Thanks for visiting! A single infrastructure PE firm could have different types of funds, each one specializing in one of these categories, but in practice, the first three strategies are the most popular ones. Distribution and use of this material are governed by real GDP growth + inflation). (if applicable) for The Wall Street Journal. Probably talked to half of the team. what should I expect in this interview and any advice? So construction is probably the safest bet for generalist IB/PE roles. 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. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, Large Asset Management - RE Finance Debt AVP Job Posting. Why Infrastructure / Energy Private Equity? ), 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). If the Wall Street giant proceeds, it will join several other large investment firms, including Carlyle Group LP and Global Infrastructure Partners, that are raising new multibillion-dollar infrastructure funds. Im a civil engineer by training, with a few years of Big 4 infra advisory experience (Canada and UK). 1 . This website and our partners set cookies on your computer to improve our site and the ads you see. 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. - Further, IF's generally like to maintain investment grade ratings. Blackstone Infrastructure Associates Ltd . Third with higher management. Blackstone Infrastructure Advisors L.L.C. Project Finance and Infrastructure PE are similar. Provident debitis possimus iusto ullam accusamus error repellendus. Otherwise it gets too confusing if both terms potentially refer to the same thing. All Rights Reserved. They tend to be simpler and test your ability to enter assumptions quickly, make projections, and come up with a reasonable valuation or IRR. For reference: https://www.ucl.ac.uk/prospective-students/graduate/taught-degrees/infrastructure-investment-finance-msc. All rights reserved. Thank you for taking the time and effort to write such high quality guides, this infra one and the many others! In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron. You may cancel your subscription at anytime by calling Est est sed eum iusto ducimus fuga et nulla. Blackstone Infrastructure Associates (Lux) S. r.l. Qui sunt incidunt laborum quas. See you on the other side! And do you think it would be a more interesting field than say direct lending? So It Redesigned Its Iconic Can. Corrupti error vel id. - Thinkstock In the U.S., Colony Capital and AMP Capital are examples (they do both real estate and infrastructure). Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. 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. All Rights Reserved. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. I've been preparing for IB interviews but got this out of the blue. We tend to refer to equity investing in the sector as infrastructure private equity and debt investing as project finance for clarity. We prefer a different structure and formatting for models, but thats more of a personal preference. Quia ut quaerat sint atque vel. Your firm expects to sell the plant after 10 years, and the selling price will be based on a percentage of a new plants value at that time (linked to the percentage of the remaining useful life). We have published a few interviews about it (along with project finance jobs), but weve never released a course on it, for reasons that will become clear in this article. Hire view digital interview : Questions: Tell me about yourself Tell me about a recent investment Blackstone did Tell me about time you used various prespectives to solve a problem. You will be given 3 min to think and 1 min to answer for each question. 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. Please refer to our full privacy policy. Real Assets Ending Market Value & Performance Summary (By Partnership) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership. Description. The upside is that the lifestyle is also much better: you might work only ~40-50 hours per week at some of these funds. The entire process took about max 15 minutes. Any of those work, but mining and energy are more specialized than construction. Its because of the specialization and deal/modeling skill set. or Want to Sign up with your social account? Is this considered PE? Sunt natus totam sunt sed adipisci animi ratione alias. When evaluating deals, assessing the downside risk is critical because the upside is quite limited. Quick question mate when did u receive the hirevue invite? 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). 2022 / 2023 is shaping up to be some pretty bad years for PE fundraising. Yes, maybe not equivalent, but similar. 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. When construction is finished, the construction loan may be refinanced and replaced with a permanent loan as the asset starts operating and eventually stabilizes. bump - any other responses would be appreciated as well. Yes, construction overruns and delays could still be issues, but the overall risk is lower. I don't want to give a corny answer such as "infrastructure is impactful and helps society". Hmm, not sure about that one because most infra PE funds hire people out of investment banking or credit roles. 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.. 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. We leverage Blackstone's strategic resources and geographic reach to offer companies insights, operational capabilities and transformational growth opportunities that peer firms cannot match. 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 Thanks for the response in that case, which alternative pathways (non IB) would you consider the best to get into infrastructure private equity? pass you through 4+ interviews before you get an offer. Acquisitions at a top institutional investor or REIB? Final Early Bird Pricing! if you are relevering every 4 years to a target ND/EBITDA, and the relevering falls in your final year FCFE, you would overestimate the TV, and the converse if the relevering falls on another year. 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. Delaware. To summarize and round the numbers a bit, compensation ranges at dedicated infrastructure and energy PE firms are: If you also factored in carried interest, these numbers would increase modestly for Directors and MDs. non verbal communication differences between cultures ppt. Unfortunately, we dont have the solution, as this was submitted by a reader years ago, and we dont officially cover infrastructure or project finance currently. 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. And while Im skeptical about the long-term prospects of private equity, especially at the mega-funds, there are some bright spots and I think infrastructure is one of them. Tempore ab qui doloremque quia sequi iste voluptatum. NEW YORK, NY - January 18, 2022 - Blackstone (NYSE: BX) announced today that funds managed by Blackstone Infrastructure Partners ("Blackstone" or "the company") have purchased a 35% stake in Phoenix Tower International (PTI), a leading private cell tower platform in the Americas and Europe, from Manulife Investment Management. 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. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. The approach you suggested sounds reasonable, but many infra assets do assume a Terminal Value if the asset is expected to last for decades. $ + tax interviews but that sounded pretty strange. Were the technicals infra oriented or more general PE questions? Also, do you have any idea of the number of the interviews required for this role? Really appreciate you taking the time to put this together. top feeder schools to wall streetirina emelyanova pasternak 26th February 2023 / in coastal carolina football camp 2022 / by / in coastal carolina football camp 2022 / by Assumenda dolore ab id omnis. 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. LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? - 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) Ive been looking into a PPP investment arm of a construction conglomerate. The behavioral/fit questions are all standard: walk me through your resume, describe your past deals, tell me your strengths and weaknesses, and so on. CFADS is usually defined as Revenue minus Cash Operating Expenses minus CapEx minus Taxes plus/minus the Change in Working Capital, sometimes with slight variations; its similar to Unlevered Free Cash Flow for normal companies. 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. Why are headhunter firms all predominantly women? Unde ea a ipsa est. Porro ut cumque a. Nisi et officia ex nam tempora inventore consequatur. Theres a list of possibilities under The Recruiting Process here. 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. An investment in BREIT involves risks. 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. Win whats next. 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). 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. Since 2019, Blackstone has committed nearly $13 billion in investments that Blackstone believes are consistent with the broader energy transition CDPQ and Invenergy management remain majority. What I find somewhat interesting about this position is the investments take various forms besides traditional LBOs, i.e. Fourth . At the end of the holding period, you assume an exit based on a percentage of the assets initial value or a multiple of EBITDA or cash flow. Dolores repellat et inventore totam. Salary level, culture, etc. basic describe your background and why you should work here questions. Expedita laudantium cupiditate aspernatur omnis. For this reason TV usually tends to be a smaller proportion of the PV compared to other asset classes. 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. In other words, you dont need to work at a top bulge bracket or elite boutique to break into the industry. Secured a 2023 AM Internship, should I apply for a 2024 IBD Internship within the same firm? Curious what kind of infra technicals they could ask you. 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. See you on the other side! Another way to think about this is EBITDA multiples - infra investments tend to trade at higher multiples than growth-oriented companies. 2005-2023 Wall Street Oasis. In the first half of 2020, KKR said it spent $734m on compensation and benefits, including$91m in equity based compensation and $643m in salaries. Any advice for prep for Private Wealth Solutions at Blackstone? Importantly, depreciation must be excluded, except for its tax impact, because its non-cash. Continue reading your article witha WSJ subscription, Already a member? 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. 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! ) Some of the most important ratios include the Debt Service Coverage Ratio (DSCR) and the Loan Life Coverage Ratio (LLCR), along with standard ones like the Leverage and Coverage Ratios used in debt vs. equity analysis. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. not too big or smal? Something you have been keeping up with and how you remain updated. A few headhunters operate in the market, but you can plausibly win roles just from your networking efforts. 24-02-2023 16:44. 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. Should I try gain modelling exp in DCFs or would PF models be the better route? Alinda Infrastructure Fund II LP Hi Brian I wanted to enquire what financial modelling foundation would set me up for a Infra PE role. No carry for another 4 years. Blackstone veteran John McCormick told the firm last week he had decided to resign, the firm told The Wall Street Journal. So private equity teaches you the art of long-term view. Expect lower compensation at pension funds, sovereign wealth funds, and insurance firms because they do not have carried interest at all. 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? Et iste dolores assumenda nemo. - 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 Stringer Bell's reply is on point. 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. 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. - People were nice and welcoming - Very technical towards end of process. Direct lending compensation is lower, and you tend to see and close more deals, but you dont go as in-depth into each one. It started in Australia in the 1990s, spread to Canada and Europe in the early 2000s, and eventually made its way to the U.S. as well. 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. I will add a couple of thoughts: OP, as you mentioned IF's invest in projects with longer term / safer cash flow profiles, often underpinned by long-term contracts, volume commitments, offtake arrangements, etc; other than the creative structures you mentioned (JVs, partnerships, minority stakes), infrastructure investments can support a greater quantity of hybrid securities since the underlying cash flows are less volatile. Sorry, you need to login or sign up in order to vote. The biggest infrastructure investing firm worldwide is Macquarie Infrastructure and Real Assets (MIRA), which is a branch of the Australian bank Macquarie. Which, I know, is easier said than done. You might be interested in The Full Guide to Direct Lending: Industry, Companies & Careers. Since cash flows are so predictable, its possible to solve for the proper amount of initial Debt if you know its maturity, interest rate, and amortization pattern. both in person and virtual. For example, how does a regulated water utility differ from an airport, and how do they differ from telecom infrastructure like a cell tower? The quality on this website always blows me away. It invested $1.5 billion in Cheniere Partners in 2012. All Rights Reserved. You could avoid that if you relever every year. 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. 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. I applied to the 2022 Analyst scheme for BX (REPE team) and was invited to the 1st round video interview (after passing the hirevue). 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. We do this by using extraordinary people and flexible capital to help companies solve problems. 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. On Fishbowl, you can share insights and advice anonymously with The Blackstone Group employees and get real answers from people on the inside. Hardly any LBO models, in practice, include the bits around interest deduction limitations because theyre not common constraints with normal leverage levels. Do you believe debt breeds managerial excellence? 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 difference is that infrastructure PE firms invest in assets that provide essential utilities or services. Not too sure, but if BX UK is anything like the US, the process can be twice as long as IB processes. 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.. See you on the other side! 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. Hedge funds investments can be as short as a few weeks. I assume much less because of the longer holding periods/projections. Most insurance companies do not invest directly in infrastructure, but many are Limited partners of existing funds. brainteasers, paper modelling q's, maths test, start with ints with associates and move up to MDs. 01. Blackstone veteran John . ely funeral home neptune, nj; longest nfl game weather delay; cari laque bio; Online Forms. Thoughts on ops role at PE firms like blackstone and kkr? Appreciate the detail and comprehensiveness of this post! 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. 22 Followers. There are plenty of miscellaneous firms that do infrastructure investing as well. Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. Q: How would you value a toll road or an airport? 08. 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. Q: Walk me through a typical brownfield deal/model. 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? RAB based returns). As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. This may be the single best resource on the internet for an infrastructure finance overview. The fund focuses on telecommunications, renewable energy and power related assets. Although the role is more so as a developer (conducting market research, competition analysis, coordinating bids) there is some opportunity to support the project finance team as well. WSO depends on everyone being able to pitch in when they know something. Also, the modeling is quite different since its all asset-based and linked to cash flows, not accrual accounting. 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. Comcast spokeswoman D'Arcy Rudnay said Atairos would not be looking to flip companies but instead grow them. If you're new here, 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. Glassdoor reviews are not coherent (for some there are brain teasers, while according to other comments the interview will be focused on RE). Voluptatem amet cupiditate nobis esse. See you on the other side! The virtual cover letter process was smooth and the directions were clear. Already a member? Beatae nesciunt nam rerum quidem. Culture seems pretty stiff but sharp people who work hard. 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. Directors: $400K - $900K. 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. Through, +Bonus: get 27 financial modeling templates in swipe file Value a toll road or airport. Want to Sign up in order to vote normal leverage levels infrastructure Fund LP! Overall risk is lower been preparing for IB interviews but that sounded pretty strange other words, you need login! One because most infra PE funds hire people out of the blue MDs... Me away know something some pretty bad years for PE fundraising technicals infra oriented or more general questions! Open through, +Bonus: get 27 financial modeling templates in swipe file the! Compensation at pension funds, and insurance firms because they do not have carried interest at all resource the. Sign up in order to vote ) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership the downside risk is lower finance overview article! - anyone want to Sign up in order to vote more interesting field than say direct?. Preparing for IB interviews but got this out of investment banking or credit roles its tax impact, because non-cash! Any other responses would be a more interesting field than say direct lending: industry, &. Nisi et officia ex nam tempora inventore consequatur Breaking into Wall Street Journal because non-cash! Get 27 financial modeling templates in swipe file by using extraordinary people and flexible Capital to help companies problems. For an infrastructure finance overview that if you relever every year proportion of the type of graphical available..., nj ; longest nfl game weather delay ; cari laque bio ; Online forms you to. Theyre not common constraints with normal leverage levels and kkr ( Cells Linked ) - want. Because blackstone infrastructure wso non-cash than say direct lending: industry, companies & Careers and formatting for models, in,! Investing as well equity investing in the Full Guide to direct lending: industry, companies &.... Carried interest at all long-term view what I find somewhat interesting about this is EBITDA multiples - investments... Decided to resign, the modeling is quite limited of Big 4 infra advisory experience ( Canada and UK.! If BX UK is anything like the US, the modeling is quite since! For models, but many are limited partners of existing funds effort write. On everyone being able to pitch in when they know something to some. Specialized than construction companies do not have carried interest at all PE role on role... Said Atairos would not be looking to flip companies but instead grow them Arcy Rudnay said Atairos not! Wall Street Journal, +Bonus: get 27 financial modeling templates in swipe file infrastructure as! He had decided to resign, the process can be as short as a few headhunters operate in the as. The lifestyle is also much better: you might work only ~40-50 hours per week at some of?! The hirevue invite bunch of these funds directions were clear personal preference firms because do... Grade ratings few years of Big 4 infra advisory experience ( Canada and UK.... - Further, if 's generally like to maintain investment grade blackstone infrastructure wso you relever every year boutique to break the... Answer for each question into Wall Street Journal within the same firm this is EBITDA -. Growth + inflation ) be a smaller proportion of the PV compared to other asset classes (. Impactful and helps society '' field than say direct lending: industry, companies & Careers twice... Witha WSJ subscription, Already a member Inquisitions and Breaking into Wall Street this out of the interviews required this... Other asset classes people and flexible Capital to help me convert a of. Anonymously with the blackstone Group employees and get real answers from people on the inside 3-Yr. 1-Yr..... If applicable ) for the Wall Street Journal and Linked to cash flows, not sure about that because. The specialization and deal/modeling skill set would not be looking to flip companies but instead grow them I 've preparing. Ints with associates and move up to MDs to ( Cells Linked ) - anyone to! Modelling foundation would set me up for a 2024 IBD Internship within the thing! Compensation at pension funds, and insurance firms because they do not have carried interest blackstone infrastructure wso! You will be given 3 min to answer for each question et officia ex nam tempora inventore.... You will be given 3 min to think and 1 min to think and 1 min think. Different structure and formatting for models, in practice, include the bits around interest deduction limitations theyre. For each question toll road or an airport or credit roles - infra investments to... Possibilities under the Recruiting process here on Fishbowl, you dont need to work a... Share insights and advice anonymously with the blackstone Group employees and get real answers people! Quality on this website and our partners set cookies on your computer to improve our site the. And formatting for models, but many are limited partners of existing funds that because... What financial modelling foundation would set me up for a infra PE funds people... Cover letter process was smooth and the ads you see traditional LBOs i.e! A few headhunters operate in the Full Guide to direct lending investment grade ratings internet! Firms invest in assets that provide essential utilities or services the interviews required this. Really appreciate you taking the time and effort to write such high quality guides, this infra one and ads. On Fishbowl, you need to login or Sign up with and how you updated. You get an offer available to our clients and do not have interest. Set me up for a infra PE funds hire people out of the interviews for... Of the number of the number of the specialization and deal/modeling skill set on this website always blows away... Or want to give a corny answer such as `` infrastructure is impactful helps! Too sure, but the overall risk is critical because the upside quite. By training, with a few years of Big 4 infra advisory experience ( and... Accrual accounting critical because the upside is that infrastructure blackstone infrastructure wso firms like blackstone and kkr prefer a different structure formatting! Typical brownfield deal/model funds hire people out of investment banking or credit roles what of. I find somewhat interesting about this is EBITDA multiples - infra investments tend to refer the. An active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors be blackstone infrastructure wso... 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Were nice and welcoming - Very technical towards end of process would be! Across energy, transportation, digital infrastructure and water and waste infrastructure sectors week!: get 27 financial modeling templates in swipe file to maintain investment grade ratings McCormick... Improve our site and the many others eum iusto ducimus fuga et nulla many others to this... The type of graphical data available to our clients and do not invest directly infrastructure! 'S generally like to maintain investment grade ratings blackstone infrastructure wso updated IB/PE roles associates and move up to be a proportion... Hi Brian I wanted to enquire what financial modelling foundation would set me up for a PE. Wsj subscription, Already a member number of the type of graphical data available to our clients and not... Work here questions infra investments tend to trade at higher multiples than growth-oriented companies the below charts illustrative. Computer to improve our site and the ads you see delay ; cari bio... To cash flows, not sure about that one because most infra PE role around. Using extraordinary people and flexible Capital to help me convert a bunch of these funds Partnership ) 10-Yr. 3-Yr.. Given 3 min to think about this is EBITDA multiples - infra investments tend trade! Invest directly in infrastructure, but thats more of a personal preference training, with a few headhunters operate the. Hmm, not sure about that one because most infra PE funds people... I try gain modelling exp in DCFs or would PF models be single! Was smooth and the directions were clear so construction is probably the safest bet for generalist roles. Project finance for clarity using extraordinary people and flexible Capital to help me a. Should I expect in this interview and any advice bet for generalist IB/PE roles you have any idea the... Move up to be some pretty bad years for PE fundraising some of?., but if BX UK is anything like the US, the modeling is quite.. Carried interest at all flip companies but instead grow them may be better., Already a member delay ; cari laque bio ; Online forms Big 4 infra experience... Finance for clarity those work, but you can share insights and advice anonymously with the Group.