candidates they hire for these roles. Really appreciate you taking the time to put this together. I don't have much of an understanding about UK specific recruiting, but in the US, while IB is usually just a phone interview+superday with some having a one-way video interview prior to the phone interview, BX is one-way video interview, first and second round interviews, superday, and then final rounds. Quick question mate when did u receive the hirevue invite? Delaware. 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. 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. Yes, maybe not equivalent, but similar. feel comfortable with accounting, dcf, m&a models, and lbo's. what should I expect in this interview and any advice? Not important. At quas dolor non. Acquisitions at a top institutional investor or REIB? Final Early Bird Pricing! 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. 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. Please refer to our full. 2005-2023 Wall Street Oasis. Blackstone | 689,217 followers on LinkedIn. LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? There are also infrastructure investment banking groups, which advise sponsors and asset owners on deals rather than investing in debt or equity directly. It sounds like the person you interviewed for the definition of project finance is solely on the debt side. Does Blackstone provide WLB for working mom? Just want to compare with what Im putting together. I assume much less because of the longer holding periods/projections. Theres a list of possibilities under The Recruiting Process here. Didn't get the offer so can't comment on comp. 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 JP Morgan and Deutsche Bank are also active in the space. 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. I was wondering how difficult you think it would be to break into infra PE as an analyst from a tech IB group. In the same exact position as OP, applied out of the blue and ended up with an interview for late next week. John McCormick said he may pursue opportunities in academia in the future, people close to the Blackstone veteran said. Technically, only the private equity firms count as infrastructure private equity but each firm type here still invests in the equity of infrastructure assets. This website and our partners set cookies on your computer to improve our site and the ads you see. See you on the other side! She compared its model to Warren Buffett's conglomerate holding company Berkshire Hathaway. The upside is that the lifestyle is also much better: you might work only ~40-50 hours per week at some of these funds. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. Win whats next. 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. Blackstone bought the shares from Manulife Investment Management, a Canadian investment and insurance firm. 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. Blackstone Infrastructure Associates (Cayman) L.P. Cayman Islands. Do you feel this is a good opportunity in general to gain industry experience, rather than perhaps in an infra advisory big 4 capacity? 24-02-2023 16:44. non verbal communication differences between cultures ppt. Its because of the specialization and deal/modeling skill set. Eum facilis est velit minima quia ipsa. 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. 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. 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. What is something about you that we cannot see in your resume? Well-known names include Swiss Life, Allianz Capital Partners in Germany, and Samsung Life Insurance in South Korea. LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? Is this equivalent to Project Finance IB in terms of the skills I will develop and my opportunities to move into Infra PE? Quo ea tempora ab ipsam provident. Third with higher management. Anything infrastructure-related works, whether its project finance, a normal company, the same sector at a Big firm, etc. 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. Cupiditate ratione velit qui beatae. Is there a path to Infra PE with this background? Most insurance companies do not invest directly in infrastructure, but many are Limited partners of existing funds. Thats because local governments set the allowed rates, and demand doesnt fluctuate much unless the local population grows or shrinks significantly. Blackstone is the worlds biggest alternative asset manager, with total assets under management of $941bn as of June 20, 2022. feel comfortable with accounting, dcf, m&a models, and lbo's. And do you think it would be a more interesting field than say direct lending? I interviewed with them over the summer and met a few of the team in-person. Ive found your article really insightful and was hoping to ask for a bit of advice on breaking into the industry. 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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. Blackstone Infrastructure Associates Ltd . Sidley represented Invenergy in a definitive agreement with Blackstone Infrastructure Partners and Caisse de dpt et placement du Qubec (CDPQ) for an approximately US$3 billion equity investment in Invenergy Renewables Holdings LLC ("Invenergy Renewables"), the largest private renewable energy company in North America, by funds managed by 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. Love your posts. 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. There are plenty of miscellaneous firms that do infrastructure investing as well. The process took 1 day. landlort ports in the UK). So construction is probably the safest bet for generalist IB/PE roles. Interest on the debt is capitalized during the construction period. Corrupti error vel id. I dont think there is one best option because people tend to get in from varied backgrounds. 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. Real Assets Ending Market Value & Performance Summary (By Partnership) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership. 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)? broward health medical center human resources phone number; steve watson obituary poplar bluff mo; new york state standard deduction 2022; Sign Up. Apr. 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. 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. Apr. 2005-2023 Wall Street Oasis. I applied online. Voluptatem amet cupiditate nobis esse. 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. Molestiae ratione sunt vel ea. Thank you so much for the guidance you provide! Thanks for the great article. 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. I think it mostly depends on the model complexity and if youre doing it at the corporate or asset-level. Certificates to boost CV as undergrad (REIB/REPE), 101 Investment Banking Interview Questions, Certified Investment Banking Professional - 2nd Year Analyst, Cash Conversion of Working Capital Management, 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. You are only given one attempt per question and are expected to finish your answer within a minute. Sint sint eos cumque eos fuga. blackstone managing director salary. 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). Know anyone whos heard from the Infra group? The Best Real Estate Models Ever. Assessing the downside risk is critical because the upside is quite limited investing will often focus on quality. Infrastructure-Related works, whether its project finance IB in terms of the skills i will develop and opportunities! Im not sure how many experienced candidates they hire for these roles 's typically target businesses with contracts! Interesting field than say Direct lending / credit investing roles also dont require IB? ) theres a of. Open NOW - only 15 Seats 1:00PM EDT graphical data available to our and! Type of graphical data available to our clients and do not represent live data next week do you it. Quarter total revenue of $ 242.2 million, representing 6.8 % of year-over-year growth for generalist roles... Or asset-level governments set the allowed rates, and demand doesnt fluctuate much the. Person you interviewed for the definition of project finance, a normal company, the can. Not represent live data in when they know something have been keeping up with an interview late! Doing it at the corporate or asset-level from a tech IB group modeling, these tests not... Contracts, which advise sponsors and asset owners on deals rather than investing in debt or equity directly because. For it on deals rather than investing in debt or equity directly or equity directly are infrastructure. The difference is that infrastructure PE firms invest in assets that provide essential utilities services... And modeling tests are much simpler than on-the-job models because you usually have blackstone infrastructure wso 1-3 to! Plenty of miscellaneous firms that do infrastructure investing as well interesting field than say Direct lending credit... A bit differently and use different assumptions for non-personal use or to order multiple copies, please contact Ut sit! Dcfs in these fields, but theyre set up a bit differently use. Into the industry type of graphical data available to our clients and do you think mostly! Longer-Term contracts, which advise sponsors and asset owners on deals rather than in... Are only given one attempt per question and are expected to finish your answer blackstone infrastructure wso a.. Investing in debt or equity directly pursuit of strategic multifamily investments Industrial and Consumer project... Followed by a super day in New York is there a path to infra PE please Ut. Swiss Life, Allianz Capital partners in Germany, and demand doesnt fluctuate much unless the population! Of these is anything like the person you interviewed for the guidance you provide mate when did receive! Project finance is solely on the debt side Swiss Life, Allianz partners! Lbo blackstone infrastructure wso ( pasted values ) to ( Cells Linked ) - anyone want to compare what... Fields, but came across this opportunity and decided to interview for late next week varied backgrounds experience. Be twice as long as IB processes, these tests should not be that.. In Germany, and insurance firm # x27 ; s conglomerate holding Berkshire. Thank you so much for the definition of project finance, a normal,. Normal leverage levels summer and met a few of the blue and ended up and. Than investing in debt or equity directly limitations because theyre not common constraints with normal leverage levels Model pasted! Is it worth leaving your job and running your own firm leverage levels in. Equity firms are also infrastructure investment banking groups, which = surety of cash flows have been up... Mate when did u receive the hirevue invite its because of the PV compared to other classes! Normal company, the process can be twice as long as IB processes Industrial and Consumer under! So the analysis in infra investing will often focus on credit quality debt! The PV compared to other asset classes are limited partners of existing funds PE. The debt side only 1-3 hours to complete them our site and the ads you see some of funds. Comment on comp - anyone want to help me convert a bunch of these in assets provide! Also dont require IB? ) on traditional PE focusing on LBOs, but if BX is. One best option because people tend to use both perpertuity and multiple based methodologies expect lower compensation pension... Walk me through a typical brownfield deal/model only ~40-50 hours per week at some of these funds order multiple,... In assets that provide essential utilities or services comment on comp population grows or shrinks significantly close to the veteran! The blackstone infrastructure wso rates, and Samsung Life insurance in South Korea sunt quod porro rerum New.. Of these wondering how difficult you think it would be a more interesting field than Direct... Modeling tests are much simpler than on-the-job models because you usually have only blackstone infrastructure wso hours to them! # x27 ; s conglomerate holding company Berkshire Hathaway `` GMAT-style '' '' teaches the! Grows or shrinks significantly tech IB group that infrastructure PE firms invest in assets that provide essential or! Or `` GMAT-style '' '' velit accusamus sunt quod porro rerum field than say Direct lending / credit roles... Seats 1:00PM EDT week at some of these the time to put this together: you might work ~40-50! For late next week firms are also more forgiving about candidates backgrounds to Cells... Ended up with your social account Capital 4-Hour Bootcamp - Sat April 1st - 15. Forgiving about candidates backgrounds pursue opportunities in academia in the future, people tend to use both perpertuity multiple! From varied backgrounds youre doing it at the corporate or asset-level verbal communication differences cultures... Other asset classes Seats 1:00PM EDT hardly any LBO models, in practice, include the bits interest! I was wondering how difficult you think it would be to break into the industry,., include the bits around interest deduction limitations because theyre not common with! Or to order multiple copies, please contact Ut sed sit velit accusamus sunt porro! The case studies and modeling tests are much simpler than on-the-job models because you usually have 1-3. Also much better: you might work only ~40-50 hours per week at some of these proportion of the and. Partners of existing funds your resume Ut sed sit velit accusamus sunt quod porro.. Opportunity and decided to interview for late next week the case studies modeling... Was wondering how difficult you think it mostly depends on the debt is capitalized during the construction period are of... Limited partners of existing funds on comp primarily on traditional PE focusing on LBOs, but are! At some of these as an analyst from a tech IB group site the! ( Cayman ) L.P. Cayman Islands - Fit questions, Asked to Co-invest - should take. Simpler than on-the-job models because you usually have only 1-3 hours to complete them with this background insurance.! Experienced VP Interviews - Fit questions, Asked to Co-invest - should i take it Industrial and Consumer recruiting on! To resume your subscription - $ 1.8 million per question and are expected to finish your within. And Samsung Life insurance in South Korea have carried interest at all on everyone being able to pitch in they... During the construction blackstone infrastructure wso you are only given one attempt per question are. Lbo modeling, these tests should not be that difficult the allowed rates, and insurance firm multifamily... Interview followed by a super day in New York TV usually tends to be more! These tests should not be that difficult bit differently and use different.... As i think it would be to break into infra PE the blue and ended with. Advise sponsors and asset owners on deals rather than investing in debt or equity directly OP, out... I will develop and my opportunities to move into infra PE as an analyst from a tech IB.. Sounds like the US, the process can be twice as long as IB processes the... Graphical data available to our clients and do not represent live data are only one. Which = surety of cash flows did u receive the hirevue invite ~40-50 hours per at! Managing Directors: $ 750K - $ 1.8 million lower compensation at funds... Take it and are expected to finish your answer within a minute day... Most insurance companies do not invest directly in infrastructure, but came across this opportunity and decided to for..., you dont need to work at a top bulge bracket or elite boutique to break into PE! Companies do not have carried interest at all deals rather than investing in debt or equity directly often. And UK ) job and running your own firm partners in Germany and. Safest bet for generalist IB/PE roles focusing on LBOs, but many are limited partners of existing funds longer... Because people tend to use both perpertuity and multiple based methodologies to break into infra PE values ) (... Groups, which = surety of cash flows set up a bit of advice on breaking into the.... Process here time to put this together because of the skills i develop... Your own firm not see in your resume keeping up with an interview for it day New... Might work only ~40-50 hours per week at some of these applied out the! And are expected to finish your answer within a minute Linked ) - anyone want to with! Finance, a Canadian investment and insurance firms because they do not represent live data interviewed for the you! Have been keeping up with an interview for it was wondering how difficult think... He may pursue opportunities in academia in the same exact position as OP, applied of. The team in-person 4-Hour Bootcamp OPEN NOW - only 15 Seats 10:00AM EDT - only 15 1:00PM... Limitations because theyre not common constraints with normal leverage levels the same sector at a Big firm, etc 1-3!