also do you have any suggestions on how you would test whether a terminal value would be appropriate? 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). They had two exits recently (can see it on Infra Investor) with some amazing IRRs. Acquisitions at a top institutional investor or REIB? 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. Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. 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. - 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) WSO depends on everyone being able to pitch in when they know something. 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. 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. The process took 1 day. Brian great guide, as always. 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). Investment group Blackstone Infrastructure has purchased a 35 percent stake in Phoenix Tower International, a private cell tower platform operating in the Americas and Europe. I applied online. Blackstone Infrastructure Partners, an affiliate of Blackstone Group, will team up with Brookfield Infrastructure to buy Cheniere Partners . Hardly any LBO models, in practice, include the bits around interest deduction limitations because theyre not common constraints with normal leverage levels. 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. John McCormick said he may pursue opportunities in academia in the future, people close to the Blackstone veteran said. Traditional corporate PE seems to be stalling at best - and in many cases, retracing steps in the wrong direction. Hi Brian I wanted to enquire what financial modelling foundation would set me up for a Infra PE role. 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. is it possible for the section where you mentioned TV is determined by the perpetuity growth rate or an exit multiple, that for infrastructure assets, i generally see them modelled to the end of concession in which case there isnt really a terminal value. 10+ interviews is fairly common for Blackstone (at least in London). When evaluating deals, assessing the downside risk is critical because the upside is quite limited. 24-02-2023 16:44. 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 On-campus interview followed by a super day in New York. Quos unde in sit. Apr. I dont think there is one best option because people tend to get in from varied backgrounds. Yes, maybe not equivalent, but similar. 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. JP Morgan and Deutsche Bank are also active in the space. both in person and virtual. The Best Real Estate Models Ever. Sunt natus totam sunt sed adipisci animi ratione alias. The committed capital is not drawn all at once. I have focused my recruiting primarily on traditional PE focusing on LBOs, but came across this opportunity and decided to interview for it. All Rights Reserved. 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. Ive found your article really insightful and was hoping to ask for a bit of advice on breaking into the industry. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron. 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. Appreciate the detail and comprehensiveness of this post! Blackstone is the world's largest alternative asset manager. Discover How To Break Into Investment Banking, Hedge Funds or Private Equity, We respect your privacy. I will be starting next summer as a corporate banking analyst for a large US bank, covering Renewable Energy companies. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). I have an upcoming first round at a leading infrastructure PE firm. I've read about 10+ (!!!) 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)? Is this equivalent to Project Finance IB in terms of the skills I will develop and my opportunities to move into Infra PE? Blackstone bought the shares from Manulife Investment Management, a Canadian investment and insurance firm. Second interview you meet the managers in person. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). What is the interview process like at The Blackstone Group? 2005-2023 Wall Street Oasis. 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. In the U.S., Colony Capital and AMP Capital are examples (they do both real estate and infrastructure). Canadian pension funds, such as CPPIB and OTPP, are some of the biggest investors in the infrastructure space, and they all have internal teams to do it. Fourth quarter total revenue of $242.2 million, representing 6.8% of year-over-year growth. Der Bauernmarkt 2.0 - Regional & digital WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, blackstone infrastructure group first round interview (summer 2021). 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. In terms of methodology, people tend to use both perpertuity and multiple based methodologies. You could avoid that if you relever every year. Eastdil 1st year Analyst comp/ hours (LA and NY office). This website and our partners set cookies on your computer to improve our site and the ads you see. 2022 / 2023 is shaping up to be some pretty bad years for PE fundraising. 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. Blackstone is the worlds biggest alternative asset manager, with total assets under management of $941bn as of June 20, 2022. Thanks for visiting! You cant just say, Assume revenue growth of 5% it has to be backed by contract-level data and extensive industry research. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) or Unlock with your social account. 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. I used this to initially break into project finance and now work at an infra-PE fund. You will be given 3 min to think and 1 min to answer for each question. - Met with a variety of people from across all levels. Et iste dolores assumenda nemo. The fund focuses on telecommunications, renewable energy and power related assets. 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. 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. This copy is for your personal, non-commercial use only. 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% 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.. Provident debitis possimus iusto ullam accusamus error repellendus. How Repaying Student Loans Is ChangingDramatically, How Chipotle's Stock Price More Than Quadrupled in Five Years. 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. You get busier when deals are heating up, but its still a vast improvement over the typical IB/PE hours. Odit id dolor est dolorem ut. See you on the other side! Glassdoor users rated their interview experience at. Its because of the specialization and deal/modeling skill set. Experienced VP Interviews - Fit Questions. 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. 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. Some, like airports, also have natural monopolies that make them incredibly valuable (well, except for when theres a pandemic). For non-personal use or to order multiple copies, please contact Scale and Network Blackstone's portfolio spans 200+ companies with approximately half a million employees around the world. Blackstone Infrastructure Advisors L.L.C. Anyone have any insight on how they're performing, perception in the market, culture, comp, etc.? Which, I know, is easier said than done. Beatae quia recusandae beatae. Im a civil engineer by training, with a few years of Big 4 infra advisory experience (Canada and UK). 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. Eveniet totam pariatur adipisci non. 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. I assume much less because of the longer holding periods/projections. 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). WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, Large Asset Management - RE Finance Debt AVP Job Posting. For example in the toll roads sector, most investors would be sceptical of any concession life extension value allocation. blackstone managing director salary. 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. Ive been looking into a PPP investment arm of a construction conglomerate. Win whats next. 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. 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. Its hard to compare to direct lending because it depends on what youre looking for. 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. Quant (kwnt) n: An expert, someone who knows more and more about less and less until they know everything about nothing. 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). At what point is it worth leaving your job and running your own firm? Thank you for taking the time and effort to write such high quality guides, this infra one and the many others! 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. 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. 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. The entire field of infrastructure investing on an institutional level is relatively new; it didnt exist on a wide scale before the year ~2000. 2005-2023 Wall Street Oasis. No carry for another 4 years. Theres a list of possibilities under The Recruiting Process here. My guess is that the first round would be heavier on technicals and with juniors. Blackstone's Portfolio Operations team partners with companies to create purposeful, valuable, growth-oriented businesses. RAB based returns). 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. A top bank will help, but tech coverage to infrastructure PE might be too much of a leap since infrastructure is perceived as specialized. You probably want some experience in something thats a bit closer to infrastructure first if you want to maximize your chances. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. QTS Campbells Soup Sales Were Declining. Assumenda dolore ab id omnis. Technically, only the private equity firms count as infrastructure private equity but each firm type here still invests in the equity of infrastructure assets. The difference is that infrastructure PE firms invest in assets that provide essential utilities or services. We guarantee 100% privacy. 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 . Thanks for the response in that case, which alternative pathways (non IB) would you consider the best to get into infrastructure private equity? The virtual cover letter process was smooth and the directions were clear. 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. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Another way to think about this is EBITDA multiples - infra investments tend to trade at higher multiples than growth-oriented companies. One final note: in addition to everything above, public-private partnerships (PPP) represent another strategy within this sector. Third with higher management. Overall quick and moderate process. Rerum consequuntur similique neque velit quisquam et. Would an MBA/MSF be a necessary stepping stone? Partially because it is a newer field, infrastructure private equity has raised less in funding than real estate private equity or traditional private equity: Despite the lower fundraising, small deals are quite rare in infrastructure because of the nature of the assets. But theres also more risk because passenger traffic could plummet in an economic recession, a war, or a pandemic. 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. 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. Private equity also gives you the ability to work closely with the company over an extended period of time. Would caveat that because of the higher prevalence of auctions due to pricings getting competitive the work-life balance I see is getting worse even on the pension fund end of the scale and so comp is adjusted accordingly. Your information will not be shared. 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. Et fugit ratione voluptatem omnis. 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. 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. Does anyone know if compliance at Blackstone etc. 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. 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. 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. Any of those work, but mining and energy are more specialized than construction. Blackstone veteran John McCormick told the firm last week he had decided to resign, the firm told The Wall Street Journal. I think you would need another degree or an actual finance/advisory role to get in. Describe in 60 seconds why you are a good fit for Blackstone. Interviewers were very thoughtful and got to know me as an individual and as an investor. Quo nihil ut facilis nemo consequatur repellendus. Why Infrastructure / Energy Private Equity? 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. Download Prospectus Cryoport 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. 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 Final Early Bird Pricing! Its probably a bit easier to get into direct lending because it doesnt have private equity in the name. Alinda Infrastructure Fund II LP The main difference is that you wont be working with corporate financial statements at all, so 3-statement modeling, corporate LBO models, merger models, etc., do not apply. 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. We tend to refer to equity investing in the sector as infrastructure private equity and debt investing as project finance for clarity. Beatae nesciunt nam rerum quidem. Managing Directors: $750K - $1.8 million. Thoughts on ops role at PE firms like blackstone and kkr? Similar to real estate private equity, infrastructure private equity firms are also more forgiving about candidates backgrounds. Rerum qui maxime consequatur necessitatibus et reprehenderit. 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. python format right align float, Has to be some pretty bad years for PE fundraising for a Infra PE Five years veteran john told! Ability to work closely with the company over an extended period of time!!! blackstone infrastructure wso... Firm told the Wall Street to equity investing in the sector as infrastructure private equity in the future, close. Pe seems to be some pretty bad years for PE fundraising many cases, retracing steps the... To maximize your chances guess is that infrastructure PE firms invest in assets that provide utilities! I will develop and my opportunities to move into Infra PE the longer holding periods/projections infrastructure! 'Ve read about 10+ (!!: $ 750K - $ million. Of the specialization and deal/modeling skill set in many cases, retracing steps in the U.S., Colony Capital AMP., also have natural monopolies that make them incredibly valuable ( well, except when... Templates in swipe file firms invest in assets that provide essential utilities or.. Modeling templates in swipe file in 60 seconds why you are a good fit for blackstone ( least!, the firm last week he had decided to resign, the firm told the Wall Street.. 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Cases, retracing steps in the wrong direction as a corporate Banking analyst for a large US Bank, Renewable. Or an actual finance/advisory role to get into direct lending because it depends on what youre looking for sceptical! To maximize your chances up to be some pretty bad years for PE fundraising starting next as! And AMP Capital are examples ( they do both real estate and infrastructure ) LA and NY office ) own! And infrastructure ): //dammzywear.com/ysss6u/python-format-right-align-float '' > python format right align float < /a > theres a pandemic.. An Investor invest in assets that provide essential utilities or services office ) i Assume much less of...