At what point is it worth leaving your job and running your own firm? The MBA/MSF route is safer but also costs more time and money. 2005-2023 Wall Street Oasis. You might be interested in The Full Guide to Direct Lending: Industry, Companies & Careers. If youre already familiar with Excel, LBO modeling, and/or real estate financial modeling, these tests should not be that difficult. Is there a path to Infra PE with this background? WSO depends on everyone being able to pitch in when they know something. Blackstone Infrastructure Partners is an infrastructure core fund managed by The Blackstone Group. Your email address will not be published. Yes, that may be true. For example, how does a regulated water utility differ from an airport, and how do they differ from telecom infrastructure like a cell tower? Sint sint eos cumque eos fuga. I've read about 10+ (!!!) 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. 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. free cash flow to equity, for a perpetual asset it is common that the asset is relevered on an ongoing basis to an optimized capital structure, so it is important to make sure that the free cash flow that you are using for your TV is reflective of a normalized debt capital inflow, i.e. 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. Online asynchronous interview where you are given a question and are then expected to record your response. Curious what kind of infra technicals they could ask you. I have focused my recruiting primarily on traditional PE focusing on LBOs, but came across this opportunity and decided to interview for it. One final note: in addition to everything above, public-private partnerships (PPP) represent another strategy within this sector. Blackstone veteran John . You could avoid that if you relever every year. Thank you for taking the time and effort to write such high quality guides, this infra one and the many others! You are only given one attempt per question and are expected to finish your answer within a minute. Interest on the debt is capitalized during the construction period. What is a blackstone endeavor/initiative that you find interesting? 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. Hi Brian I wanted to enquire what financial modelling foundation would set me up for a Infra PE role. So private equity teaches you the art of long-term view. Delaware. Quo ea tempora ab ipsam provident. landlort ports in the UK). Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats 1:00PM EDT. 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. Overall, infrastructure private equity sits above fixed income but below equities in terms of risk and potential returns; it might be comparable to mezzanine funds. In terms of methodology, people tend to use both perpertuity and multiple based methodologies. 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. 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. Fourth quarter total revenue of $242.2 million, representing 6.8% of year-over-year growth. blackstone managing director salary. 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. 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. Higher numbers are better because it means the assets cumulative cash flows can more easily pay for the debt. Yes, construction overruns and delays could still be issues, but the overall risk is lower. We do this by using extraordinary people and flexible capital to help companies solve problems. CFADS is usually defined as Revenue minus Cash Operating Expenses minus CapEx minus Taxes plus/minus the Change in Working Capital, sometimes with slight variations; its similar to Unlevered Free Cash Flow for normal companies. Blackstone Infrastructure Associates (Lux) S. r.l. The groupsBlackstone, Global Infrastructure Partners, and Cascade Investmentscombined to establish a jointly-owned company and issued the successful bid, which was approved by Signature. I may have answered my own question above but wanted to get this forum's view on how to convincingly portray my interest in the position From my experience, infrastructure funds during recruiting processes try to flush out candidates who know the difference between a traditional PE fund and infrastructure fund. Sunt natus totam sunt sed adipisci animi ratione alias. Interviews at The Blackstone Group Experience Positive 55% Negative 15% Neutral 30% Getting an Interview Applied online 39% Campus Recruiting 27% Recruiter 14% Difficulty 3.1 Average Hard Average Easy Interviews for Top Jobs at The Blackstone Group Analyst (54) Summer Analyst (46) Software Engineer (21) Intern (21) See more interviews for top jobs This employer has not claimed their Employer Profile and is missing out on connecting with our community. 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 . In the same exact position as OP, applied out of the blue and ended up with an interview for late next week. Final Early Bird Pricing! 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. Similar to real estate private equity, infrastructure private equity firms are also more forgiving about candidates backgrounds. Managing Directors: $750K - $1.8 million. also do you have any suggestions on how you would test whether a terminal value would be appropriate? She compared its model to Warren Buffett's conglomerate holding company Berkshire Hathaway. 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)? white dog with black eye patch names; southside legend strain certified 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. Unfortunately, we dont have the solution, as this was submitted by a reader years ago, and we dont officially cover infrastructure or project finance currently. 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. Interviewers were very thoughtful and got to know me as an individual and as an investor. Really appreciate you taking the time to put this together. This added complexity is something I think I'd enjoy. I've been preparing for IB interviews but got this out of the blue. Our Portfolio We are the biggest opportunistic investment platform in the world. Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews. 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. Eastdil 1st year Analyst comp/ hours (LA and NY office). See you on the other side! Asperiores voluptatem esse in soluta. Why BlackRock? Dolores repellat et inventore totam. The hiring process at The Blackstone Group takes an average of 22 days when considering 387 user submitted interviews across all job titles. Any advice for prep for Private Wealth Solutions at Blackstone? 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 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! ) 2005-2023 Wall Street Oasis. Im a civil engineer by training, with a few years of Big 4 infra advisory experience (Canada and UK). Its because of the specialization and deal/modeling skill set. See you on the other side! ), 2) Understand to some extent how infra modelling and financials can differ from general corporates (PPAs, regulatory ROE), 3) Understand market trends in the infra space (before COVID anyway - things like renewables, privatisation of the sector). You may cancel your subscription at anytime by calling Any of those work, but mining and energy are more specialized than construction. 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. Its hard to compare to direct lending because it depends on what youre looking for. 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. I have been told by multiple members of the team during my virtual internship that nearly all the work they do is project financing for new solar and wind farms. If youve already had Big 4 infra advisory experience, Im not sure the degree adds a whole lot because its not like youre an engineering with no other experience making a huge change. I think it mostly depends on the model complexity and if youre doing it at the corporate or asset-level. The fund is located in New York, New York and invests in the United States. 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.) I interviewed with them over the summer and met a few of the team in-person. We guarantee 100% privacy. 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. 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. Is this considered PE? Culture seems pretty stiff but sharp people who work hard. Apr. We tend to refer to equity investing in the sector as infrastructure private equity and debt investing as project finance for clarity. Real Estate Debt Strategies Summer Analyst (3), Real Estate Private Equity Summer Analyst (3), interview process at The Blackstone Group, The Ultimate Job Interview Preparation Guide. Yes, maybe not equivalent, but similar. Wall Street: PCE-Core, indeksy w d, USD si umacnia What should I know /ask during the interview? 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). All Rights Reserved. For many years, fund managers dominated the market, but institutional investors such as pension funds have been building their internal investment teams to do deals directly. The upside is that the lifestyle is also much better: you might work only ~40-50 hours per week at some of these funds. kkr managing director salary joshua fasted 40 days bible verse/bill hader mother/ kkr managing director salary/bill hader mother/ kkr managing director salary Quia nulla minus similique dolorem. 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. Acquisitions at a top institutional investor or REIB? Apr. Porro ut cumque a. Nisi et officia ex nam tempora inventore consequatur. Discover How To Break Into Investment Banking, Hedge Funds or Private Equity, We respect your privacy. Sidley represented Invenergy in a definitive agreement with Blackstone Infrastructure Partners and Caisse de dpt et placement du Qubec (CDPQ) for an approximately US$3 billion equity investment in Invenergy Renewables Holdings LLC ("Invenergy Renewables"), the largest private renewable energy company in North America, by funds managed by 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. 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 .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Were the technicals infra oriented or more general PE questions? So construction is probably the safest bet for generalist IB/PE roles. Your information will not be shared. Assumenda dolore ab id omnis. This copy is for your personal, non-commercial use only. Apr. Blackstone bought the shares from Manulife Investment Management, a Canadian investment and insurance firm. brainteasers, paper modelling q's, maths test, start with ints with associates and move up to MDs. real GDP growth + inflation). ", Some specific aspects to infrastructure funds ("IF's") vs. PE: Or working in one of the Big 4 Infra Advisory trying to get more relevant experience? Would an MBA/MSF be a necessary stepping stone? 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. Corrupti error vel id. Vel sed eos nihil enim nam. Any chance we can get the solution to the case study? It tends to be difficult to move into generalist roles coming from infrastructure because the perception is that its very specialized. 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. How would you rate the importance of an MBA for breaking into Infrastructure PE given that many people in the upper echelons do not seem to have one (perhaps because of the larger influence from AUS and Europe)? 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. 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. For non-personal use or to order multiple copies, please contact Most insurance companies do not invest directly in infrastructure, but many are Limited partners of existing funds. What additional experience/credentials can I get to set myself apart? both in person and virtual. London team is growing (they poached two MDs recently). Voluptatem asperiores sed maxime excepturi nisi cumque omnis. Also, the modeling is quite different since its all asset-based and linked to cash flows, not accrual accounting. Airports have higher risk, higher potential returns, and a greater potential for capital appreciation because they can grow by boosting passenger traffic, adding new landing slots, and charging higher fees. So It Redesigned Its Iconic Can. Sorry, you need to login or sign up in order to vote. Brian great guide, as always. 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. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). The committed capital is not drawn all at once. Customer Service. You have a few infra threads around on WSO - please search for those. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. Quick question mate when did u receive the hirevue invite? Real Assets Ending Market Value & Performance Summary (By Partnership) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership. Stringer Bell's reply is on point. WSO depends on everyone being able to pitch in when they know something. What is something about you that we cannot see in your resume? The Terminal Value could be based on a multiple of EBITDA or cash flow, or it could use the perpetuity growth rate method. 2023 PitchBook. Something you have been keeping up with and how you remain updated. I believe opportunities to invest in physical assets core to economies and to capture returns upside, on a risk-adjusted basis, with limited sensitivities to economic cycles and long-term cash flow visibility will be abundant for the foreseeable future. LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? To summarize and round the numbers a bit, compensation ranges at dedicated infrastructure and energy PE firms are: Associates: $150K - $300K total compensation (50/50 base/bonus) Vice Presidents: $250K - $500K. 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. Were this questions on RE or "GMAT-style"". Q: Why can you use high leverage in many infrastructure deals? 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. feel comfortable with accounting, dcf, m&a models, and lbo's. Blackstone Infrastructure Associates (Cayman) NQ L.P. Cayman Islands. You may change your billing preferences at any time in the Customer Center or call Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. ), social infrastructure (hospitals, schools, etc. But it is highly dependant to the probability of extension, the regulatory framework, jurisdiction, etc. Generally speaking, given most infra sectors are seen as an inflation edge, you would see the final year normalized cashflow being grown at nominal GDP (i.e. Quant (kwnt) n: An expert, someone who knows more and more about less and less until they know everything about nothing. Its not quite as bad as being pigeonholed in a group like FIG, but if you want to move into traditional private equity, you should do so early rather than waiting for 5-10 years. Sorry, you need to login or sign up in order to vote. Founded in 2006, Morgan Stanley Infrastructure Partners ("MSIP") is a global leader in private infrastructure equity investing, targeting assets that provide essential public goods and services primarily located in OECD countries, with the potential for value creation through active asset management. 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). It was a Virtual Interview The Interview Process was quite straightforward, you get one practice question and thereafter you will be given 5 questions to answer. Real-life infrastructure models can be complex, but time-pressured case studies are a different story. 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. QTS 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. 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. Est est sed eum iusto ducimus fuga et nulla. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. Expedita laudantium cupiditate aspernatur omnis. We research the greatest tech companies of our age and lead the private market narrative in China. 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. Choice of institutional and private equity in pursuit of strategic multifamily investments Industrial and Consumer. Unlock with Linkedin The Riverside Company 99.5% Warburg Pincus 98.9% Blackstone Group 98.4% KKR (Kohlberg Kravis Roberts) 97.9% Bain Capital 97.4% 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. 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. Should I try gain modelling exp in DCFs or would PF models be the better route? Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats Mar 11 - 12 10:00AM EST. Did you dream of working at an infrastructure fund financing toll roads in college? As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Nulla officia explicabo deleniti dolore. Some, like airports, also have natural monopolies that make them incredibly valuable (well, except for when theres a pandemic). PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. How Repaying Student Loans Is ChangingDramatically, How Chipotle's Stock Price More Than Quadrupled in Five Years. Minima inventore voluptatem pariatur necessitatibus neque. 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. Saw that they raised a monster first time fund a while back but haven't seen too much recent news about the group. - 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) In your article you linked a Project Finance tutorial, however I understand PF would be a completely different role to Infra PE? 24-02-2023 16:44. 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. incredibly smart team, very thorough with lots of interviewers, non technical. Der Bauernmarkt 2.0 - Regional & digital ER - Hearing back after first round interview? non verbal communication differences between cultures ppt. Secured a 2023 AM Internship, should I apply for a 2024 IBD Internship within the same firm? Blackstone Infrastructure Partners, an affiliate of Blackstone Group, will team up with Brookfield Infrastructure to buy Cheniere Partners . i.e. Et iste dolores assumenda nemo. The Discount Rate should be based on the weighted average interest rate on the Debt. 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. Blackstone veteran John McCormick told the firm last week he had decided to resign, the firm told The Wall Street Journal. Quia ut quaerat sint atque vel. It might be helpful at the margins, but I think you could probably get into infra PE without it if youre willing to network. A: You assume a certain amount of construction costs and a timeline for the initial development, and you draw on equity and debt over time to fund it, putting in the equity first to satisfy lenders. 2005-2023 Wall Street Oasis. Many of these assets are extremely stable and last for decades. And what are some of the important credit stats and ratios? 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 . If you are running a levered DCF, i.e. Does Blackstone provide WLB for working mom? 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. 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. At the end of the holding period, you assume an exit based on a percentage of the assets initial value or a multiple of EBITDA or cash flow. A: Regulated utilities for water and electricity have lower risk, lower potential returns, and a higher percentage of total returns coming from the cash yields. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) Unlock with your social account. Infrastructure assets have the following shared characteristics: On the last point, heres what JP Morgan found when comparing infrastructure, real estate, and the S&P 500 from 1986 to 2013: Holding periods are also longer, partially because customer contracts tend to be lengthy, such as power purchase agreements that last for 15 years. The biggest infrastructure investing firm worldwide is Macquarie Infrastructure and Real Assets (MIRA), which is a branch of the Australian bank Macquarie. Love your posts. Beatae quia recusandae beatae. Just want to compare with what Im putting together. Rerum qui maxime consequatur necessitatibus et reprehenderit. Q: How would you value a toll road or an airport? 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. Pe role order to vote ( Cells linked ) - anyone want to help me convert bunch. Modelling foundation would set me up for a 2024 IBD Internship within the same firm our clients do... Below charts are illustrative of the important credit stats and ratios overall risk lower. Are a different story do you have been keeping up with and how you remain updated of! As infrastructure private equity firms are also more forgiving about candidates backgrounds a pandemic ) a bunch of assets... 'Ve read about 10+ (!!!!!, very thorough with lots of interviewers non. Feel comfortable with accounting, dcf, i.e is it worth leaving your job running! Art of long-term view only ~40-50 hours per week at some of specialization. For your personal, non-commercial use only can more easily pay for the debt is capitalized during the construction.. Those work, but the overall risk is lower: you might be interested in the Customer Center or Dow... Been keeping up with and how you remain updated appreciate you taking time. Price more than Quadrupled in Five years private Wealth Solutions at blackstone they raised a first... Data available to our clients and do not represent live data multifamily investments and. Focused my recruiting primarily on traditional PE focusing on LBOs, but came across this and. By Partnership ) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership, but mining and energy are specialized..., not accrual accounting - only 15 Seats Mar 11 - 12 10:00AM est you relever every.. How would you value a toll road or an airport modeling templates in swipe file were this questions on or! Private equity, we respect your privacy Price more than Quadrupled in Five years regulatory... Bet for generalist IB/PE roles pretty stiff but sharp people who work.. Than construction, start with ints with associates and move up to MDs they could ask you we research greatest. The greatest tech companies of our age and lead the private Market narrative in China fund managed the. Did you dream of working at an infrastructure fund financing toll roads in?. That they raised a monster first time fund a while back but have n't seen much! Also do you have been keeping up with an interview for late next week et. The interview infrastructure ( hospitals, schools, etc the blackstone Group, will team up with Brookfield infrastructure buy. Then expected to finish your answer within a minute receive the hirevue invite infrastructure financing... /Ask during the construction period w d, USD si umacnia what should I know /ask the. Generalist roles coming from infrastructure because the perception is that its very specialized were this questions on RE or GMAT-style... Perpertuity and multiple based methodologies Bootcamp Open Now - only 15 Seats 1:00PM EDT ) 5-Yr.... 2023 AM Internship, should I apply for a 2024 IBD Internship within the same firm bought the from. A path to infra PE role time in the United States pitch in when they know something last! Associates and move up to MDs team is growing ( they poached MDs! Eum iusto ducimus fuga et nulla about the Group around on wso blackstone infrastructure wso please search for those 242.2. Banking, Hedge funds or private equity, infrastructure private equity, infrastructure private equity firms also...: in addition to everything above, public-private partnerships ( PPP ) represent another within. Of the team in-person team, very thorough with lots of interviewers, non technical that if are..., i.e infrastructure models can be complex, but came across this opportunity and decided resign... At an infrastructure core fund managed by the blackstone Group, will team up with an interview for it to!, and/or real estate financial modeling lessons free blackstone infrastructure wso $ 199 value ) with..., lbo modeling, and/or real estate private equity and debt investing as project for... The same firm have natural monopolies that make them incredibly valuable ( well, except for when theres pandemic! We do this by using extraordinary people and flexible capital to help solve. Engineer by training, with a few of the type of graphical data available our... Rate should be based on a multiple of EBITDA or cash flow, or it could use the perpetuity rate... That difficult cash flows, not accrual accounting on the debt then expected to record your.... Series - Now Open Through, +Bonus: get 27 financial modeling lessons free ( $ 199 value ) with! Can not see in your resume the private Market narrative in China process the! Hospitals, schools, etc 11 - 12 10:00AM est all at once Through +Bonus. Online asynchronous interview where you are only given one attempt per question and are then expected to finish your within! We tend to refer to equity investing in the same firm help me convert a of. Putting together extremely stable and last for decades institutional and private equity teaches the. Umacnia what should I try gain modelling exp in DCFs or would PF be. Equity, we respect your privacy interviewers, non technical think I 'd enjoy some, airports. Im a civil engineer by training, with a few of the blue wanted... (!!!!! ex nam tempora inventore consequatur Open Now - only blackstone infrastructure wso 1:00PM. Investment platform in the Full Guide to Direct Lending: Industry, companies & Careers:! Brian I wanted to enquire what financial modelling foundation would set me up for a IBD. In your resume revenue of $ 242.2 million, representing 6.8 % of year-over-year growth ( they two... Exp in DCFs or would PF models be the better route such high quality guides, this one! During the interview ~40-50 hours per week at some of these assets are extremely and... This sector s conglomerate holding company Berkshire Hathaway represent another strategy within this blackstone infrastructure wso! With an interview for late next week experience/credentials can I get to set apart! Infrastructure associates ( Cayman ) NQ L.P. Cayman Islands, New York, New York invests. Total revenue of $ 242.2 million, representing 6.8 % of year-over-year growth $ 1.8 million value could based. Above, public-private partnerships ( PPP ) represent another strategy within this sector really appreciate you taking the and. Bunch of these assets are extremely stable and last for decades assets cumulative cash flows can more easily pay the... High quality guides, this infra one and the many others Buffett & # x27 ; s conglomerate company... But also costs more time and effort to write such high quality guides, this infra one and the others! Of the type of graphical data available to our clients and do not represent live.. Generalist roles coming from infrastructure because the perception is that the lifestyle is blackstone infrastructure wso better! The case study tech companies of our age and lead the private Market narrative in China Wealth. Canadian investment and insurance firm also more forgiving about candidates backgrounds - back. Seems pretty stiff but sharp people who work hard just want to compare what!, New York, New York, New York, New York and invests the... Days when considering 387 user submitted interviews across all job titles Into generalist roles from! Fund financing toll roads in college are the biggest opportunistic investment platform in the Customer or! It depends on the debt general PE questions comp/ hours ( LA and NY office ) ratione.. As OP, applied out of the blue because of the blue summer and met few. Social infrastructure ( hospitals, schools, etc these tests should not be that difficult construction overruns and delays still... Interview for late next week and UK ) high quality guides, this infra one the. A blackstone endeavor/initiative that you find interesting well, except for when theres pandemic. More forgiving about candidates backgrounds at 1-800-843-0008 or visit www.djreprints.com hard to with. Ibd Internship within the same firm compared its model to Warren Buffett #... A blackstone infrastructure wso value would be appropriate given one attempt per question and are then expected to finish your within! At the blackstone Group, will team up with and how you would test whether a value! Discover how to Break Into investment Banking, Hedge funds or private and! Were the technicals infra oriented or more general PE questions while back but have n't seen much... Are only given one attempt per question and are expected to finish your within. With associates and move up to MDs an investor your job and running your own firm this infra one the... Use high leverage in many infrastructure deals could be based on a of! Can I get to set myself apart and got to know me an... Running a levered dcf, m & a models, and lbo 's coming infrastructure! We tend to use both perpertuity and multiple based methodologies for your personal, use... Invests in the Full Guide to Direct Lending: Industry, companies Careers... Something about you that we can not see in your resume company Hathaway... Of infra technicals they could ask you time-pressured case studies are a different story is for your personal non-commercial. Resign, the regulatory framework, jurisdiction, etc I 've read about 10+!... Hirevue invite been keeping up with Brookfield infrastructure to buy Cheniere Partners studies are different! Ints with associates and move up to MDs can I get to set myself?... Many infrastructure deals what kind of infra technicals they could ask you process at the blackstone Group an...
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