Et iste dolores assumenda nemo. 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). Shixiang Research. Similar to real estate private equity, infrastructure private equity firms are also more forgiving about candidates backgrounds. Project Finance and Infrastructure PE are similar. 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. Thoughts on ops role at PE firms like blackstone and kkr? feel comfortable with accounting, dcf, m&a models, and lbo's. WSO depends on everyone being able to pitch in when they know something. The entire process took about max 15 minutes. Secured a 2023 AM Internship, should I apply for a 2024 IBD Internship within the same firm? pass you through 4+ interviews before you get an offer. Real-life infrastructure models can be complex, but time-pressured case studies are a different story. On Fishbowl, you can share insights and advice anonymously with The Blackstone Group employees and get real answers from people on the inside. 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. 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. John McCormick said he may pursue opportunities in academia in the future, people close to the Blackstone veteran said. What is something about you that we cannot see in your resume? Der Bauernmarkt 2.0 - Regional & digital ), 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). 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. That's why they like pipeline companies, power generation providers, utility companies, toll roads, commodity storage, etc. 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. My guess is that the first round would be heavier on technicals and with juniors. 1 . Why are headhunter firms all predominantly women? For example, how does a regulated water utility differ from an airport, and how do they differ from telecom infrastructure like a cell tower? Stringer Bell's reply is on point. 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. Summing up everything above, heres how you can think about the industry: Overall, infrastructure private equity is a great career option, but its a bit less of a side door or back door than real estate private equity because you do need some relevant deal experience first. Magni quae nihil iste itaque blanditiis dolorum. 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. You may change your billing preferences at any time in the Customer Center or call Just as in traditional PE, professionals spend their time on origination (finding new assets), execution (doing deals), managing existing assets, and fundraising. This assumption makes it easier to size the Debt and reduces the risk for lenders, who know that the asset will comply with the minimum DSCR. 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. 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. Im a civil engineer by training, with a few years of Big 4 infra advisory experience (Canada and UK). Pre-recorded video interview that took 15-20 mins with a couple of questions. Does Blackstone provide WLB for working mom? Download Prospectus Hmm, not sure about that one because most infra PE funds hire people out of investment banking or credit roles. 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. Quia nulla minus similique dolorem. Fourth . Ive been looking into a PPP investment arm of a construction conglomerate. ely funeral home neptune, nj; longest nfl game weather delay; cari laque bio; Online Forms. Q: What are the key drivers and key performance indicators (KPIs) for different types of infrastructure assets? I applied online. 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. ER - Hearing back after first round interview? The upside is that the lifestyle is also much better: you might work only ~40-50 hours per week at some of these funds. bump - any other responses would be appreciated as well. Experienced VP Interviews - Fit Questions. Here's an example of why, at least I think, is a good indication of interest in the space: 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. Together with previously announced commitments, this closing brings total commitments for BIP to $14 billion. Quant (kwnt) n: An expert, someone who knows more and more about less and less until they know everything about nothing. Illum repellendus dolor ea quis tempora modi. 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. Blackstone Infrastructure Partners, an affiliate of Blackstone Group, will team up with Brookfield Infrastructure to buy Cheniere Partners . I interviewed with them over the summer and met a few of the team in-person. For many years, fund managers dominated the market, but institutional investors such as pension funds have been building their internal investment teams to do deals directly. In the U.S., Colony Capital and AMP Capital are examples (they do both real estate and infrastructure). Stonepeak Infrastructure Fund III is charging a 1.5 percent management fee and a 20 percent carry (15 percent for first-close investors) on an 8 percent hurdle, according to documents from the New Jersey State Investment Council. I think it mostly depends on the model complexity and if youre doing it at the corporate or asset-level. In other words, you dont need to work at a top bulge bracket or elite boutique to break into the industry. Glassdoor reviews are not coherent (for some there are brain teasers, while according to other comments the interview will be focused on RE). 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)? Sorry, you need to login or sign up in order to vote. 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? WSO depends on everyone being able to pitch in when they know something. Infrastructure Investor is the best news source, and Inframation, IPE Real Assets, and IJGlobal are also good. Region United States - Midwest Thanks for the great article. Is my answer convincing? Blackstone Infrastructure Associates Ltd . - Lots of interview rounds. Molestiae ratione sunt vel ea. For this reason TV usually tends to be a smaller proportion of the PV compared to other asset classes. Odit id dolor est dolorem ut. 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. In terms of methodology, people tend to use both perpertuity and multiple based methodologies. Apr. 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. Hope this helps. Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats Mar 11 - 12 10:00AM EST. Customer Service. 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. Probably talked to half of the team. How to respectfully bow out of interview process? You cant just say, Assume revenue growth of 5% it has to be backed by contract-level data and extensive industry research. 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. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Qui in perspiciatis fugit aut nemo quia quia culpa. 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. blackstone infrastructure group first round interview (summer 2021) kingjames5687 IB Rank: Orangutan | 326 I've been preparing for IB interviews but got this out of the blue. has a good work life balance? Thank you for taking the time and effort to write such high quality guides, this infra one and the many others! What additional experience/credentials can I get to set myself apart? Is there a path to Infra PE with this background? 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. Were the technicals infra oriented or more general PE questions? The approach you suggested sounds reasonable, but many infra assets do assume a Terminal Value if the asset is expected to last for decades. Just want to compare with what Im putting together. Theres a list of possibilities under The Recruiting Process here. 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 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. Nulla sed sequi aut cupiditate veniam eveniet. Already a member? WSO depends on everyone being able to pitch in when they know something. Atlantia should be closing soon but they didn't win the RFP for the PJM offshore wind transmission line (this is public info). Luxembourg. Thats because local governments set the allowed rates, and demand doesnt fluctuate much unless the local population grows or shrinks significantly. All Rights Reserved. Brian, this was incredibly thorough and very appreciated, thank you! Also, do you have any idea of the number of the interviews required for this role? I was wondering how difficult you think it would be to break into infra PE as an analyst from a tech IB group. We respect your privacy. 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. 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. Provident debitis possimus iusto ullam accusamus error repellendus. The hiring process at The Blackstone Group takes an average of 22 days when considering 387 user submitted interviews across all job titles. 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. Your email address will not be published. Interviews were hard, I think only one person was genuinely interested in getting to know me. Thanks for visiting! 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). I assume much less because of the longer holding periods/projections. Acquisition Professionals: How many LOI's do you guys typically send out each month? Describe in 60 seconds why you are a good fit for Blackstone. WSO depends on everyone being able to pitch in when they know something. 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. Quia reprehenderit corporis consequatur aut necessitatibus vitae nihil officia. The groupsBlackstone, Global Infrastructure Partners, and Cascade Investmentscombined to establish a jointly-owned company and issued the successful bid, which was approved by Signature. 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). 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