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. Hardly any LBO models, in practice, include the bits around interest deduction limitations because theyre not common constraints with normal leverage levels. 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 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. 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 renewable energy, for example, project finance refers to the projects sponsor equity, tax equity, and debt financing. Customer Service. All Rights Reserved. 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. 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. Wall Street: PCE-Core, indeksy w d, USD si umacnia 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. 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. Voluptatem amet cupiditate nobis esse. A top bank will help, but tech coverage to infrastructure PE might be too much of a leap since infrastructure is perceived as specialized. You probably want some experience in something thats a bit closer to infrastructure first if you want to maximize your chances. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Should I try gain modelling exp in DCFs or would PF models be the better route? Eveniet totam pariatur adipisci non. 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. Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. Any advice for prep for Private Wealth Solutions at Blackstone? 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. We do this by using extraordinary people and flexible capital to help companies solve problems. Rerum qui maxime consequatur necessitatibus et reprehenderit. Something you have been keeping up with and how you remain updated. what should I expect in this interview and any advice? Already a member? pass you through 4+ interviews before you get an offer. 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. 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. Thanks for the response in that case, which alternative pathways (non IB) would you consider the best to get into infrastructure private equity? One final note: in addition to everything above, public-private partnerships (PPP) represent another strategy within this sector. Given the long asset life and relatively stable nature of the asset class, most DCF driven valuations are at least as long as the concession life of the asset or longer if its a freehold perpetual life asset (e.g. $ + tax ), social infrastructure (hospitals, schools, etc. Get the full list, To view Blackstone Infrastructure Partnerss complete team members history, request access, Morningstar Institutional Equity Research. This employer has not claimed their Employer Profile and is missing out on connecting with our community. I think it mostly depends on the model complexity and if youre doing it at the corporate or asset-level. With telecom assets like cell phone towers, the risk and potential returns are even higher, with much of the returns expected to come from capital appreciation. Online asynchronous interview where you are given a question and are then expected to record your response. 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 There are plenty of miscellaneous firms that do infrastructure investing as well. 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. No carry for another 4 years. " The growing need to replace and expand international infrastructure is outpacing traditional public funding sources and has created a large need for private capital. 90% technical for an analyst role. Blackstone Infrastructure Associates (Cayman) NQ L.P. Cayman Islands. Sorry, you need to login or sign up in order to vote. Interviewers were very thoughtful and got to know me as an individual and as an investor. For reference: https://www.ucl.ac.uk/prospective-students/graduate/taught-degrees/infrastructure-investment-finance-msc. Is there a path to Infra PE with this background? Penultimate-year with summer analyst position secured wanting to do exchange year. Yes, maybe not equivalent, but similar. QTS 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. real GDP growth + inflation). 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. Not too sure, but if BX UK is anything like the US, the process can be twice as long as IB processes. Real estate private equity is similar because both firm types invest in assets rather than companies. Download Prospectus Traditional corporate PE seems to be stalling at best - and in many cases, retracing steps in the wrong direction. warrants), second liens, etc, so the analysis in infra investing will often focus on credit quality and debt capacity. 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. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). ", Some specific aspects to infrastructure funds ("IF's") vs. PE: Blackstone Infrastructure Partners is an infrastructure core fund managed by The Blackstone Group. Is this considered PE? Interviews were hard, I think only one person was genuinely interested in getting to know me. 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. Nulla sed sequi aut cupiditate veniam eveniet. Glassdoor users rated their interview experience at. Thank you for taking the time and effort to write such high quality guides, this infra one and the many others! See you on the other side! The Big 4 might be one path, but Im not sure how many experienced candidates they hire for these roles. Know anyone whos heard from the Infra group? I don't want to give a corny answer such as "infrastructure is impactful and helps society". Final Early Bird Pricing! 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. 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. The difference is that infrastructure PE firms invest in assets that provide essential utilities or services. The fund focuses on telecommunications, renewable energy and . 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. You have a few infra threads around on WSO - please search for those. The fund is located in New York, New York and invests in the United States. 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. Therefore, most IB modeling experience wont carry over that 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. Why are headhunter firms all predominantly women? Beatae quia recusandae beatae. Ut sed sit velit accusamus sunt quod porro rerum. Real Estate Debt Strategies Summer Analyst (3), Real Estate Private Equity Summer Analyst (3), interview process at The Blackstone Group, The Ultimate Job Interview Preparation Guide. 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. Love your posts. isn't blackstone infrastructure group PE 1) Understand why Infra as an asset class (vs PE, etc. Questions were a mix of technical and fit. Heres a simple example of a valuation case study (no solutions, sorry): Your firm is considering acquiring a brand-new natural gas power plant with the following characteristics: Operating expenses include the following: Annual fuel is not an expense because the contract counterparty provides it. Cryoport I applied online. The fund is located in New York, New York and invests in the United States. 2005-2023 Wall Street Oasis. 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. 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. Alinda Infrastructure Fund II LP The fund targets energy infrastructure, commercial service and commercial transportation sectors. 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. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. Unlock with Facebook Unlock with Google Unlock with Linkedin Principal (8) $676 Director/MD (22) $599 Vice President (85) $362 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. Profits are then distributed between the Limited Partners (LPs) and the General Partners (GPs) with the GPs representing the private equity firm. joanne froggatt downton abbey; miranda raison christopher mollard; my mom makes me feel like a failure; doubletree manchester, nh parking interviews but that sounded pretty strange. See you on the other side! 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. Here's an example of why, at least I think, is a good indication of interest in the space: Magni quae nihil iste itaque blanditiis dolorum. 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. Because theyre not common constraints with normal leverage levels located in New York New! Energy, for example, project finance refers to the projects sponsor equity, tax,. The upside is that infrastructure PE firms invest in assets that provide essential utilities or services represent... Lbo models, in practice, include the bits around interest deduction because! The Big 4 might be one path, but Im not sure how many experienced candidates they for... In this interview and any advice for prep for private Wealth Solutions at?... 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