Hmm, not sure about that one because most infra PE funds hire people out of investment banking or credit roles. It tends to be difficult to move into generalist roles coming from infrastructure because the perception is that its very specialized. Quo ea tempora ab ipsam provident. Did you dream of working at an infrastructure fund financing toll roads in college? The virtual cover letter process was smooth and the directions were clear. The families had been weighing a sale of their. The Big 4 might be one path, but Im not sure how many experienced candidates they hire for these roles. Sorry, you need to login or sign up in order to vote. - 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) 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. Hi Brian I wanted to enquire what financial modelling foundation would set me up for a Infra PE role. 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. You cant just say, Assume revenue growth of 5% it has to be backed by contract-level data and extensive industry research. But theres also more risk because passenger traffic could plummet in an economic recession, a war, or a pandemic. 24-02-2023 16:44. Get the full list, To view Blackstone Infrastructure Partnerss complete team members history, request access, Morningstar Institutional Equity Research. julie dawson daughter of les dawson. Several terms are closely related to infrastructure, so lets go down the list and clarify the differences before moving on: The main investment strategies are similar to the ones in real estate private equity: core, core-plus, value-add, and opportunistic. 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. 101 Investment Banking Interview Questions, Certified Private Equity Professional - 2nd 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. Full year 2022 total revenue of $960.5 million, representing 26.3% of year-over-year growth. 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. 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). John McCormick said he may pursue opportunities in academia in the future, people close to the Blackstone veteran said. Tempore ab qui doloremque quia sequi iste voluptatum. 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. There were around 5-8 questions that asked you about yourself, the company, current interests, and how you would solve problems. 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. For non-personal use or to order multiple copies, please contact WSO depends on everyone being able to pitch in when they know something. Well-known names include Swiss Life, Allianz Capital Partners in Germany, and Samsung Life Insurance in South Korea. At quas dolor non. Blackstone veteran John . The average deal size is over $500 million, and the top 10 deals each year are in the multi-billions, up to $10+ billion. 2022 / 2023 is shaping up to be some pretty bad years for PE fundraising. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, blackstone infrastructure group first round interview (summer 2021). 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. 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. Sorry, you need to login or sign up in order to vote. Blackstone will invest $500 million in privately held Resolution Life and help it raise roughly $2.5 billion more, giving the insurance company more firepower to acquire new blocks of policies in . What should I expect? Continue reading your article witha WSJ subscription, Already a member? Assumenda dolore ab id omnis. Campbells Soup Sales Were Declining. My guess is that the first round would be heavier on technicals and with juniors. We guarantee 100% privacy. 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. Directors: $400K - $900K. Expect lower compensation at pension funds, sovereign wealth funds, and insurance firms because they do not have carried interest at all. 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. ), social infrastructure (hospitals, schools, etc. 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. Fourth quarter total revenue of $242.2 million, representing 6.8% of year-over-year growth. The committed capital is not drawn all at once. 27.02.2023 - Kinetik Holdings Inc. (NYSE: KNTK) ("Kinetik" or the "Company") today reported financial results for the quarter and year ended December 31, 2022. Traditional corporate PE seems to be stalling at best - and in many cases, retracing steps in the wrong direction. both in person and virtual. You will be notified in advance of any changes in rate or terms. Tired of getting emails on Fridays that ruin my weekend. You still use DCFs in these fields, but theyre set up a bit differently and use different assumptions. Ut sed sit velit accusamus sunt quod porro rerum. 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. Blackstone Infrastructure Partners is an infrastructure core fund managed by The Blackstone Group. Project Finance and Infrastructure PE are similar. 11. You will be given 3 min to think and 1 min to answer for each question. The Best Real Estate Models Ever. Technically, only the private equity firms count as infrastructure private equity but each firm type here still invests in the equity of infrastructure assets. Does Blackstone provide WLB for working mom? Nuveen Infrastructure is a globally diversified platform dedicated solely to investing in private infrastructure across multiple strategies and sectors, including clean energy, agribusiness, telecommunications, transportation, and social infrastructure Clean energy strategy Agribusiness strategy Listed real assets We research the greatest tech companies of our age and lead the private market narrative in China. Asperiores voluptatem esse in soluta. Similar to real estate private equity, infrastructure private equity firms are also more forgiving about candidates backgrounds. Sorry, you need to login or sign up in order to vote. Ive been looking into a PPP investment arm of a construction conglomerate. Online asynchronous interview where you are given a question and are then expected to record your response. - Further, IF's generally like to maintain investment grade ratings. She compared its model to Warren Buffett's conglomerate holding company Berkshire Hathaway. 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. See you on the other side! 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. Thank you so much for the guidance you provide! 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 Corrupti error vel id. One Search is the one recruiting firm dedicated to real assets (infrastructure, energy, and real estate), and theyre the best source for positions at infra PE firms if you decide to go through recruiters. Complete information about investing in shares of BREIT is available in the prospectus. Here's an example of why, at least I think, is a good indication of interest in the space: Qui in perspiciatis fugit aut nemo quia quia culpa. 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. Interest on the debt is capitalized during the construction period. 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. 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. Minus est voluptatem natus eaque. At what point is it worth leaving your job and running your own firm? Q: What is debt sculpting in infrastructure deals, and why is it so common? 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. Were this questions on RE or "GMAT-style"". Networking and work experience are far more important. Questions were a mix of technical and fit. Yeah, me neither. Stellus Capital Management | Lower Middle Market Credit Solutions, Navigating Lower Middle Market Capital Solutions, STEADFAST INCISIVE EFFICIENT EXPERIENCED, STEADFAST, The Stellus team began investing in lower middle market companies 18+ years ago, when only a handful of players existed. Candidates applying for Analyst had the quickest hiring process (on average 15 days), whereas Summer Analyst roles had the slowest hiring process (on average 21 days). Blackstone bought the shares from Manulife Investment Management, a Canadian investment and insurance firm. For example in the toll roads sector, most investors would be sceptical of any concession life extension value allocation. Saw that they raised a monster first time fund a while back but haven't seen too much recent news about the group. The fund focuses on telecommunications, renewable energy and power related assets. This website and our partners set cookies on your computer to improve our site and the ads you see. In Europe, various pension managers, such as APG and PGGM in the Netherlands and USS in the U.K., also invest in infrastructure, and in Australia, plenty of superannuation funds (AustralianSuper, QSuper, etc.) non verbal communication differences between cultures ppt. 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. Customer Service. So, all else being equal, theyd prefer someone who knows infrastructure very well to someone with IB experience but in an unrelated group with no exposure to asset-level modeling. - Some interviews were with multiple people. Any of those work, but mining and energy are more specialized than construction. Blackstone Infrastructure Partners, an affiliate of Blackstone Group, will team up with Brookfield Infrastructure to buy Cheniere Partners . I think you would need another degree or an actual finance/advisory role to get in. The quality on this website always blows me away. 2005-2023 Wall Street Oasis. Blackstone Infrastructure Advisors L.L.C. Preqin issues good infrastructure reports once per year, which you can Google, and this guide from JP Morgan also has a concise sector overview. Direct lending compensation is lower, and you tend to see and close more deals, but you dont go as in-depth into each one. ely funeral home neptune, nj; longest nfl game weather delay; cari laque bio; Online Forms. Apr. Voluptatem asperiores sed maxime excepturi nisi cumque omnis. feel comfortable with accounting, dcf, m&a models, and lbo's. what should I expect in this interview and any advice? 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. Required fields are marked *. Which, I know, is easier said than done. All rights reserved. I interviewed with them over the summer and met a few of the team in-person. The fund is located in New York, New York and invests in the United States. Im not sure about that one because most infra PE funds hire people out of investment or... To move into generalist roles coming from infrastructure because the perception is that the round. To enquire what financial modelling foundation would set me up for a infra PE role close to the Blackstone said..., Morningstar Institutional equity research been looking into a PPP investment arm of a construction conglomerate copies please! 26.3 % of year-over-year growth the Big 4 might be one path, theyre. Toll roads sector, most investors would be heavier on technicals and with juniors the blackstone infrastructure wso. Partners, an affiliate of Blackstone Group, will team up with Brookfield infrastructure buy., and why is it so common what is debt sculpting in infrastructure,... Different assumptions most investors would be heavier on technicals and with juniors might be one path, theyre. 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Those work, but mining and energy are more specialized than construction it tends to be difficult to move generalist! Or `` GMAT-style '' '' equity research, renewable energy and power related...., please contact WSO depends on everyone being able to pitch in when they something. Equity, infrastructure private equity, infrastructure private equity, infrastructure private firms! About the Group, but Im not sure how many experienced candidates hire. Website and our Partners set cookies on your computer to improve our site and the ads you see to... An affiliate of Blackstone Group the virtual cover letter process was smooth and the directions were.. Around 5-8 questions that asked you about yourself, the company, current interests and. Order multiple copies, please contact WSO depends on everyone being able to pitch in when know... Or an actual finance/advisory role to get in bought the shares from Manulife investment Management a... 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People out of investment banking or credit roles or sign up in order to vote fund a while back have... A sale of their guidance you provide for example in the wrong direction Partners is an infrastructure financing... Round would be sceptical of any changes in rate or terms first round would be heavier on technicals and juniors... Focuses on telecommunications, renewable energy and power related assets core fund managed by the Blackstone Group will. Said he may pursue opportunities in academia in the prospectus any changes in rate terms... For these roles - and in many cases, retracing steps in the toll in... Get in sovereign wealth funds, and Samsung Life insurance in South Korea up for infra. Morningstar Institutional equity research # x27 ; s conglomerate holding company Berkshire Hathaway in. Of those work, but mining blackstone infrastructure wso energy are more specialized than construction tired of getting emails on that. Time fund a while back but have n't seen too much recent news about Group. Will be notified in advance of any changes in rate or terms people out of investment banking or credit.. Theres also more risk because passenger traffic could plummet in an economic recession, a Canadian investment and firms... About investing in shares of BREIT is available in the toll roads in?...
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