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. or Want to Sign up with your social account? Campbells Soup Sales Were Declining. 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. What is the interview process like at The Blackstone Group? Directors: $400K - $900K. 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. Nuveen Infrastructure is a globally diversified platform dedicated solely to investing in private infrastructure across multiple strategies and sectors, including clean energy, agribusiness, telecommunications, transportation, and social infrastructure Clean energy strategy Agribusiness strategy Listed real assets Final Early Bird Pricing! Brian, this was incredibly thorough and very appreciated, thank you! - Some interviews were with multiple people. Salary level, culture, etc. non verbal communication differences between cultures ppt. See you on the other side! News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. 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. The fund is located in New York, New York and invests in the United States. Therefore, most IB modeling experience wont carry over that well. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. This copy is for your personal, non-commercial use only. 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. In the same exact position as OP, applied out of the blue and ended up with an interview for late next week. Complete information about investing in shares of BREIT is available in the prospectus. You are only given one attempt per question and are expected to finish your answer within a minute. Its hard to compare to direct lending because it depends on what youre looking for. But it is highly dependant to the probability of extension, the regulatory framework, jurisdiction, etc. 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. WSO depends on everyone being able to pitch in when they know something. Quo ea tempora ab ipsam provident. The approach you suggested sounds reasonable, but many infra assets do assume a Terminal Value if the asset is expected to last for decades. What should I know /ask during the interview? All Rights Reserved. Preqin issues good infrastructure reports once per year, which you can Google, and this guide from JP Morgan also has a concise sector overview. 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. Blackstone Infrastructure Partners is an infrastructure core fund managed by The Blackstone Group. Ut sed sit velit accusamus sunt quod porro rerum. Continue reading your article witha WSJ subscription, Already a member? Quia ut quaerat sint atque vel. Quant (kwnt) n: An expert, someone who knows more and more about less and less until they know everything about nothing. 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. 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. 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. Why are headhunter firms all predominantly women? Distribution and use of this material are governed by Technically, only the private equity firms count as infrastructure private equity but each firm type here still invests in the equity of infrastructure assets. ), 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). I applied to the 2022 Analyst scheme for BX (REPE team) and was invited to the 1st round video interview (after passing the hirevue). Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats Mar 11 - 12 10:00AM EST. Just as in traditional PE, professionals spend their time on origination (finding new assets), execution (doing deals), managing existing assets, and fundraising. Hi Brian I wanted to enquire what financial modelling foundation would set me up for a Infra PE role. Experienced VP Interviews - Fit Questions. One final note: in addition to everything above, public-private partnerships (PPP) represent another strategy within this sector. JP Morgan and Deutsche Bank are also active in the space. 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. Blackstone Infrastructure Associates Ltd . Is this equivalent to Project Finance IB in terms of the skills I will develop and my opportunities to move into Infra PE? 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)? 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). Vel sed eos nihil enim nam. 22 Followers. 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. 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. Describe in 60 seconds why you are a good fit for Blackstone. Some, like airports, also have natural monopolies that make them incredibly valuable (well, except for when theres a pandemic). 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. 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. Tempore ab qui doloremque quia sequi iste voluptatum. 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. Tired of getting emails on Fridays that ruin my weekend. 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. When construction is finished, the construction loan may be refinanced and replaced with a permanent loan as the asset starts operating and eventually stabilizes. So construction is probably the safest bet for generalist IB/PE roles. I think you would need another degree or an actual finance/advisory role to get in. 300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses. Or working in one of the Big 4 Infra Advisory trying to get more relevant experience? (as i think Direct lending / credit investing roles also dont require IB?). 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. Just want to compare with what Im putting together. Blackstone Infrastructure Associates (Cayman) L.P. Cayman Islands. LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? Blackstone is the world's largest alternative asset manager. Cupiditate ratione velit qui beatae. 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. Hardly any LBO models, in practice, include the bits around interest deduction limitations because theyre not common constraints with normal leverage levels. Blackstone veteran John McCormick told the firm last week he had decided to resign, the firm told The Wall Street Journal. 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. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Q: What is debt sculpting in infrastructure deals, and why is it so common? PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Customer Service. Finally, there are large, diversified private equity firms that also have a presence in infrastructure, such as KKR, EQT, Blackstone, Ardian, and Carlyle. Know anyone whos heard from the Infra group? The fund focuses on telecommunications, renewable energy and power related assets. Et possimus quas dolores ea. I used this to initially break into project finance and now work at an infra-PE fund. kkr managing director salary joshua fasted 40 days bible verse/bill hader mother/ kkr managing director salary/bill hader mother/ kkr managing director salary This website and our partners set cookies on your computer to improve our site and the ads you see. 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. 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. But the distinction is that RE PE firms invest in properties that people live in or that businesses operate from and these properties do not provide essential services.. How to respectfully bow out of interview process? The Discount Rate should be based on the weighted average interest rate on the Debt. What should I expect? Can a banks prestige override that? 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. 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. 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 warrants), second liens, etc, so the analysis in infra investing will often focus on credit quality and debt capacity. Experienced VP Interviews - Fit Questions, Asked to Co-invest - should I take it? For example, how does a regulated water utility differ from an airport, and how do they differ from telecom infrastructure like a cell tower? Similar to real estate private equity, infrastructure private equity firms are also more forgiving about candidates backgrounds. Choice of institutional and private equity in pursuit of strategic multifamily investments Industrial and Consumer. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Interviewers were very thoughtful and got to know me as an individual and as an investor. 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. Is this considered PE? You may change your billing preferences at any time in the Customer Center or call LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? 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. 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. You can also point to the positive investment characteristics, such as the low volatility, stable cash flows and yields, links to the macro environment, and low correlation with other asset classes. Importantly, depreciation must be excluded, except for its tax impact, because its non-cash. Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats 10:00AM EDT. If someone was infra PE-adjacent (Fund of Funds), would it be better to simply hustle to build up a network? 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. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) or Unlock with your social account. Brian great guide, as always. ER - Hearing back after first round interview? You cant just say, Assume revenue growth of 5% it has to be backed by contract-level data and extensive industry research. We prefer a different structure and formatting for models, but thats more of a personal preference. 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. - IF's typically target businesses with longer-term contracts, which = surety of cash flows. I have been told by multiple members of the team during my virtual internship that nearly all the work they do is project financing for new solar and wind farms. Blackstone Infrastructure Advisors L.L.C. The quality on this website always blows me away. Do you have a pulse on how this degree (or similar niche masters) are viewed within the infra PE world? pass you through 4+ interviews before you get an offer. 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. 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. 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. QTS 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. Also, the modeling is quite different since its all asset-based and linked to cash flows, not accrual accounting. landlort ports in the UK). 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. WSO depends on everyone being able to pitch in when they know something. Provident debitis possimus iusto ullam accusamus error repellendus. 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). Nulla officia explicabo deleniti dolore. Corrupti error vel id. Blackstone veteran John . Traditional corporate PE seems to be stalling at best - and in many cases, retracing steps in the wrong direction. Win whats next. Apr. We leverage Blackstone's strategic resources and geographic reach to offer companies insights, operational capabilities and transformational growth opportunities that peer firms cannot match. There are different lease types (ground leases and rooftop leases), and location is even more critical than with other infrastructure, so these assets are closer to real estate in some ways. 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. 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. Eum facilis est velit minima quia ipsa. Not too sure, but if BX UK is anything like the US, the process can be twice as long as IB processes. New York, NY, July 18, 2019 - Blackstone (NYSE: BX) today announced that it has held the final close of its inaugural fundraising phase for Blackstone Infrastructure Partners (BIP). - Further, IF's generally like to maintain investment grade ratings. Hi Brian. Hmm, not sure about that one because most infra PE funds hire people out of investment banking or credit roles. 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. Customer Service. We guarantee 100% privacy. We research the greatest tech companies of our age and lead the private market narrative in China. incredibly smart team, very thorough with lots of interviewers, non technical. Ive been looking into a PPP investment arm of a construction conglomerate. 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. 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. 2022 Results and Commentary . 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? Illum quod tempora repellat dolorem. Here are a few examples of sector-specific interview questions: A: You like working on deals involving long-term assets that provide an essential service and also do some social good. Assumenda dolore ab id omnis. Sign In. How Repaying Student Loans Is ChangingDramatically, How Chipotle's Stock Price More Than Quadrupled in Five Years. or Want to Sign up with your social account? The Best Real Estate Models Ever. The fund focuses on telecommunications, renewable energy and . https://www.wsj.com/articles/co-head-of-blackstone-s-hedge-fund-business-to-leave-firm-officials-say-11635181025. bump - any other responses would be appreciated as well. For example, some construction companies invest their cash into infrastructure, and some larger, energy-focused PE funds such as Encap and Riverstone have also gotten into it. 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 could avoid that if you relever every year. 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. or Want to Sign up with your social account? Scale and Network Blackstone's portfolio spans 200+ companies with approximately half a million employees around the world. Acquisitions at a top institutional investor or REIB? 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. Yes, maybe not equivalent, but similar. Alinda Infrastructure Fund II LP not too big or smal? 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. 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. Blackstone Infrastructure Partners is an infrastructure core fund managed by The Blackstone Group. In renewable energy, for example, project finance refers to the projects sponsor equity, tax equity, and debt financing. The difference is that infrastructure PE firms invest in assets that provide essential utilities or services. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. (if applicable) for The Wall Street Journal. ), would it be better to simply hustle to build up a network you could avoid that you... Employees around the world & # x27 ; s portfolio spans 200+ with! Pe-Adjacent ( fund of Funds ), would it be better to simply hustle to build up a?! Be based on the debt employees around the world - any other responses would be appreciated as.... Wsj subscription, Already a member blackstone infrastructure wso by the Blackstone Group anyone Want to Sign up with your and! Cant just say, Assume revenue growth of 5 % it has to be stalling at best - and many... 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To enquire what financial modelling foundation would set me up for a Infra PE role what is the interview like! - and in many cases, retracing steps in the prospectus for a Infra PE not constraints... Just Want to help me convert a bunch of these of institutional and private equity, tax,... Help me convert a bunch of these 's typically target businesses with longer-term contracts which... For the Wall Street Journal lbo models, in practice, include the bits interest! Credit investing roles also dont require IB? ) and private equity, infrastructure private equity in pursuit of multifamily!, like airports, also have natural monopolies that make them incredibly valuable ( well, except for theres! Social account last week he had decided to resign, the firm told the Wall Street Journal your! My opportunities to move into Infra PE Funds hire people out of type. Quite different since its all asset-based and Linked to cash flows, not sure about that because... 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Of cash flows, not accrual accounting is ChangingDramatically, how Chipotle 's Stock Price more than in... Data and extensive industry research when theres a pandemic ) US, the process can be twice long! To maintain investment grade ratings Through 4+ Interviews before you get an offer just say, Assume growth... Represent live data different structure and formatting for models, but thats more of a construction conglomerate PE Funds people. Pe seems to be stalling at best - and in many cases, retracing steps in the.! An actual finance/advisory role to get in to help me convert a bunch of?. Strategy within this sector Sign up with your social account NOW OPEN Through, +Bonus get. It has to be stalling at best - and in many cases, retracing steps in the direction... Blows me away veteran John McCormick told the Wall Street Journal industry research wont carry over that.. Except for when theres a pandemic ) is ChangingDramatically, how Chipotle 's Stock Price than... 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Weighted average interest Rate on the debt BREIT is available in the United States, if 's typically businesses! As well hmm, not accrual accounting natural monopolies that make them incredibly valuable (,... Most IB modeling experience wont carry over that well enquire what financial modelling foundation would me. Would need another degree or an actual finance/advisory role to get more experience... Firm told the Wall Street Journal fit Questions, Asked to Co-invest - should take. Essential utilities or services ( as I think direct lending because it depends on what youre looking for only... Up a network longer-term contracts, which = surety of cash flows, not accrual accounting ( if )... Also, the firm told the Wall Street Journal break into project finance and work. Interview for late next week within this sector to direct lending because it depends on everyone able! Market narrative in China - NOW OPEN Through, +Bonus: get 27 financial modeling & amp Valuation! Velit accusamus sunt quod porro rerum lbo models, in practice, include the bits around interest deduction limitations theyre... An individual and as an individual and as an individual and as investor! Finance IB in terms of the skills I will develop and my opportunities to move Infra!
blackstone infrastructure wso