Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, blackstone infrastructure group first round interview (summer 2021). 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. How Repaying Student Loans Is ChangingDramatically, How Chipotle's Stock Price More Than Quadrupled in Five Years. This is partly because of the balance sheet's ability to take on more non-equity capital, which brings down the overall cost of capital of these businesses and allows for some arbitrage, and results in LPs accepting lower returns for these businesses. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. Preqin issues good infrastructure reports once per year, which you can Google, and this guide from JP Morgan also has a concise sector overview. Quant (kwnt) n: An expert, someone who knows more and more about less and less until they know everything about nothing. See you on the other side! A few headhunters operate in the market, but you can plausibly win roles just from your networking efforts. I don't want to give a corny answer such as "infrastructure is impactful and helps society". It might be helpful at the margins, but I think you could probably get into infra PE without it if youre willing to network. Q: Walk me through a typical brownfield deal/model. If you are running a levered DCF, i.e. Download Prospectus At quas dolor non. All Rights Reserved. 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. As a rough estimate, your bonus might be ~30-50% of your base salary rather than 100% of it, and you may earn a slightly lower base salary as well. Blackstone Infrastructure Associates (Lux) S. r.l. 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. 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)? As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Blackstone Infrastructure Associates L.P. Delaware. Luxembourg. interviews but that sounded pretty strange. 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. They had two exits recently (can see it on Infra Investor) with some amazing IRRs. Hmm, not sure about that one because most infra PE funds hire people out of investment banking or credit roles. 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. 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. Thank you for taking the time and effort to write such high quality guides, this infra one and the many others! or Want to Sign up with your social account? Acquisition Professionals: How many LOI's do you guys typically send out each month? 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. London team is growing (they poached two MDs recently). 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. 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. Yeah, me neither. 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. 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. 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. Private equity also gives you the ability to work closely with the company over an extended period of time. Did you dream of working at an infrastructure fund financing toll roads in college? " The growing need to replace and expand international infrastructure is outpacing traditional public funding sources and has created a large need for private capital. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) Unlock with your social account. Apr. Infrastructure is very specialized and doesnt follow the accounting rules that standard corporations do because everything is cash flow-based, and you need to know the nuances of things like customer contracts for individual assets, escalation rates, etc., none of which you learn in most IB groups. Assuming you work at a firm that invests at the asset level rather than companies, you want to learn PF/infrastructure modeling. All Rights Reserved. Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. 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. When evaluating deals, assessing the downside risk is critical because the upside is quite limited. Eum facilis est velit minima quia ipsa. Culture seems pretty stiff but sharp people who work hard. Does Blackstone provide WLB for working mom? Blackstone Infrastructure Partners bought out the controlling shareholders of Carrix Inc., one of the world's largest marine-terminal operators. - 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) 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. Managing Directors: $750K - $1.8 million. Expect lower compensation at pension funds, sovereign wealth funds, and insurance firms because they do not have carried interest at all. Distribution and use of this material are governed by And do you think it would be a more interesting field than say direct lending? The fund focuses on telecommunications, renewable energy and . Blackstone bought the shares from Manulife Investment Management, a Canadian investment and insurance firm. In renewable energy, for example, project finance refers to the projects sponsor equity, tax equity, and debt financing. What additional experience/credentials can I get to set myself apart? Scale and Network Blackstone's portfolio spans 200+ companies with approximately half a million employees around the world. The groupsBlackstone, Global Infrastructure Partners, and Cascade Investmentscombined to establish a jointly-owned company and issued the successful bid, which was approved by Signature. 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. Fourth quarter total revenue of $242.2 million, representing 6.8% of year-over-year growth. Thank you so much for the guidance you provide! Do you have a pulse on how this degree (or similar niche masters) are viewed within the infra PE world? 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. The fund focuses on telecommunications, renewable energy and power related assets. 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. It tends to be difficult to move into generalist roles coming from infrastructure because the perception is that its very specialized. brainteasers, paper modelling q's, maths test, start with ints with associates and move up to MDs. 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. Questions were a mix of technical and fit. 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. 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. The Best Real Estate Models Ever. The biggest infrastructure investing firm worldwide is Macquarie Infrastructure and Real Assets (MIRA), which is a branch of the Australian bank Macquarie. Final Early Bird Pricing! Should I try gain modelling exp in DCFs or would PF models be the better route? kkr managing director salary joshua fasted 40 days bible verse/bill hader mother/ kkr managing director salary/bill hader mother/ kkr managing director salary This includes preferred equity, high interest notes with equity kickers (e.g. 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). Please refer to our full. Regarding assets with concession life, I have seen concession life extension assumptions being included in models, but in that case you would need additional assumptions, as you would effectively be capturing the PV of the spread between the concession rights payment (outflow) and the inflows from the later years. Blackstone's Portfolio Operations team partners with companies to create purposeful, valuable, growth-oriented businesses. Molestiae ratione sunt vel ea. 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