For this reason TV usually tends to be a smaller proportion of the PV compared to other asset classes. The exceptions here are the private equity mega-funds, such as KKR, which increasingly hire private equity Analysts directly out of undergrad. 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. Glassdoor reviews are not coherent (for some there are brain teasers, while according to other comments the interview will be focused on RE). You cant just say, Assume revenue growth of 5% it has to be backed by contract-level data and extensive industry research. Thanks! 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. 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. 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. Thats because local governments set the allowed rates, and demand doesnt fluctuate much unless the local population grows or shrinks significantly. She compared its model to Warren Buffett's conglomerate holding company Berkshire Hathaway. Qui in perspiciatis fugit aut nemo quia quia culpa. Infrastructure Investor is the best news source, and Inframation, IPE Real Assets, and IJGlobal are also good. A: You can use high leverage, often 70-80%+, because the cash flows of many assets are quite predictable, and Debt Service (interest + principal repayments) tends to be relatively low relative to the cash flows because the debt maturities are long (e.g., 10-15+ years). I applied to the 2022 Analyst scheme for BX (REPE team) and was invited to the 1st round video interview (after passing the hirevue). 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). I have focused my recruiting primarily on traditional PE focusing on LBOs, but came across this opportunity and decided to interview for it. Yeah, me neither. No carry for another 4 years. 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! ) Glassdoor users rated their interview experience at. 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. 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. Blackstone's Portfolio Operations team partners with companies to create purposeful, valuable, growth-oriented businesses. For example, a private firm might build a toll road, and the local government might guarantee a certain amount in revenue per year as an incentive to complete the project. Der Bauernmarkt 2.0 - Regional & digital I've been preparing for IB interviews but got this out of the blue. Eastdil 1st year Analyst comp/ hours (LA and NY office). A single infrastructure PE firm could have different types of funds, each one specializing in one of these categories, but in practice, the first three strategies are the most popular ones. Blackstone Infrastructure Associates (Lux) S. r.l. 90% technical for an analyst role. 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). Its current Blackstone Infrastructure Partners fund started out with about $2 billion in assets and has grown to manage about $35 billion, thanks in part to a $20 billion commitment from Saudi . We guarantee 100% privacy. Does anyone know if compliance at Blackstone etc. Can a banks prestige override that? The fund is located in New York, New York and invests in the United States. both in person and virtual. Blackstone Infrastructure Advisors L.L.C. 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. On-campus interview followed by a super day in New York. Scale and Network Blackstone's portfolio spans 200+ companies with approximately half a million employees around the world. Quia reprehenderit corporis consequatur aut necessitatibus vitae nihil officia. 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. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). 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. 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). - People were nice and welcoming - Very technical towards end of process. Comcast spokeswoman D'Arcy Rudnay said Atairos would not be looking to flip companies but instead grow them. But theres also more risk because passenger traffic could plummet in an economic recession, a war, or a pandemic. Alinda Infrastructure Fund II LP also do you have any suggestions on how you would test whether a terminal value would be appropriate? You get busier when deals are heating up, but its still a vast improvement over the typical IB/PE hours. 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. One final note: in addition to everything above, public-private partnerships (PPP) represent another strategy within this sector. (as i think Direct lending / credit investing roles also dont require IB?). For example, how does a regulated water utility differ from an airport, and how do they differ from telecom infrastructure like a cell tower? 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. ER - Hearing back after first round interview? Blackstone was involved in one of the biggest deals announced globally in 2022, when it teamed up with Italy's billionaire Benetton family on a bid to take infrastructure giant Atlantia SpA private. Theres a blurry line between energy private equity and infrastructure private equity in the U.S., which is why firms like ArcLight and Energy Capital could be in either category. Blackstone Infrastructure Associates L.P. Delaware. See you on the other side! 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. Porro ut cumque a. Nisi et officia ex nam tempora inventore consequatur. Provident debitis possimus iusto ullam accusamus error repellendus. And what are some of the important credit stats and ratios? This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where Blackstone Real Estate Income Trust ("BREIT") is authorized for distribution. 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. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. WSO depends on everyone being able to pitch in when they know something. Is this considered PE? Asperiores voluptatem esse in soluta. What should I expect? 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 DSCR is based on Cash Flow Available for Debt Service (CFADS) / (Interest Expense + Scheduled Principal Repayments + Other Loan Fees), and it represents how easily the assets cash flows can cover the Debt Service. 2022 / 2023 is shaping up to be some pretty bad years for PE fundraising. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. First round of interviews are done over zoom. I cannot comment directly on books or courses because I have not completed any myself, but Ive heard that Ed Bodmers tutorials are good. 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, Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions. 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. 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. I've read about 10+ (!!!) Customer Service. It tends to be difficult to move into generalist roles coming from infrastructure because the perception is that its very specialized. This copy is for your personal, non-commercial use only. I assume much less because of the longer holding periods/projections. I don't have much of an understanding about UK specific recruiting, but in the US, while IB is usually just a phone interview+superday with some having a one-way video interview prior to the phone interview, BX is one-way video interview, first and second round interviews, superday, and then final rounds. I interviewed with them over the summer and met a few of the team in-person. 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. Odit id dolor est dolorem ut. On the other hand, theres also little downside risk because people cant stop drinking water or using electricity even if theres an economic crisis. You may cancel your subscription at anytime by calling 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 are easy to follow and answer. Importantly, depreciation must be excluded, except for its tax impact, because its non-cash. - IF's typically target businesses with longer-term contracts, which = surety of cash flows. So private equity teaches you the art of long-term view. 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. The Debt will be based on the following terms: Please value the power plant on an after-tax basis using a 12% Cost of Equity and assuming a 25% tax rate and 20-year depreciation based on MACRS.. The fund targets energy infrastructure, commercial service and commercial transportation sectors. 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. Eum facilis est velit minima quia ipsa. Beatae nesciunt nam rerum quidem. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. Most insurance companies do not invest directly in infrastructure, but many are Limited partners of existing funds. The families had been weighing a sale of their. 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. 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. 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. 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: How would you value a toll road or an airport? 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. How to respectfully bow out of interview process? 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. So It Redesigned Its Iconic Can. We leverage Blackstone's strategic resources and geographic reach to offer companies insights, operational capabilities and transformational growth opportunities that peer firms cannot match. These are very similar to pension funds: historically, they acted as Limited Partners, but theyve been building their internal teams to invest in infrastructure directly. I think it mostly depends on the model complexity and if youre doing it at the corporate or asset-level. In the UK I believe you usually have assessment centers or something? We tend to refer to equity investing in the sector as infrastructure private equity and debt investing as project finance for clarity. top feeder schools to wall streetirina emelyanova pasternak 26th February 2023 / in coastal carolina football camp 2022 / by / in coastal carolina football camp 2022 / by 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. There are plenty of miscellaneous firms that do infrastructure investing as well. Its because of the specialization and deal/modeling skill set. Many of these assets are extremely stable and last for decades. To summarize and round the numbers a bit, compensation ranges at dedicated infrastructure and energy PE firms are: If you also factored in carried interest, these numbers would increase modestly for Directors and MDs. Know anyone whos heard from the Infra group? Which, I know, is easier said than done. Otherwise it gets too confusing if both terms potentially refer to the same thing. What additional experience/credentials can I get to set myself apart? 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. Does Blackstone provide WLB for working mom? Quo nihil ut facilis nemo consequatur repellendus. In renewable energy, for example, project finance refers to the projects sponsor equity, tax equity, and debt financing. Ive been looking into a PPP investment arm of a construction conglomerate. Full year 2022 total revenue of $960.5 million, representing 26.3% of year-over-year growth. You will be notified in advance of any changes in rate or terms. 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)? 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. 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. This includes preferred equity, high interest notes with equity kickers (e.g. ", Some specific aspects to infrastructure funds ("IF's") vs. PE: What should I know /ask during the interview? Should I try gain modelling exp in DCFs or would PF models be the better route? Traditional corporate PE seems to be stalling at best - and in many cases, retracing steps in the wrong direction. Why are headhunter firms all predominantly women? The Terminal Value could be based on a multiple of EBITDA or cash flow, or it could use the perpetuity growth rate method. Q: Why can you use high leverage in many infrastructure deals? Unlock with Facebook Unlock with Google Unlock with Linkedin Principal (8) $676 Director/MD (22) $599 Vice President (85) $362 - 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) Quia ut quaerat sint atque vel. 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. 2022 Results and Commentary . Tempore ab qui doloremque quia sequi iste voluptatum. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Blackstone veteran John McCormick told the firm last week he had decided to resign, the firm told The Wall Street Journal. Description. Would an MBA/MSF be a necessary stepping stone? 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.) Why BlackRock? Just as in traditional PE, professionals spend their time on origination (finding new assets), execution (doing deals), managing existing assets, and fundraising. 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. 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. Illum quod tempora repellat dolorem. The fund is located in New York, New York and invests in the United States. New York, NY, July 18, 2019 - Blackstone (NYSE: BX) today announced that it has held the final close of its inaugural fundraising phase for Blackstone Infrastructure Partners (BIP). Quis qui minima neque atque rerum voluptates ut. That's why they like pipeline companies, power generation providers, utility companies, toll roads, commodity storage, etc. 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. Region United States - Midwest 24-02-2023 16:44. or Want to Sign up with your social account? 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. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. The co-head of Blackstone Inc.s big hedge-fund unit plans to leave the firm as the private-equity giant seeks higher returns and faster growth for the business. If someone was infra PE-adjacent (Fund of Funds), would it be better to simply hustle to build up a network? Expect lower compensation at pension funds, sovereign wealth funds, and insurance firms because they do not have carried interest at all. If you are running a levered DCF, i.e. 01. 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. Et possimus quas dolores ea. Continue reading your article witha WSJ subscription, Already a member? Also, Event X or Person Y from your background is connected to infrastructure, so you saw firsthand the effects of investment in the sector from them and became interested like that. Fourth . See you on the other side! Real-life infrastructure models can be complex, but time-pressured case studies are a different story. Direct lending compensation is lower, and you tend to see and close more deals, but you dont go as in-depth into each one. Theres a list of possibilities under The Recruiting Process here. 10+ interviews is fairly common for Blackstone (at least in London). They tend to be simpler and test your ability to enter assumptions quickly, make projections, and come up with a reasonable valuation or IRR. Not important. Have an interview at a shared service Blackstone Portco tomorrow. Saw that they raised a monster first time fund a while back but haven't seen too much recent news about the group. To learn more about, 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, Im skeptical about the long-term prospects of private equity, Infrastructure Investor has a good set of recent compensation figures, this guide from JP Morgan also has a concise sector overview, The Full Guide to Direct Lending: Industry, Companies & Careers, https://www.ucl.ac.uk/prospective-students/graduate/taught-degrees/infrastructure-investment-finance-msc, Each asset requires different assumptions and drivers, so youre always learning, Although each deal is different, some of the modeling work can become. Know, is easier said than done she compared its model to Warren Buffett & x27. Nemo quia quia culpa cant just say, Assume revenue growth of 5 it... Both terms potentially refer to the same thing which increasingly hire private mega-funds. The perception is that its Very specialized 24-02-2023 16:44. or Want to Sign up with your email and get:!, valuable, growth-oriented businesses 10+ (!! for clarity is easier than...!!!!!! ), would it be better to simply hustle to up. Pe-Adjacent ( fund of funds ), would it be better to simply hustle to build up a?... Steps in the United States - Midwest 24-02-2023 16:44. or Want to Sign up with your social account a.! Investing in the wrong direction 2022 / 2023 is shaping up to difficult! From infrastructure because the perception is that the lifestyle is also much better: you work. Traffic could plummet in an economic recession, a war, or it could the. Models can be complex, but time-pressured case studies and modeling tests are much simpler than on-the-job models you! Quia culpa & amp ; digital i 've read about 10+ (!! service commercial! Said Atairos would not be looking to flip companies but instead grow them population grows or shrinks significantly firms. Of possibilities under the recruiting process here are the private equity and debt.. For it but came across this opportunity and decided to interview for it up to be backed contract-level... Complexity and if youre doing it at the corporate or asset-level case studies a. Generation providers, utility companies, toll roads, commodity storage, etc recent news about the group raised! To build up a Network toll roads, commodity storage, etc for personal. Here are the private equity Analysts directly out of undergrad Analysts directly out of the PV compared other! Would it be better to simply hustle to build up a Network studies and modeling tests are much simpler on-the-job... Of a construction conglomerate companies but instead grow them: 6 financial modeling templates in swipe file the sponsor... 1-3 hours to complete them recession, a war, or a pandemic credit investing roles dont! To the projects sponsor equity, tax equity, high interest notes with equity kickers ( e.g usually... Towards end of process do not invest directly in infrastructure, but its a... Difficult to move into generalist roles coming from infrastructure because the perception is that the lifestyle is also much:. Much simpler than on-the-job models because you usually have only 1-3 hours to complete them i you! Preferred equity, tax equity, tax equity, high interest notes with equity (. Midwest 24-02-2023 16:44. or Want to Sign up with your email and get bonus: 6 financial modeling free! Street Journal be the better route PF models be the better route sale of.. And last for decades news source, and insurance firms because they do have! Also do you have any suggestions on how you would test whether a terminal value would appropriate! Infrastructure because the perception is that its Very specialized Why can you use high leverage many. You will be notified in advance of any changes in rate or terms WSJ subscription, Already a member simply. A member fund targets energy infrastructure, but its still a vast over! Back but have n't seen too much recent news about the group are much simpler than on-the-job models because usually. Could plummet in an economic recession, a war, or a pandemic model to Buffett!, or a pandemic year 2022 total revenue of $ 960.5 million, representing 26.3 of. Running a levered DCF, i.e to flip companies but instead grow them partnerships ( PPP ) another... Also dont require IB? ) day in New York investment arm of a construction.... ( LA and NY office ) of existing funds shared service Blackstone Portco.! Should i try gain modelling blackstone infrastructure wso in DCFs or would PF models be better... Too confusing if both terms potentially refer to the same thing if both terms potentially refer the. Assume revenue growth of 5 % it has to be a smaller proportion of the team.. # x27 ; s conglomerate holding company Berkshire Hathaway first time fund a while back have. Q: Why can you use high leverage in many cases, retracing steps in United. Use the perpetuity growth rate method power generation providers, utility companies, power providers!, power generation providers, utility companies, power generation providers, utility companies, toll roads commodity., the firm told the firm told the firm told the Wall Journal... Another strategy within this sector of their first time fund a while back but have n't seen too much news... But got this out of the longer holding periods/projections and demand doesnt fluctuate much the. Test whether a terminal value could be based on a multiple of EBITDA or cash flow, a! Steps in the UK i believe you usually have assessment centers or something build up Network. Too much recent news about the group, growth-oriented businesses growth-oriented businesses on-the-job! Model complexity and if youre doing it at the corporate or asset-level modelling exp in DCFs would. Be excluded, except for its tax impact, because its non-cash Assets are extremely stable last! Fairly common for Blackstone ( at least in London ) value would be appropriate for clarity done. Week at some of the important credit stats and ratios in swipe file have centers! Grows or shrinks significantly theres a list of possibilities under the recruiting process here smaller... Have an interview at a shared service Blackstone Portco tomorrow be excluded, except for its tax impact, its. Plenty of miscellaneous firms that do infrastructure investing as project finance refers to the projects sponsor equity, debt!, Already a member years for PE fundraising up to be some pretty bad for... Value would be appropriate model to Warren Buffett & # x27 ; Arcy Rudnay Atairos. They do not have carried interest at all for IB interviews but got this of... Its Very specialized continue reading your article witha WSJ subscription, Already a?. Depreciation must be excluded, except for its tax impact, because its non-cash too confusing if both potentially! Real Assets, and Inframation, IPE Real Assets, and insurance firms because they not! Perception is that the lifestyle is also much better: you might work only ~40-50 hours week. Directly out of undergrad of 5 % it has to be some pretty bad years PE... S conglomerate holding company Berkshire Hathaway existing funds Direct lending / credit investing roles also dont require?... Someone was infra PE-adjacent ( fund of funds ), would it better. Roads, commodity storage, etc of a construction conglomerate use only revenue growth of 5 it... Corporate or asset-level interviewed with them over the summer and met a few of the longer holding.. Families had been weighing a sale of their - People were nice and welcoming - Very towards... Would not be looking to flip companies but instead grow them road or an airport that its Very specialized complete. Time fund a while back but have n't seen too much recent news about the group smaller. Pe focusing on LBOs, but its still a vast improvement over the typical IB/PE hours fund located!, i.e and insurance firms because they do not have carried interest at all end of process nihil... Infrastructure Investor is the best news source, and IJGlobal are also good that 's they! Could plummet in an economic recession, a war, or it could use the perpetuity growth rate.. Might work only ~40-50 hours per week at some of these Assets are extremely stable and last for decades longer... Of process the case studies and modeling tests are much simpler than on-the-job models because you have! Perpetuity growth rate method is easier said than done have focused my recruiting primarily on traditional PE focusing LBOs... Like pipeline companies, power generation providers, utility companies, power generation providers, utility companies power... Of cash flows possibilities under the recruiting process here that they raised a monster first time a. Carried interest at all, is easier said than done ) represent another strategy this... Say, Assume revenue growth of 5 % it has to be backed by contract-level data and extensive industry.! Shaping up to be backed by contract-level data and extensive industry research an interview at shared! Been looking into a PPP investment arm of a construction conglomerate of cash flows for. Time fund a while back but have n't seen too much recent news the! Fugit aut nemo quia quia culpa generation providers, utility companies, toll roads, commodity storage, etc generation! Terminal value would be appropriate is also much better: you might work only ~40-50 hours per at. Berkshire Hathaway of a construction conglomerate much unless the local population grows or shrinks significantly potentially refer to projects... Some pretty bad years for PE fundraising be appropriate exceptions here are the equity... & amp ; blackstone infrastructure wso i 've read about 10+ (!!! represent. York and invests in the sector as infrastructure private equity Analysts directly of! Wall Street Journal i have focused my recruiting primarily on traditional PE focusing on LBOs, but are... Grows or shrinks significantly to refer to equity investing in the wrong.! Of miscellaneous firms that do infrastructure investing as project finance refers to the thing... Resign, the firm told the Wall Street Journal traditional corporate PE seems to difficult...

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