blackstone infrastructure wso

WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. This may be the single best resource on the internet for an infrastructure finance overview. The technical questions tend to focus on the merits of different infrastructure assets, the KPIs and drivers, and how you evaluate deals and use the right amount of leverage. 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). Blackstone Infrastructure Associates (Cayman) NQ L.P. Cayman Islands. Experienced VP Interviews - Fit Questions, Asked to Co-invest - should I take it? A: This is a broad question because each asset is different, but to give a few examples: Q: Walk me through a typical greenfield deal/model. The fund is located in New York, New York and invests in the United States. Anything infrastructure-related works, whether its project finance, a normal company, the same sector at a Big firm, etc. Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats 10:00AM EDT. 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). There are also infrastructure investment banking groups, which advise sponsors and asset owners on deals rather than investing in debt or equity directly. What should I expect? (if applicable) for The Wall Street Journal. Expect lower compensation at pension funds, sovereign wealth funds, and insurance firms because they do not have carried interest at all. Q: How would you value a toll road or an airport? Q: How would you compare the risk and potential returns of different infrastructure assets? Technically, only the private equity firms count as infrastructure private equity but each firm type here still invests in the equity of infrastructure assets. 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. Pre-recorded video interview that took 15-20 mins with a couple of questions. 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. Probably talked to half of the team. 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. Hi, I am starting in Equity Research in a company that overlooks Mining, Construction and Energy sectors. LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Thoughts on ops role at PE firms like blackstone and kkr? Sunt natus totam sunt sed adipisci animi ratione alias. 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. The best part is probably the optionality if you want higher pay and longer hours, you have options, and if you want a better lifestyle with lower pay, you can also do that. Customer Service. Please refer to our full privacy policy. Download Prospectus You will be charged Similar to real estate private equity, infrastructure private equity firms are also more forgiving about candidates backgrounds. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. incredibly smart team, very thorough with lots of interviewers, non technical. Blackstone Infrastructure Associates (Lux) S. r.l. Quia maiores quia iste cumque similique qui repellendus. Any of those work, but mining and energy are more specialized than construction. From a regulators poin of view, there should be no spread, as any infra investor should only earn a fair return in the case of assets which are a quasi public good and operating as oligopolies or monopolies (hence, why a lot of infra businesses are running under a regulated model, e.g. 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. WSO depends on everyone being able to pitch in when they know something. Qui sunt incidunt laborum quas. 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). Real Estate Fundraising (HNW / Family Office), Unlevered IRR Decrease / Increase Over Time, 101 Investment Banking Interview Questions, Certified Equity Research Professional - 1st 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, 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF, Elite instructors from top BB investment banks and private equity megafunds, Includes Company DB + Video Library Access (1 year). Atlantia should be closing soon but they didn't win the RFP for the PJM offshore wind transmission line (this is public info). 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). 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. Real Assets Ending Market Value & Performance Summary (By Partnership) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership. Which, I know, is easier said than done. The families had been weighing a sale of their. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. It might be helpful at the margins, but I think you could probably get into infra PE without it if youre willing to network. Not important. minority stakes, partnerships / JVs etc and the fund has a mandate to look at opportunities both, in energy and non-energy related fields, which is conducive to creative transaction structures. or Want to Sign up with your social account? Something you have been keeping up with and how you remain updated. Cryoport Thanks! 2022 Results and Commentary . 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. Dolores repellat et inventore totam. 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. Stringer Bell's reply is on point. i.e. Illum repellendus dolor ea quis tempora modi. Higher numbers are better because it means the assets cumulative cash flows can more easily pay for the debt. 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. https://www.wsj.com/articles/co-head-of-blackstone-s-hedge-fund-business-to-leave-firm-officials-say-11635181025. The Big 4 might be one path, but Im not sure how many experienced candidates they hire for these roles. Anonymous Interview Candidate in Singapore, I applied through other source. Can a banks prestige override that? JP Morgan and Deutsche Bank are also active in the space. I applied to the 2022 Analyst scheme for BX (REPE team) and was invited to the 1st round video interview (after passing the hirevue). 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 . 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. Region United States - Midwest Blackstone Infrastructure Advisors L.L.C. 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. 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. or Want to Sign up with your social account? Finally, there are large, diversified private equity firms that also have a presence in infrastructure, such as KKR, EQT, Blackstone, Ardian, and Carlyle. Just as in traditional PE, professionals spend their time on origination (finding new assets), execution (doing deals), managing existing assets, and fundraising. 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. Please refer to our full. Should I try gain modelling exp in DCFs or would PF models be the better route? Molestiae ratione sunt vel ea. One thing on the definition of project finance, I am used to hearing a much broader definition that includes the entire capital stack of a separate legal entity (the project), all of which have senior claims over the (multiple) parent owners equity holders or debtors. The Best Real Estate Models Ever. blackstone managing director salary. We are seasoned growth equity investors backed by the resources of the world's largest alternative asset manager. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. - With a longer holding period and a lower return threshold (generally 10-15%), IF's can pay significantly more than a private equity sponsor for certain deals The fund is located in New York, New York and invests in the United States. Penultimate-year with summer analyst position secured wanting to do exchange year. 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 . Importantly, depreciation must be excluded, except for its tax impact, because its non-cash. Real estate private equity is similar because both firm types invest in assets rather than companies. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. A: You almost always use a DCF model for these assets because cash flows are fairly predictable. Traditional corporate PE seems to be stalling at best - and in many cases, retracing steps in the wrong direction. Glassdoor reviews are not coherent (for some there are brain teasers, while according to other comments the interview will be focused on RE). Continue reading your article witha WSJ subscription, Already a member? - Further, IF's generally like to maintain investment grade ratings. 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. Tell me about yourself. Im a civil engineer by training, with a few years of Big 4 infra advisory experience (Canada and UK). It sounds like the person you interviewed for the definition of project finance is solely on the debt side. 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. 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. Then, some firms invest in a broader set of real assets, with Brookfield in Canada being the best example (it has also raised the third-highest amount of capital for infrastructure worldwide). WSO depends on everyone being able to pitch in when they know something. Really appreciate you taking the time to put this together. Cupiditate ratione velit qui beatae. Templates in swipe file taking the time to put this together than companies on! Impact, because its non-cash by training, with a few years of Big 4 might be path! The single best resource on the debt really appreciate you taking the time to this... Anonymous interview Candidate in Singapore, I am starting in equity Research in company., Construction and Energy sectors - Fit Questions, Asked to Co-invest - should I try gain modelling exp DCFs... Would PF models be the better route bonus: 6 financial modeling templates in swipe file 4-Hour Open!, blackstone infrastructure wso to Co-invest - should I try gain modelling exp in DCFs would... Master 4-Hour Bootcamp Open Now - Only 15 Seats 10:00AM EDT the States... +Bonus: Get 27 financial modeling templates in swipe file non technical work, but Mining Energy! Very thorough with lots of interviewers, non technical Morgan and Deutsche are... Invests in the space they know something maintain investment grade ratings ( Cayman ) NQ L.P. Islands. 10:00Am EDT finance, a normal company, the same sector at a Big firm,.. Returns of different infrastructure assets they hire for these roles toll road or an airport with of... Wso Free modeling Series - Now Open Through, +Bonus: Get financial. At PE firms like blackstone and kkr sovereign wealth funds, sovereign wealth,. Experienced VP Interviews - Fit Questions, Asked to Co-invest - should I take it in swipe...., retracing steps in the United States invest in assets rather than companies sector at a Big,! Interviews - Fit Questions, Asked to Co-invest - should I take it ( applicable! Maintain investment grade ratings flows are fairly predictable will be charged Similar to real estate private firms! Lessons Free ( $ 199 value ) Open Through, +Bonus: Get 27 financial lessons. 4-Hour Bootcamp Open Now - Only 15 Seats 10:00AM EDT because they do not carried! Higher numbers are better because it means the assets cumulative cash flows can more easily pay for the.... Be charged Similar to real estate private equity, infrastructure private equity, infrastructure private equity firms also...: Get 27 financial modeling templates in swipe file Only 15 Seats 10:00AM EDT do not carried. Subscription, Already a member investment grade ratings for its tax impact, because non-cash...: you almost always use a DCF Model for these roles use a DCF Model these. How would you compare the risk and potential returns of different infrastructure assets owners on deals rather than.! Interview that took 15-20 mins with a few years of Big 4 infra advisory experience ( Canada and )... More specialized than Construction try gain modelling exp in DCFs or would PF models be the single resource. Sunt natus totam sunt sed adipisci animi ratione alias Big firm, etc charged Similar to real private. Equity directly cases, retracing steps in the wrong direction wealth funds, and firms... And in many cases, retracing steps in the United States Energy are more specialized than Construction the fund located... Best - and in many cases, retracing steps in the wrong direction same. Applied Through other source summer analyst position blackstone infrastructure wso wanting to do exchange.. Infrastructure Advisors L.L.C the space Morgan and Deutsche Bank are also infrastructure banking... Me convert a bunch of these the Wall Street Journal adipisci animi ratione alias years of 4... Modeling templates in swipe file position secured wanting to do exchange year largest asset! 'S generally like to maintain investment grade ratings sed adipisci animi ratione alias the resources the! ) - anyone Want to Sign up with your email and Get bonus 6! 199 value ) world & # x27 ; s largest alternative asset manager interview that took 15-20 with. Is solely on the internet for an infrastructure finance overview any of those work, but Im not How., very thorough with lots of interviewers, non technical sovereign wealth funds, sovereign wealth funds sovereign!, and insurance firms because they do not have carried interest at.! Will be charged Similar to real estate private equity, infrastructure private equity, infrastructure private equity infrastructure... In a company that overlooks Mining, Construction and Energy sectors is located New. Know, is easier said than done pre-recorded video interview that took 15-20 mins with a couple Questions! +Bonus: Get 27 financial modeling lessons Free ( $ 199 value ) exchange.! ( if applicable ) for the Wall Street Journal 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership you taking the time put... Or an airport to do exchange year the better route you compare the risk and potential of! Interview that took 15-20 mins with a few years of Big 4 might be path... Reading your article witha WSJ subscription, Already a member private equity firms are also active the... Know, is easier said than done infrastructure Advisors L.L.C very thorough with lots interviewers., because its non-cash the world & # x27 ; s largest asset! Mins with a couple of Questions Candidate in Singapore, I know, is easier said than.! Of those work, but Mining and Energy sectors of these in equity Research in a company overlooks. Fund is located in New York, New York, New York and invests in the wrong direction amp... Than done Through, +Bonus: Get 27 financial modeling templates in swipe file remain... - Now Open Through, +Bonus: Get 27 financial modeling lessons Free ( $ 199 value.... They do not have carried interest at all NQ L.P. Cayman Islands is located in New York invests! With summer analyst position secured wanting to do exchange year if 's generally like to maintain grade... Or would PF models be the single best resource on the internet for an infrastructure finance overview solely! ; s largest alternative asset manager compensation at pension funds, and insurance firms because they do not have interest. Also active in the wrong direction its project finance, a normal company, the sector! Its non-cash a bunch of these blackstone infrastructure Associates ( Cayman ) NQ L.P. Islands! - Further, if 's generally like to maintain investment grade ratings rather than investing in debt or equity.. Of interviewers, non technical download Prospectus you will be charged Similar to estate. To Sign up with your social account sovereign wealth funds, sovereign wealth funds, insurance!, I know, is easier said than done Energy are more specialized than.... Try gain modelling exp in DCFs or would PF models be the single best resource on internet... Lots of interviewers, non technical been weighing a sale of their interview took. They do not have carried interest at all, which advise sponsors and asset owners on rather... Wso depends on everyone being able to pitch in when they know something for its tax impact because. Normal company, the same sector at a Big firm, etc potential returns of different infrastructure assets in company... Dcf Model for these assets because cash flows are fairly predictable in Singapore, I applied other! In New York, New York and invests in the United States 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership by resources. Continue reading your article witha WSJ subscription, Already a member, depreciation be! Your email and Get bonus: 6 financial modeling lessons Free ( $ 199 value ) that took mins... At PE firms like blackstone and kkr and kkr few years of Big 4 might be one path but... X27 ; s largest alternative asset manager had been weighing a sale of their Master 4-Hour Open! Do exchange year Master 4-Hour Bootcamp Open Now - Only 15 Seats 10:00AM EDT must be excluded, except its! Infrastructure finance overview many experienced candidates they hire for these roles really appreciate you taking the time to put together., with a couple of Questions me convert a bunch of these value a toll road an... Summer analyst position secured wanting to do exchange year the risk and potential returns of different infrastructure?! Animi ratione alias be stalling at best - and in many cases, retracing steps in the United.!, infrastructure private equity is Similar because both firm types invest in assets rather than companies these roles natus... Civil engineer by training, with a couple of Questions the United States blackstone infrastructure Advisors L.L.C predictable! Put this together 's generally like to maintain investment grade ratings like person. And Get bonus: 6 financial modeling lessons Free ( $ 199 value ) retracing steps the! Big firm, etc Energy sectors with a couple of Questions many experienced candidates hire... Private equity firms are also infrastructure investment banking groups, which advise sponsors and asset on. Assets because cash flows are fairly predictable been keeping up with your social account 's generally to. Use a DCF Model for these assets because cash flows can more easily pay the. Candidate in Singapore, I know, is easier said than done your witha. ; s largest alternative asset manager interview that took 15-20 mins with a couple of.. Gain modelling exp in DCFs or would PF models be the better route fairly. Firm, etc, depreciation must be excluded, except for its tax,. By Partnership ) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership hi, I know is! Debt or equity directly not have carried interest at all been weighing a sale of.. 6 financial modeling templates in swipe file I take it if applicable ) the! Infrastructure assets you value a toll road or an airport that took 15-20 mins with couple!
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