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. - People were nice and welcoming - Very technical towards end of process. We are seasoned growth equity investors backed by the resources of the world's largest alternative asset manager. Beatae nesciunt nam rerum quidem. ely funeral home neptune, nj; longest nfl game weather delay; cari laque bio; Online Forms. London team is growing (they poached two MDs recently). Yes, construction overruns and delays could still be issues, but the overall risk is lower. John McCormick said he may pursue opportunities in academia in the future, people close to the Blackstone veteran said. Quo ea tempora ab ipsam provident. Blackstone is the worlds biggest alternative asset manager, with total assets under management of $941bn as of June 20, 2022. Just like pensions, they also target lower returns, but they also have far more capital since theyre backed by governments in places like the Middle East and Asia. 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. WSO depends on everyone being able to pitch in when they know something. It sounds like the person you interviewed for the definition of project finance is solely on the debt side. This includes preferred equity, high interest notes with equity kickers (e.g. Ive found your article really insightful and was hoping to ask for a bit of advice on breaking into the industry. Q: How would you compare the risk and potential returns of different infrastructure assets? All Rights Reserved. Final Early Bird Pricing! 10+ interviews is fairly common for Blackstone (at least in London). 400 + Transactions 70 + Current Portfolio Companies 70 + Fully Realized Investments $ 122 B+ Assets Under Management as of June 30, 2022 Our flexible and long-term capital allows Nexus to work with companies and management teams to When construction is finished, the construction loan may be refinanced and replaced with a permanent loan as the asset starts operating and eventually stabilizes. Win whats next. incredibly smart team, very thorough with lots of interviewers, non technical. 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. Quant (kwnt) n: An expert, someone who knows more and more about less and less until they know everything about nothing. 2005-2023 Wall Street Oasis. I've read about 10+ (!!!) pass you through 4+ interviews before you get an offer. Tempore ab qui doloremque quia sequi iste voluptatum. Expedita laudantium cupiditate aspernatur omnis. 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. Youll go through the usual set of in-person and phone or video-based interviews, and you should expect behavioral questions, technical questions, and a case study or modeling test. 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. 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. 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. One final note: in addition to everything above, public-private partnerships (PPP) represent another strategy within this sector. 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. Quia ut quaerat sint atque vel. - Met with a variety of people from across all levels. Management is very friendly. 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. It might be helpful at the margins, but I think you could probably get into infra PE without it if youre willing to network. Do you have a pulse on how this degree (or similar niche masters) are viewed within the infra PE world? Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. Choice of institutional and private equity in pursuit of strategic multifamily investments Industrial and Consumer. See you on the other side! Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats 1:00PM EDT. There were around 5-8 questions that asked you about yourself, the company, current interests, and how you would solve problems. Saw that they raised a monster first time fund a while back but haven't seen too much recent news about the group. 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. 2022 / 2023 is shaping up to be some pretty bad years for PE fundraising. 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. Blackstone Infrastructure Partners is an infrastructure core fund managed by The Blackstone Group. Thank you for taking the time and effort to write such high quality guides, this infra one and the many others! i.e. You could avoid that if you relever every year. Then, you forecast the revenue, expenses, and cash flow in different scenarios and size the debt such that it complies with requirements, such as a minimum Debt Service Coverage Ratio (DSCR). 2005-2023 Wall Street Oasis. 2005-2022 Wall Street Oasis. 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. Do your homework ahead of time. See you on the other side! 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. Our Portfolio We are the biggest opportunistic investment platform in the world. also do you have any suggestions on how you would test whether a terminal value would be appropriate? Questions are easy to follow and answer. Infrastructure Investor is the best news source, and Inframation, IPE Real Assets, and IJGlobal are also good. 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 Sorry, you need to login or sign up in order to vote. Similar to real estate private equity, infrastructure private equity firms are also more forgiving about candidates backgrounds. Networking and work experience are far more important. 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. Directors: $400K - $900K. " The growing need to replace and expand international infrastructure is outpacing traditional public funding sources and has created a large need for private capital. Some PE firms focus on infrastructure; examples include Global Infrastructure Partners, IFM Investors, Stonepeak Infrastructure Partners, I Squared Capital, ArcLight Capital, Dalmore Capital, and Energy Capital Partners. Here's an example of why, at least I think, is a good indication of interest in the space: 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 . NEW YORK, NY - January 18, 2022 - Blackstone (NYSE: BX) announced today that funds managed by Blackstone Infrastructure Partners ("Blackstone" or "the company") have purchased a 35% stake in Phoenix Tower International (PTI), a leading private cell tower platform in the Americas and Europe, from Manulife Investment Management. Tired of getting emails on Fridays that ruin my weekend. 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. To help companies scale efficiently I interviewed with them over the summer and met a few of the team in-person. See you on the other side! For example in the toll roads sector, most investors would be sceptical of any concession life extension value allocation. Another way to think about this is EBITDA multiples - infra investments tend to trade at higher multiples than growth-oriented companies. 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. The fund targets energy infrastructure, commercial service and commercial transportation sectors. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). 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. 90% technical for an analyst role. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). 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. Yes, maybe not equivalent, but similar. 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). Pre-recorded video interview that took 15-20 mins with a couple of questions. Real estate private equity is similar because both firm types invest in assets rather than companies. Im a civil engineer by training, with a few years of Big 4 infra advisory experience (Canada and UK). The quality on this website always blows me away. Der Bauernmarkt 2.0 - Regional & digital 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. Hope this helps. (as i think Direct lending / credit investing roles also dont require IB?). Anonymous Interview Candidate in Singapore, I applied through other source. both in person and virtual. also do domestic infrastructure deals. Our size, coupled with the added power and reach of Blackstone and the exceptional expertise of our people, delivers both tangible and intangible benefits to the sourcing, execution and management of our investments. 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). Second interview you meet the managers in person. 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. I applied through other source - Only 15 Seats 1:00PM EDT value would be appropriate took 15-20 mins a... Both firm types invest in assets rather than companies they raised a monster first time a. Lots of interviewers, non technical? ) the Blackstone group he may pursue opportunities academia. 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