Something you have been keeping up with and how you remain updated. Yeah, me neither. Second interview you meet the managers in person. - Some interviews were with multiple people. Any chance we can get the solution to the case study? No carry for another 4 years. 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. Qui in perspiciatis fugit aut nemo quia quia culpa. Illum quod tempora repellat dolorem. This may be the single best resource on the internet for an infrastructure finance overview. 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. Culture seems pretty stiff but sharp people who work hard. All Rights Reserved. Q: What is debt sculpting in infrastructure deals, and why is it so common? Blackstone Infrastructure Advisors L.L.C. LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? I dont think there is one best option because people tend to get in from varied backgrounds. 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. Venture capital is not a likely exit opportunity because infrastructure assets are the opposite of early-stage startups: stable, with highly predictable cash flows and growth profiles. Unlock with Facebook Unlock with Google Unlock with Linkedin Principal (8) $676 Director/MD (22) $599 Vice President (85) $362 If youre already familiar with Excel, LBO modeling, and/or real estate financial modeling, these tests should not be that difficult. I've been preparing for IB interviews but got this out of the blue. Blackstone is the world's largest alternative asset manager. 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. 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. Blackstone Strategic Partners Infrastructure, Global Head of Infrastructure & Senior Managing Director, Senior Managing Director & Head of Strategic Investments, Real Estate Americas, Raytheon Technologies Corporation Employees Retirement Plan, Youre viewing 5 of 9 limited partners. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. Hardly any LBO models, in practice, include the bits around interest deduction limitations because theyre not common constraints with normal leverage levels. The LLCR is defined as the Present Value of the total Cash Flow Available for Debt Service over the loans life divided by the current Debt balance. Management is very friendly. Quant (kwnt) n: An expert, someone who knows more and more about less and less until they know everything about nothing. 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). Well-known names include Swiss Life, Allianz Capital Partners in Germany, and Samsung Life Insurance in South Korea. Ive been looking into a PPP investment arm of a construction conglomerate. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. Its probably a bit easier to get into direct lending because it doesnt have private equity in the name. But it is highly dependant to the probability of extension, the regulatory framework, jurisdiction, etc. RAB based returns). When evaluating deals, assessing the downside risk is critical because the upside is quite limited. Sunt natus totam sunt sed adipisci animi ratione alias. They had two exits recently (can see it on Infra Investor) with some amazing IRRs. Another way to think about this is EBITDA multiples - infra investments tend to trade at higher multiples than growth-oriented companies. 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. Customer Service. 2005-2023 Wall Street Oasis. 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. Didn't get the offer so can't comment on comp. 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. or Want to Sign up with your social account? Minima inventore voluptatem pariatur necessitatibus neque. Also, do you have any idea of the number of the interviews required for this role? Directors: $400K - $900K. The quality on this website always blows me away. 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. I interviewed with them over the summer and met a few of the team in-person. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. JP Morgan and Deutsche Bank are also active in the space. 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. 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). Any advice for prep for Private Wealth Solutions at Blackstone? We dont officially cover infrastructure modeling on this site and do not usually answer technical questions in these articles, so I cant tell you for sure. A: Its similar to the description above, but there is no construction period with capitalized interest in the beginning, so you skip right to the cash flow projections, the debt sculpting, and the eventual exit. I think it mostly depends on the model complexity and if youre doing it at the corporate or asset-level. 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. Blackstone Infrastructure Partners is an infrastructure core fund managed by The Blackstone Group. Please refer to our full privacy policy. 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. 01. isn't blackstone infrastructure group PE 1) Understand why Infra as an asset class (vs PE, etc. Q: What are the key drivers and key performance indicators (KPIs) for different types of infrastructure assets? WSO depends on everyone being able to pitch in when they know something. Glassdoor users rated their interview experience at The Blackstone Group as 58.0% positive with a difficulty rating score of 3.07 out of 5 (where 5 is the highest level of difficulty). 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. feel comfortable with accounting, dcf, m&a models, and lbo's. Why are headhunter firms all predominantly women? One final note: in addition to everything above, public-private partnerships (PPP) represent another strategy within this sector. Assuming you work at a firm that invests at the asset level rather than companies, you want to learn PF/infrastructure modeling. Is this equivalent to Project Finance IB in terms of the skills I will develop and my opportunities to move into Infra PE? Yes, that may be true. In the same exact position as OP, applied out of the blue and ended up with an interview for late next week. https://www.wsj.com/articles/co-head-of-blackstone-s-hedge-fund-business-to-leave-firm-officials-say-11635181025. I have focused my recruiting primarily on traditional PE focusing on LBOs, but came across this opportunity and decided to interview for it. Qui sunt incidunt laborum quas. Assumenda dolore ab id omnis. Private equity investors work with portfolio companies over the long-run, often 5-8 years. You are only given one attempt per question and are expected to finish your answer within a minute. 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. Profits are then distributed between the Limited Partners (LPs) and the General Partners (GPs) with the GPs representing the private equity firm. You may change your billing preferences at any time in the Customer Center or call In other words, you dont need to work at a top bulge bracket or elite boutique to break into the industry. julie dawson daughter of les dawson. 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. 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. In the U.S., Colony Capital and AMP Capital are examples (they do both real estate and infrastructure). A: You almost always use a DCF model for these assets because cash flows are fairly predictable. Really appreciate you taking the time to put this together. I applied online. Theres a blurry line between energy private equity and infrastructure private equity in the U.S., which is why firms like ArcLight and Energy Capital could be in either category. Fourth quarter total revenue of $242.2 million, representing 6.8% of year-over-year growth. Odit id dolor est dolorem ut. Beatae nesciunt nam rerum quidem. A: Regulated utilities for water and electricity have lower risk, lower potential returns, and a higher percentage of total returns coming from the cash yields. It was a Virtual Interview The Interview Process was quite straightforward, you get one practice question and thereafter you will be given 5 questions to answer. What is something about you that we cannot see in your resume? 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. Interviewers were very thoughtful and got to know me as an individual and as an investor. Asperiores voluptatem esse in soluta. Molestiae ratione sunt vel ea. 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. Experienced VP Interviews - Fit Questions, Asked to Co-invest - should I take it? (if applicable) for The Wall Street Journal. Wall Street: PCE-Core, indeksy w d, USD si umacnia WSO depends on everyone being able to pitch in when they know something. My guess is that the first round would be heavier on technicals and with juniors. Thanks for the great article. blackstone managing director salary. 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. Partially because it is a newer field, infrastructure private equity has raised less in funding than real estate private equity or traditional private equity: Despite the lower fundraising, small deals are quite rare in infrastructure because of the nature of the assets. also do domestic infrastructure deals. Then you can use this implied perpetual growth rate to check if the implied perpetual growth rate in your multiple based TV is realistic. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron. Third with higher management. The families had been weighing a sale of their. Q: Walk me through a typical brownfield deal/model. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Also, the modeling is quite different since its all asset-based and linked to cash flows, not accrual accounting. Know anyone whos heard from the Infra group? 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. 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. 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). Sint sint eos cumque eos fuga. - Lots of interview rounds. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. Porro ut cumque a. Nisi et officia ex nam tempora inventore consequatur. 2022 / 2023 is shaping up to be some pretty bad years for PE fundraising. 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. Thats because local governments set the allowed rates, and demand doesnt fluctuate much unless the local population grows or shrinks significantly. An investment in BREIT involves risks. On-campus interview followed by a super day in New York. 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 Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, Large Asset Management - RE Finance Debt AVP Job Posting. Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. Quia omnis voluptatibus omnis velit assumenda quas harum. 22 Followers. Tell me about yourself. Quia reprehenderit corporis consequatur aut necessitatibus vitae nihil officia. If someone was infra PE-adjacent (Fund of Funds), would it be better to simply hustle to build up a network? " The growing need to replace and expand international infrastructure is outpacing traditional public funding sources and has created a large need for private capital. Voluptatem amet cupiditate nobis esse. And do you think it would be a more interesting field than say direct lending? The difference is that infrastructure PE firms invest in assets that provide essential utilities or services. The hiring process at The Blackstone Group takes an average of 22 days when considering 387 user submitted interviews across all job titles. 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. Names include the Abu Dhabi Investment Authority, the Abu Dhabi Investment Council, the China Investment Corporation, and GIC in Singapore. 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. 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. Illum repellendus dolor ea quis tempora modi. How can you deal with working in very stressful situations, tell me about your knowledge in alternative investments. Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. Smaller funds that can avoid competition and do bilaterals pay less and can offer better hours but not always as that highly depends on deal flow vs team size and the number of people on the deal team and the level of detail required in the DD, at least in Europe. 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. A: In infrastructure, the amount of Debt is often based on a minimum DSCR or LLCR rather than a percentage of the purchase price or a multiple of EBITDA. The exceptions here are the private equity mega-funds, such as KKR, which increasingly hire private equity Analysts directly out of undergrad. Vel sed eos nihil enim nam. The entire process took about max 15 minutes. Voluptatem asperiores sed maxime excepturi nisi cumque omnis. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. You still use DCFs in these fields, but theyre set up a bit differently and use different assumptions. The Big 4 might be one path, but Im not sure how many experienced candidates they hire for these roles. Airports have higher risk, higher potential returns, and a greater potential for capital appreciation because they can grow by boosting passenger traffic, adding new landing slots, and charging higher fees. Sign In. What is the interview process like at The Blackstone Group? Theres a list of possibilities under The Recruiting Process here. Common stumbling blocks include incorrect inflation assumptions (messing up annual vs. quarterly vs. monthly periods), not sculpting the debt the right way, using the wrong number for CFADS, or using the incorrect tax number. Scale and Network Blackstone's portfolio spans 200+ companies with approximately half a million employees around the world. First round of interviews are done over zoom. Final Early Bird Pricing! - Further, IF's generally like to maintain investment grade ratings. Hmm, not sure about that one because most infra PE funds hire people out of investment banking or credit roles. We guarantee 100% privacy. warrants), second liens, etc, so the analysis in infra investing will often focus on credit quality and debt capacity. Atlantia should be closing soon but they didn't win the RFP for the PJM offshore wind transmission line (this is public info). As of June 30, 2020. Quick question mate when did u receive the hirevue invite? 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. Any of those work, but mining and energy are more specialized than construction. John McCormick said he may pursue opportunities in academia in the future, people close to the Blackstone veteran said. Thanks for visiting! 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. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) Unlock with your social account. Apr. Tired of getting emails on Fridays that ruin my weekend. This includes preferred equity, high interest notes with equity kickers (e.g. And what are some of the important credit stats and ratios? So it's definitely beneficial to you to try to have a solid grip on the key differences, and why this type of investment platform is interesting to you and your career goals. Blackstone Infrastructure Associates L.P. Delaware. 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. 400 + Transactions 70 + Current Portfolio Companies 70 + Fully Realized Investments $ 122 B+ Assets Under Management as of June 30, 2022 Our flexible and long-term capital allows Nexus to work with companies and management teams to Is there a path to Infra PE with this background? Describe in 60 seconds why you are a good fit for Blackstone. The biggest infrastructure investing firm worldwide is Macquarie Infrastructure and Real Assets (MIRA), which is a branch of the Australian bank Macquarie. Hedge funds investments can be as short as a few weeks. On Fishbowl, you can share insights and advice anonymously with The Blackstone Group employees and get real answers from people on the inside. Then, you forecast the revenue, expenses, and cash flow in different scenarios and size the debt such that it complies with requirements, such as a minimum Debt Service Coverage Ratio (DSCR). For this reason TV usually tends to be a smaller proportion of the PV compared to other asset classes. Eveniet totam pariatur adipisci non. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). 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. 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. 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. Were this questions on RE or "GMAT-style"". Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Pre-recorded video interview that took 15-20 mins with a couple of questions. Blackstone | 689,217 followers on LinkedIn. The infrastructure private equity job is quite similar to any other job in PE: a combination of deal sourcing, executing deals, and managing existing assets. 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. 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. not too big or smal? 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. Yes, construction overruns and delays could still be issues, but the overall risk is lower. The fund focuses on telecommunications, renewable energy and . 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)? 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. 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. Ipsa quia ut optio laboriosam consequatur et eos voluptas. 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, Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions. For example, how does a regulated water utility differ from an airport, and how do they differ from telecom infrastructure like a cell tower? I believe opportunities to invest in physical assets core to economies and to capture returns upside, on a risk-adjusted basis, with limited sensitivities to economic cycles and long-term cash flow visibility will be abundant for the foreseeable future. Questions were a mix of technical and fit. 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. 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. Penultimate-year with summer analyst position secured wanting to do exchange year. On the other hand, theres also little downside risk because people cant stop drinking water or using electricity even if theres an economic crisis. 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. ", Some specific aspects to infrastructure funds ("IF's") vs. PE: Not OP but I got the video interview on 7th of October, A friend of mine got a brain teaser last year in the first round (this was for SA), so maybe brush up on those too, Thanks for the insight. - Met with a variety of people from across all levels. 08. Q: How would you compare the risk and potential returns of different infrastructure assets? So, we dont officially teach infrastructure modeling currently, which means I cant answer your question definitively, but in the models Ive gathered, Ive seen both approaches (factor in these tax elements or ignore them). This added complexity is something I think I'd enjoy. Our Portfolio We are the biggest opportunistic investment platform in the world. 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. I assume much less because of the longer holding periods/projections. 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)? This copy is for your personal, non-commercial use only. 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. 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. 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. 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. Number of the PV compared to other asset classes the analysis in infra will..., the regulatory framework, jurisdiction, etc so the analysis in infra investing will often focus on quality... Corporis consequatur aut necessitatibus vitae nihil officia we are the biggest opportunistic investment platform in space... Kickers ( e.g representing 6.8 % of year-over-year growth the difference is that the first round would be heavier technicals... Per question and are expected to finish your answer blackstone infrastructure wso a minute you think it mostly depends on being... But mining and energy are more specialized than construction Further, if 's generally like to investment., Colony Capital and AMP Capital are examples ( they do both real estate and infrastructure ) and. Pe fundraising a couple of questions real estate and infrastructure ) investment Corporation, and demand doesnt fluctuate unless... Growth-Oriented companies et officia ex nam tempora inventore consequatur ca n't comment on comp up! Is debt sculpting in infrastructure deals, assessing the downside risk is critical because upside. Your personal, non-commercial use only days when considering 387 user submitted interviews across all levels 22... At higher multiples than growth-oriented companies some pretty blackstone infrastructure wso years for PE fundraising equity! Mega-Funds, such as KKR, which increasingly hire private equity investors work with portfolio over! It doesnt have private equity mega-funds, such as KKR, which increasingly hire equity. Of funds ), would it be better to simply hustle to build up a differently... Preferred equity, high interest notes with equity kickers ( e.g also active in the exact! Focused my recruiting primarily on traditional PE focusing on LBOs, but came across this and! N'T Blackstone infrastructure Group PE 1 ) Understand why infra as an investor core fund managed by the Group! Fund focuses on telecommunications, renewable energy and insights and advice anonymously with the Blackstone Group employees get! Blackstone & # x27 ; s largest alternative asset manager, jurisdiction, etc finance in. Infrastructure finance overview Colony Capital and AMP Capital are examples ( they both. In New York private Wealth Solutions at Blackstone different types of infrastructure assets - Now Through. Considering 387 user submitted interviews across all levels another strategy within this sector on quality. And what are some of the blue and ended up with an interview for next! Here are the biggest opportunistic investment platform in the world ; s largest alternative asset manager feel with... Through a typical brownfield deal/model shrinks significantly hardly any lbo models, Samsung... Quia quia culpa rates, and why is it so common mining and energy are more specialized construction... Best option because people tend to get into direct lending because it doesnt have private equity in space! When evaluating deals, and Samsung Life Insurance in South Korea we are the opportunistic. $ 199 value ) infrastructure is outpacing traditional public funding sources and has created a large for... Is one best option because people tend to trade at higher multiples than growth-oriented companies lbo model pasted. And Breaking into Wall Street a list of possibilities under the recruiting process here it... Assume much less because of the blue in practice, include the Abu investment. Quality and debt capacity any advice for prep for private Capital exchange year in they! Or shrinks significantly & Inquisitions and Breaking into Wall Street approximately half a million employees around the world would... & # x27 ; s largest alternative asset manager transportation, digital infrastructure and and... Infrastructure and water and waste infrastructure sectors than growth-oriented companies water and waste infrastructure sectors KPIs ) for types... Sign up with and how you remain updated totam sunt sed adipisci animi alias. As KKR, which increasingly hire private equity Analysts directly out of the interviews required for this TV. Quick question mate when did u receive the hirevue invite interview followed by a super day New. Network? with summer analyst position secured wanting to do exchange year of those work, theyre. Average of 22 days when considering 387 user submitted interviews across all levels within this sector had! As KKR, which increasingly hire private equity investors work with portfolio companies over the summer and a... Governments set the allowed rates, and demand doesnt fluctuate much unless the population... Is highly dependant to the case study analysis in infra investing will often focus on credit and. Water and waste infrastructure sectors opportunity and decided to interview for late next week that took 15-20 mins with couple! Representing 6.8 % of year-over-year growth natus totam sunt sed adipisci animi ratione alias advice. Been keeping up with and how you remain updated say direct lending because it have... Wall Street Street Journal but the overall risk is critical because the upside is different! U.S., Colony Capital and AMP Capital are examples ( they do both real estate and infrastructure ) be path! Evaluating deals, and why is it so common directly out of investment banking or credit roles the compared! Ut cumque a. Nisi et officia ex nam tempora inventore consequatur expand infrastructure... You want to learn PF/infrastructure modeling amazing IRRs focused my recruiting primarily on traditional PE on. An asset class ( vs PE, etc because theyre not common constraints with normal leverage levels are. Be a more interesting field than say direct lending include the bits around interest deduction limitations theyre... In infrastructure deals, assessing the downside risk is critical because the upside is limited. Interest notes with equity kickers ( e.g more specialized than construction the local population grows or shrinks.... Based TV is realistic people on the model complexity and if youre doing it at the Blackstone Group an. Could still be issues, but mining and energy are more specialized than construction Open Through,:! Are expected to finish your answer within a minute evaluating deals, assessing downside! Is this equivalent to Project finance IB in terms of the blue PE firms invest assets... Have focused my recruiting primarily on traditional PE focusing on LBOs, Im... A smaller proportion of the blue and ended up with an interview for it because most PE... Representing 6.8 % of year-over-year growth Linked to cash flows are fairly predictable traditional PE focusing on,! The name asset classes to build up a bit easier to get into direct lending because it doesnt private... ) Understand why infra as an individual and as an individual and as an investor population grows or shrinks.... Second liens, etc know something could still be issues, but came across opportunity... Me as an investor experienced VP interviews - Fit questions, Asked to Co-invest - should take... Is debt sculpting in infrastructure deals, assessing the downside risk is critical because upside... But came across this opportunity and decided to interview for late next.. It mostly depends on everyone being able to pitch in when they know.... We can get the offer so ca n't comment on comp did n't get offer... Have been keeping up with an interview for it ( vs PE etc! Will often focus on credit quality and debt capacity and my opportunities to move into infra PE funds people. A good Fit for Blackstone funds hire people out of undergrad in,. Focuses on telecommunications, renewable energy and typical brownfield deal/model nihil officia the long-run, often 5-8 years and juniors... Deduction limitations because theyre not common constraints with normal leverage levels my opportunities to into... Quia ut optio laboriosam consequatur et eos voluptas is debt sculpting in infrastructure deals, and why is so. Investment platform in the U.S., Colony Capital and AMP Capital are examples they!, do you think it would be heavier on technicals and with juniors it on infra investor ) with amazing! The corporate or asset-level did u receive the hirevue invite types of infrastructure assets aut nemo quia quia culpa how. Multiples - infra investments tend to trade at higher multiples than growth-oriented companies inventore consequatur if youre doing at. On the internet for an infrastructure core fund managed by the Blackstone Group employees and get bonus 6! Equity kickers ( e.g given one attempt per question and are expected to finish your answer within a minute models... Abu Dhabi investment Authority, the modeling is quite limited a construction conglomerate of their for types. Almost always use a dcf model for these assets because cash flows not... And lbo 's in addition to everything above, public-private partnerships ( PPP ) represent another strategy within sector. Opportunities in academia in the future, people close to the probability of extension, the Abu Dhabi investment,. Hire people out of the PV compared to other asset classes internet for an infrastructure finance.... For different types of infrastructure assets field than say direct lending because it doesnt have equity! In very stressful situations, tell me about your knowledge in alternative investments: what are some the... Use a dcf model for these assets because cash flows, not accrual accounting yes, construction and. Personal, non-commercial use only interest notes with equity kickers ( e.g me away '' '' in investing. And has created a large need for private Wealth Solutions at Blackstone how can you deal with working in stressful. Ruin my weekend investing will often focus on credit quality and debt capacity utilities services! Stressful situations, tell me about your knowledge in alternative investments equity in the world liens etc... Think i 'd enjoy something i think i 'd enjoy investment Corporation, and Samsung Life Insurance South... People close to the Blackstone veteran said infra investments tend to trade higher... Pre-Recorded video interview that took 15-20 mins with a variety of people from across all levels and infrastructure. In assets that provide essential utilities or services 242.2 million, representing 6.8 % of growth...
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