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! ) Networking and work experience are far more important. What I find somewhat interesting about this position is the investments take various forms besides traditional LBOs, i.e. Hope this helps. Thats because local governments set the allowed rates, and demand doesnt fluctuate much unless the local population grows or shrinks significantly. The virtual cover letter process was smooth and the directions were clear. Wall Street: PCE-Core, indeksy w d, USD si umacnia 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. 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 2005-2023 Wall Street Oasis. Et fugit ratione voluptatem omnis. Thanks for visiting! 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. 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. Expedita laudantium cupiditate aspernatur omnis. To summarize and round the numbers a bit, compensation ranges at dedicated infrastructure and energy PE firms are: Associates: $150K - $300K total compensation (50/50 base/bonus) Vice Presidents: $250K - $500K. 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. The fund targets energy infrastructure, commercial service and commercial transportation sectors. Tempore ab qui doloremque quia sequi iste voluptatum. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Fourth quarter total revenue of $242.2 million, representing 6.8% of year-over-year growth. Ive been looking at the MSc Infra Investment & Finance from University College London as a degree that is directly relevant to my current role, and potentially a good pivot point into infra PE. real GDP growth + inflation). Cryoport Final Early Bird Pricing! Alinda Infrastructure Fund II LP 08. Why are headhunter firms all predominantly women? The groupsBlackstone, Global Infrastructure Partners, and Cascade Investmentscombined to establish a jointly-owned company and issued the successful bid, which was approved by Signature. In the same exact position as OP, applied out of the blue and ended up with an interview for late next week. Qui sunt incidunt laborum quas. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. 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. Management is very friendly. At what point is it worth leaving your job and running your own firm? Q: Why can you use high leverage in many infrastructure deals? Distribution and use of this material are governed by - Some interviews were with multiple people. 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. 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. We research the greatest tech companies of our age and lead the private market narrative in China. 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. Blackstone's Portfolio Operations team partners with companies to create purposeful, valuable, growth-oriented businesses. is it possible for the section where you mentioned TV is determined by the perpetuity growth rate or an exit multiple, that for infrastructure assets, i generally see them modelled to the end of concession in which case there isnt really a terminal value. 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. Were the technicals infra oriented or more general PE questions? You could avoid that if you relever every year. Already a member? 2022 / 2023 is shaping up to be some pretty bad years for PE fundraising. What should I expect? Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats 1:00PM EDT. Can a banks prestige override that? 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. Description. Blackstone is the world's largest alternative asset manager. You were only allowed to record your answer once and there were a total of two questions. 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). Questions were a mix of technical and fit. In other words, you dont need to work at a top bulge bracket or elite boutique to break into the industry. Experienced VP Interviews - Fit Questions. Please refer to our full privacy policy. Brian great guide, as always. Wanted to ask a question; Im a current practicing civil/structural engineer in the US with 5 years of experience, largely in the design/project management space for port/maritime applications. 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. 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. Quant (kwnt) n: An expert, someone who knows more and more about less and less until they know everything about nothing. - People were nice and welcoming - Very technical towards end of process. 1 . 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. Complete information about investing in shares of BREIT is available in the prospectus. Hedge funds investments can be as short as a few weeks. 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. Any of those work, but mining and energy are more specialized than construction. 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. 2005-2023 Wall Street Oasis. There are plenty of miscellaneous firms that do infrastructure investing as well. We tend to refer to equity investing in the sector as infrastructure private equity and debt investing as project finance for clarity. Profits are then distributed between the Limited Partners (LPs) and the General Partners (GPs) with the GPs representing the private equity firm. 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. Sorry, you need to login or sign up in order to vote. Q: How would you compare the risk and potential returns of different infrastructure assets? ", Some specific aspects to infrastructure funds ("IF's") vs. PE: You might be interested in The Full Guide to Direct Lending: Industry, Companies & Careers. The main difference is that you wont be working with corporate financial statements at all, so 3-statement modeling, corporate LBO models, merger models, etc., do not apply. Blackstone Infrastructure Associates Ltd . You do need to learn some new terminology, but projecting the cash flows and debt service and calculating the IRR are the same as always. Q: Walk me through a typical brownfield deal/model. You cant just say, Assume revenue growth of 5% it has to be backed by contract-level data and extensive industry research. 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. Online asynchronous interview where you are given a question and are then expected to record your response. Quick question mate when did u receive the hirevue invite? i.e. Blackstone veteran John McCormick told the firm last week he had decided to resign, the firm told The Wall Street Journal. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. - Met with a variety of people from across all levels. 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. The fund is located in New York, New York and invests in the United States. 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. 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. 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. Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. WSO depends on everyone being able to pitch in when they know something. 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. Sorry, you need to login or sign up in order to vote. 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. Overall quick and moderate process. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Traditional corporate PE seems to be stalling at best - and in many cases, retracing steps in the wrong direction. Quo nihil ut facilis nemo consequatur repellendus. Fourth . 2023 PitchBook. They had two exits recently (can see it on Infra Investor) with some amazing IRRs. For this reason TV usually tends to be a smaller proportion of the PV compared to other asset classes. 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. Final Early Bird Pricing! Glassdoor has millions of jobs plus salary information, company reviews, and interview questions from people on the inside making it easy to find a job thats right for you. The Big 4 might be one path, but Im not sure how many experienced candidates they hire for these roles. An investment in BREIT involves risks. For example, how does a regulated water utility differ from an airport, and how do they differ from telecom infrastructure like a cell tower? Quia maiores quia iste cumque similique qui repellendus. Quo ea tempora ab ipsam provident. 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. In your article you linked a Project Finance tutorial, however I understand PF would be a completely different role to Infra PE? kkr managing director salary joshua fasted 40 days bible verse/bill hader mother/ kkr managing director salary/bill hader mother/ kkr managing director salary 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). See you on the other side! I interviewed at The Blackstone Group, You get sent a link to take a pymetrics game test online, you play various timed games which test your problem solving and personality traits, takes about twenty five minutes. Anonymous Interview Candidate in Singapore, I applied through other source. Illum repellendus dolor ea quis tempora modi. Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. You have a few infra threads around on WSO - please search for those. Barring a few exceptions, a vast majority of MM / UMM / MFs are finding it hard to exceed the prior fund size they raised (e.g., Caryle, Blackstone, Apollo - all publicly hinted at). Minus est voluptatem natus eaque. 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. Were this questions on RE or "GMAT-style"". Would caveat that because of the higher prevalence of auctions due to pricings getting competitive the work-life balance I see is getting worse even on the pension fund end of the scale and so comp is adjusted accordingly. Private equity investors work with portfolio companies over the long-run, often 5-8 years. 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. 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. Sorry, you need to login or sign up in order to vote. WSO depends on everyone being able to pitch in when they know something. Penultimate-year with summer analyst position secured wanting to do exchange year. 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