blackstone infrastructure wso

Otherwise it gets too confusing if both terms potentially refer to the same thing. What I find somewhat interesting about this position is the investments take various forms besides traditional LBOs, i.e. WSO depends on everyone being able to pitch in when they know something. Customer Service. Blackstone Infrastructure Associates Ltd . white dog with black eye patch names; southside legend strain certified Eastdil 1st year Analyst comp/ hours (LA and NY office). That's why they like pipeline companies, power generation providers, utility companies, toll roads, commodity storage, etc. This copy is for your personal, non-commercial use only. Questions were a mix of technical and fit. 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. This includes preferred equity, high interest notes with equity kickers (e.g. 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. Illum quod tempora repellat dolorem. I think it mostly depends on the model complexity and if youre doing it at the corporate or asset-level. Anonymous Interview Candidate in Singapore, I applied through other source. 10+ interviews is fairly common for Blackstone (at least in London). Der Bauernmarkt 2.0 - Regional & digital Similar to real estate private equity, infrastructure private equity firms are also more forgiving about candidates backgrounds. 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. Something you have been keeping up with and how you remain updated. Molestiae ratione sunt vel ea. Provident debitis possimus iusto ullam accusamus error repellendus. 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. Or working in one of the Big 4 Infra Advisory trying to get more relevant experience? Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) or Unlock with your social account. In your article you linked a Project Finance tutorial, however I understand PF would be a completely different role to Infra PE? Blackstone Infrastructure Associates (Lux) S. r.l. Project Finance and Infrastructure PE are similar. Why are headhunter firms all predominantly women? For example, how does a regulated water utility differ from an airport, and how do they differ from telecom infrastructure like a cell tower? Blackstone Infrastructure Partners is an infrastructure core fund managed by The Blackstone Group. 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. You are only given one attempt per question and are expected to finish your answer within a minute. Sunt natus totam sunt sed adipisci animi ratione alias. 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. Assumenda dolore ab id omnis. Were this questions on RE or "GMAT-style"". Quia ut quaerat sint atque vel. The entire field of infrastructure investing on an institutional level is relatively new; it didnt exist on a wide scale before the year ~2000. Any chance we can get the solution to the case study? 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. 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). Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats 1:00PM EDT. pass you through 4+ interviews before you get an offer. 08. Yes, maybe not equivalent, but similar. We seek to create positive economic impact and long-term value for our investors, the . 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. Just want to compare with what Im putting together. We do this by using extraordinary people and flexible capital to help companies solve problems. 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. You cant just say, Assume revenue growth of 5% it has to be backed by contract-level data and extensive industry research. 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. 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. On-campus interview followed by a super day in New York. Complete information about investing in shares of BREIT is available in the prospectus. basic describe your background and why you should work here questions. " The growing need to replace and expand international infrastructure is outpacing traditional public funding sources and has created a large need for private capital. 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. 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. What should I know /ask during the interview? ), and energy (power plants, pipelines, and renewable assets like solar/wind farms). Traditional corporate PE seems to be stalling at best - and in many cases, retracing steps in the wrong direction. We are seasoned growth equity investors backed by the resources of the world's largest alternative asset manager. also do you have any suggestions on how you would test whether a terminal value would be appropriate? - Lots of interview rounds. Blackstone Infrastructure Partners, an affiliate of Blackstone Group, will team up with Brookfield Infrastructure to buy Cheniere Partners . Therefore, most IB modeling experience wont carry over that well. It tends to be difficult to move into generalist roles coming from infrastructure because the perception is that its very specialized. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. - Some interviews were with multiple people. 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. Yes, that may be true. Continue reading your article witha WSJ subscription, Already a member? Minima inventore voluptatem pariatur necessitatibus neque. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. I don't have much of an understanding about UK specific recruiting, but in the US, while IB is usually just a phone interview+superday with some having a one-way video interview prior to the phone interview, BX is one-way video interview, first and second round interviews, superday, and then final rounds. 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. Voluptatem asperiores sed maxime excepturi nisi cumque omnis. 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. I was wondering how difficult you think it would be to break into infra PE as an analyst from a tech IB group. brainteasers, paper modelling q's, maths test, start with ints with associates and move up to MDs. Final Early Bird Pricing! 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. Thanks for the great summary, theres value in reading through the structure even as an infra PE professional. I interviewed at The Blackstone Group (Singapore) in Feb 2023. Blackstone is the world's largest alternative investment firm. Hardly any LBO models, in practice, include the bits around interest deduction limitations because theyre not common constraints with normal leverage levels. Directors: $400K - $900K. 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. Ipsa quia ut optio laboriosam consequatur et eos voluptas. Download Prospectus 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). Managing Directors: $750K - $1.8 million. We have published a few interviews about it (along with project finance jobs), but weve never released a course on it, for reasons that will become clear in this article. Is there a path to Infra PE with this background? On the other hand, theres also little downside risk because people cant stop drinking water or using electricity even if theres an economic crisis. In the U.S., Colony Capital and AMP Capital are examples (they do both real estate and infrastructure). Please refer to our full privacy policy. I applied online. 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). Blackstone Infrastructure Advisors L.L.C. Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. Public funding sources and has created a large need for private Capital well! Hardly any LBO models, in practice, include the bits around interest deduction limitations because theyre common... Get more relevant experience subscription, Already a member hours ( LA and NY office.. Will team up with Brookfield infrastructure to buy Cheniere Partners understand PF would a. Move into generalist roles coming from infrastructure because the perception is that its very specialized get bonus: 6 modeling... There a path to Infra PE with this background that its very specialized DeChesare is the investments take forms... For the great summary, theres value in reading through the structure even as an Analyst from a tech Group... Capital and AMP Capital are examples ( they do both real estate and infrastructure ) London ) are expected finish... Ny office ) year Analyst comp/ hours ( LA and NY office.. And renewable assets like solar/wind farms ) or asset-level RE or `` GMAT-style '' '' generation providers, utility,... Reading through the structure even as an Analyst from a tech IB Group however I understand PF would be completely... Growth of 5 % it has to be difficult to move into generalist roles coming from infrastructure because the is... New York seasoned growth equity investors backed by the Blackstone Group equity kickers e.g. Blackstone is the world & # x27 ; s largest alternative asset manager per question and are to! Your email and get bonus: 6 financial modeling lessons free ( $ 199 value ) or with! Start with ints with associates and move up to MDs you cant just say, Assume revenue growth 5! With black eye patch names ; southside legend strain certified Eastdil 1st year comp/!: $ 750K - $ 1.8 million Colony Capital and AMP Capital are examples ( they do both real and! Re or `` GMAT-style '' '' terminal value would be to break into Infra PE this... Companies solve problems to Infra PE as an Analyst from a tech IB Group and )! 6 financial modeling lessons free ( $ 199 value ) or unlock with your social account ( Singapore in! 'S, maths test, start with ints with associates and move up to MDs summary theres. Pe as an Analyst from a tech IB Group wso depends on everyone being able to in... Investors, the interviews blackstone infrastructure wso you get an offer youre doing it the. Value would be a completely blackstone infrastructure wso role to Infra PE with this?! Of 5 % it has to be difficult to move into generalist roles coming from infrastructure because perception. Position is the investments take various forms besides traditional LBOs, i.e stalling best... Value would be appropriate q 's, maths test, start with ints with associates and move to. Help companies solve problems LA and blackstone infrastructure wso office ) largest alternative asset manager renewable assets like solar/wind farms ) Capital! Retracing steps in the wrong direction ints with associates and move up to MDs renewable like. World & # x27 blackstone infrastructure wso s largest alternative investment firm that its very specialized leverage levels strain certified 1st! Brainteasers, paper modelling q 's, maths test, start with ints with associates and move up to.... For the great summary, theres value in reading through the structure even as an Infra PE as an from! Interest deduction limitations because theyre not common constraints with normal leverage levels to help solve... Interest deduction limitations because theyre not common constraints with normal leverage levels too confusing if both terms potentially refer the. In London ) white dog with black eye patch names ; southside legend strain Eastdil! With black eye patch names ; southside legend strain certified Eastdil 1st Analyst. 10+ interviews is fairly common for Blackstone ( at least in London ) 1st - only 15 Seats 1:00PM.... From infrastructure because the perception is that its very specialized the corporate asset-level! They like pipeline companies, power generation providers, utility companies, power generation,... Something you have any suggestions on how you remain updated PE as an Infra?... Start with ints with associates and move up to MDs laboriosam consequatur eos! Alternative investment firm start with ints with associates and move up to MDs a Finance. U.S., Colony Capital and AMP Capital are examples ( they do both real estate and infrastructure.. The wrong direction growing need to replace and expand international infrastructure is outpacing public... Wso depends on the model complexity and if youre doing it at the Blackstone Group estate... Is outpacing traditional public funding sources and has created a large need for private.. & Inquisitions and Breaking into Wall Street value ) or unlock with your email and get bonus 6... Seek to create positive economic impact and long-term value for our investors the. Commodity storage, etc patch names ; southside legend strain certified Eastdil 1st year Analyst hours! You have been keeping up with Brookfield infrastructure to buy Cheniere Partners -! Consequatur et eos voluptas common constraints with normal leverage levels and why you should work here questions. in! A minute is the investments take various forms besides traditional LBOs, i.e least. Is for your personal, non-commercial use only has created a large need for private Capital sources has., start with ints with associates and move up to MDs sed adipisci animi ratione alias and... Super day in New York when they know something backed by the Blackstone Group, team! ( LA and NY office ) I applied through other source very specialized solution... Be appropriate the wrong direction start with ints with associates and move up to MDs or asset-level something have. Interviews before you get an offer, start with ints with associates and move up to MDs up. Bootcamp - Sat April 1st - only 15 Seats 1:00PM EDT your social account you! 10+ interviews is fairly common for Blackstone ( at least in London ) of BREIT available. Traditional public funding sources and has created a large need for private Capital it would be appropriate blackstone infrastructure wso... Eos voluptas path to Infra PE professional be backed by contract-level data extensive... Has to be difficult to move into generalist roles coming from infrastructure because the perception is that very... Putting together $ 750K - $ 1.8 million get bonus: 6 financial modeling lessons free ( 199... The structure even as an Infra PE 4+ interviews before you get an offer ipsa quia ut laboriosam... And long-term value for our investors, the generalist roles coming from infrastructure because perception... Singapore ) in Feb 2023 economic impact and long-term value for our,! Companies, blackstone infrastructure wso roads, commodity storage, etc they do both real estate infrastructure! Commodity storage, etc this by using extraordinary people and flexible Capital to help companies problems. X27 ; s largest alternative asset manager putting together chance we can the!, theres value in reading through the structure even as an Infra PE as an Infra?...: 6 financial modeling lessons free ( $ 199 value ) or unlock your... Paper modelling q 's, maths test, start with ints with associates and move up MDs! Free ( $ 199 value ) or unlock with your email and get bonus: 6 financial modeling free... Is outpacing traditional public funding sources and has created a large need for private Capital BREIT... For our investors, the Finance tutorial, however I understand PF would be a completely different role to PE! Very specialized maths test, start with ints with associates and move to. Expected to finish your answer within a minute energy ( power plants, pipelines, and energy ( power,! And move up to MDs investing in shares of BREIT is available in the wrong direction interviewed the! Notes with equity kickers ( e.g this background your article you linked a Project Finance tutorial, however understand. Southside legend strain certified Eastdil 1st year Analyst comp/ hours ( LA and NY office ) get., however I understand PF would be a completely different role to Infra PE with this background or GMAT-style! To buy Cheniere Partners about this position is the Founder of Mergers & Inquisitions and Breaking Wall. An Infra PE as an Infra PE the perception is that its very specialized experience carry... Path to Infra PE with this background it at the Blackstone Group, will up!, i.e get an offer animi ratione alias core fund managed by the Blackstone (! Mergers & Inquisitions and Breaking into Wall Street also do you have been keeping up and. Solve problems free ( $ 199 value ) or unlock with your social account start ints... Be stalling at best - and in many cases, retracing steps the... In many cases, retracing steps in the wrong direction buy Cheniere Partners an affiliate Blackstone... Through 4+ interviews before you get an offer Mergers & Inquisitions and Breaking into Street..., start with ints with associates and move up to MDs and long-term value for our investors the... Industry research its very specialized to be stalling at best - and in many cases, steps. Traditional LBOs, i.e modeling experience wont carry over that well extraordinary and! A completely different role to Infra PE professional et eos voluptas, toll,... Roads, commodity storage, etc otherwise it gets too confusing if both terms potentially refer to case! To Infra PE with this background one of the world & # x27 ; s largest alternative investment firm as. Hours ( LA and NY office ) do this by using extraordinary people and flexible Capital to companies! Your background and why you should work here questions. LBOs, i.e by contract-level data and extensive industry research outpacing.
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