Thanks for visiting! WSO depends on everyone being able to pitch in when they know something. Does anyone know if compliance at Blackstone etc. But the distinction is that RE PE firms invest in properties that people live in or that businesses operate from and these properties do not provide essential services.. Choice of institutional and private equity in pursuit of strategic multifamily investments Industrial and Consumer. Q: What are the key drivers and key performance indicators (KPIs) for different types of infrastructure assets? Quia maiores quia iste cumque similique qui repellendus. 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 Experienced VP Interviews - Fit Questions. Final Early Bird Pricing! blackstone managing director salary. 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. interviews but that sounded pretty strange. There are different lease types (ground leases and rooftop leases), and location is even more critical than with other infrastructure, so these assets are closer to real estate in some ways. Would an MBA/MSF be a necessary stepping stone? Management is very friendly. Its because of the specialization and deal/modeling skill set. 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. Q: How would you compare the risk and potential returns of different infrastructure assets? You may cancel your subscription at anytime by calling We prefer a different structure and formatting for models, but thats more of a personal preference. Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. Not important. 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. 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 iste dolores assumenda nemo. All rights reserved. In terms of methodology, people tend to use both perpertuity and multiple based methodologies. 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. For non-personal use or to order multiple copies, please contact She compared its model to Warren Buffett's conglomerate holding company Berkshire Hathaway. I was wondering how difficult you think it would be to break into infra PE as an analyst from a tech IB group. Full year 2022 total revenue of $960.5 million, representing 26.3% of year-over-year growth. 2005-2023 Wall Street Oasis. Apr. A: In infrastructure, the amount of Debt is often based on a minimum DSCR or LLCR rather than a percentage of the purchase price or a multiple of EBITDA. 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. Didn't get the offer so can't comment on comp. broward health medical center human resources phone number; steve watson obituary poplar bluff mo; new york state standard deduction 2022; Sign Up. JP Morgan and Deutsche Bank are also active in the space. Regarding assets with concession life, I have seen concession life extension assumptions being included in models, but in that case you would need additional assumptions, as you would effectively be capturing the PV of the spread between the concession rights payment (outflow) and the inflows from the later years. 300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses. Sorry, you need to login or sign up in order to vote. Ive been looking into a PPP investment arm of a construction conglomerate. Glassdoor has millions of jobs plus salary information, company reviews, and interview questions from people on the inside making it easy to find a job thats right for you. We respect your privacy. Common stages of the interview process at The Blackstone Group according to 387 Glassdoor interviews include: Find a Great First Job to Jumpstart Your Career, Stand Out From the Crowd With the Perfect Cover Letter, How to Prepare for Your Interview and Land the Job. The exceptions here are the private equity mega-funds, such as KKR, which increasingly hire private equity Analysts directly out of undergrad. blackstone infrastructure group first round interview (summer 2021) kingjames5687 IB Rank: Orangutan | 326 I've been preparing for IB interviews but got this out of the blue. Brian, this was incredibly thorough and very appreciated, thank you! ely funeral home neptune, nj; longest nfl game weather delay; cari laque bio; Online Forms. The Terminal Value could be based on a multiple of EBITDA or cash flow, or it could use the perpetuity growth rate method. Do you feel this is a good opportunity in general to gain industry experience, rather than perhaps in an infra advisory big 4 capacity? 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. 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. warrants), second liens, etc, so the analysis in infra investing will often focus on credit quality and debt capacity. This added complexity is something I think I'd enjoy. On the other hand, theres also little downside risk because people cant stop drinking water or using electricity even if theres an economic crisis. 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. QTS The biggest infrastructure investing firm worldwide is Macquarie Infrastructure and Real Assets (MIRA), which is a branch of the Australian bank Macquarie. One Search is the one recruiting firm dedicated to real assets (infrastructure, energy, and real estate), and theyre the best source for positions at infra PE firms if you decide to go through recruiters. If someone was infra PE-adjacent (Fund of Funds), would it be better to simply hustle to build up a network? Infrastructure is very specialized and doesnt follow the accounting rules that standard corporations do because everything is cash flow-based, and you need to know the nuances of things like customer contracts for individual assets, escalation rates, etc., none of which you learn in most IB groups. 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. See you on the other side! Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats Mar 11 - 12 10:00AM EST. I have focused my recruiting primarily on traditional PE focusing on LBOs, but came across this opportunity and decided to interview for it. The families had been weighing a sale of their. RAB based returns). Sign In. Commodi in optio ut doloribus ullam voluptatem ex. Your information will not be shared. Interest on the debt is capitalized during the construction period. Sectors within infrastructure include utilities (gas, electric, and water distribution), transportation (airports, roads, bridges, rail, etc. Why BlackRock? Unlock with Facebook Unlock with Google Unlock with Linkedin Principal (8) $676 Director/MD (22) $599 Vice President (85) $362 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. The fund focuses on telecommunications, renewable energy and . 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. landlort ports in the UK). Wall Street: PCE-Core, indeksy w d, USD si umacnia Otherwise it gets too confusing if both terms potentially refer to the same thing. Theres a list of possibilities under The Recruiting Process here. 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. 01. In other words, you dont need to work at a top bulge bracket or elite boutique to break into the industry. 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. You are only given one attempt per question and are expected to finish your answer within a minute. Describe in 60 seconds why you are a good fit for Blackstone. Rerum qui maxime consequatur necessitatibus et reprehenderit. Get the full list, To view Blackstone Infrastructure Partnerss complete team members history, request access, Morningstar Institutional Equity Research. You will be given 3 min to think and 1 min to answer for each question. 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. 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. 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. Blackstone Infrastructure Partners, an affiliate of Blackstone Group, will team up with Brookfield Infrastructure to buy Cheniere Partners . Salary level, culture, etc. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Please refer to our full. So it's definitely beneficial to you to try to have a solid grip on the key differences, and why this type of investment platform is interesting to you and your career goals. if you are relevering every 4 years to a target ND/EBITDA, and the relevering falls in your final year FCFE, you would overestimate the TV, and the converse if the relevering falls on another year. Deal sourcing consists of inbound flow from bankers, competitive auctions, secondary deals from other financial sponsors, and sometimes buying entire infrastructure companies or individual assets. white dog with black eye patch names; southside legend strain certified Therefore, you should use your time in your initial job to network and figure out which type of firm you want to join, based on strategy, average deal size, geographic focus, and other criteria. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Quo ea tempora ab ipsam provident. Nearly four years after the Saudis committed up to $20 billion in Blackstone's infrastructure fund, only $7 billion has materialized, thanks to sluggish fund-raising from third parties, whose. Can a banks prestige override that? I think it mostly depends on the model complexity and if youre doing it at the corporate or asset-level. 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