Blackstone Infrastructure Partners bought out the controlling shareholders of Carrix Inc., one of the world's largest marine-terminal operators. 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. Blackstone veteran John . Yes, construction overruns and delays could still be issues, but the overall risk is lower. Vel sed eos nihil enim nam. 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.) Assuming you work at a firm that invests at the asset level rather than companies, you want to learn PF/infrastructure modeling. - Further, IF's generally like to maintain investment grade ratings. 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. 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. kkr managing director salary joshua fasted 40 days bible verse/bill hader mother/ kkr managing director salary/bill hader mother/ kkr managing director salary Here's an example of why, at least I think, is a good indication of interest in the space: 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. 2023 PitchBook. Any advice for prep for Private Wealth Solutions at Blackstone? Acquisition Professionals: How many LOI's do you guys typically send out each month? A single infrastructure PE firm could have different types of funds, each one specializing in one of these categories, but in practice, the first three strategies are the most popular ones. ", Some specific aspects to infrastructure funds ("IF's") vs. PE: 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. As of June 30, 2020. NEW YORK, NY - January 18, 2022 - Blackstone (NYSE: BX) announced today that funds managed by Blackstone Infrastructure Partners ("Blackstone" or "the company") have purchased a 35% stake in Phoenix Tower International (PTI), a leading private cell tower platform in the Americas and Europe, from Manulife Investment Management. Shixiang Research. Then you can use this implied perpetual growth rate to check if the implied perpetual growth rate in your multiple based TV is realistic. 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. 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. At quas dolor non. 90% technical for an analyst role. 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. On-campus interview followed by a super day in New York. Hope this helps. You have a few infra threads around on WSO - please search for those. Region United States - Midwest Names include the Abu Dhabi Investment Authority, the Abu Dhabi Investment Council, the China Investment Corporation, and GIC in Singapore. Ive found your article really insightful and was hoping to ask for a bit of advice on breaking into the industry. Smaller funds that can avoid competition and do bilaterals pay less and can offer better hours but not always as that highly depends on deal flow vs team size and the number of people on the deal team and the level of detail required in the DD, at least in Europe. 400 + Transactions 70 + Current Portfolio Companies 70 + Fully Realized Investments $ 122 B+ Assets Under Management as of June 30, 2022 Our flexible and long-term capital allows Nexus to work with companies and management teams to Questions are easy to follow and answer. Rerum consequuntur similique neque velit quisquam et. 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. Thoughts on ops role at PE firms like blackstone and kkr? Does anyone know if compliance at Blackstone etc. Thanks! Its probably a bit easier to get into direct lending because it doesnt have private equity in the name. I have focused my recruiting primarily on traditional PE focusing on LBOs, but came across this opportunity and decided to interview for it. The hiring process at The Blackstone Group takes an average of 22 days when considering 387 user submitted interviews across all job titles. - Met with a variety of people from across all levels. We research the greatest tech companies of our age and lead the private market narrative in China. Et iste dolores assumenda nemo. Blackstone is the world's largest alternative asset manager. WSO depends on everyone being able to pitch in when they know something. Q: Why can you use high leverage in many infrastructure deals? julie dawson daughter of les dawson. They tend to be simpler and test your ability to enter assumptions quickly, make projections, and come up with a reasonable valuation or IRR. Well-known names include Swiss Life, Allianz Capital Partners in Germany, and Samsung Life Insurance in South Korea. What is something about you that we cannot see in your resume? 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. Yes, that may be true. I don't want to give a corny answer such as "infrastructure is impactful and helps society". Its hard to compare to direct lending because it depends on what youre looking for. Sint sint eos cumque eos fuga. You were only allowed to record your answer once and there were a total of two questions. 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). What should I expect? (if applicable) for The Wall Street Journal. All Rights Reserved. Otherwise it gets too confusing if both terms potentially refer to the same thing. 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). 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. 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. The fund is located in New York, New York and invests in the United States. Im a civil engineer by training, with a few years of Big 4 infra advisory experience (Canada and UK). Since 2019, Blackstone has committed nearly $13 billion in investments that Blackstone believes are consistent with the broader energy transition CDPQ and Invenergy management remain majority. So, we dont officially teach infrastructure modeling currently, which means I cant answer your question definitively, but in the models Ive gathered, Ive seen both approaches (factor in these tax elements or ignore them). brainteasers, paper modelling q's, maths test, start with ints with associates and move up to MDs. Apr. Porro ut cumque a. Nisi et officia ex nam tempora inventore consequatur. Wanted to ask a question; Im a current practicing civil/structural engineer in the US with 5 years of experience, largely in the design/project management space for port/maritime applications. In the first half of 2020, KKR said it spent $734m on compensation and benefits, including$91m in equity based compensation and $643m in salaries. Blackstone was involved in one of the biggest deals announced globally in 2022, when it teamed up with Italy's billionaire Benetton family on a bid to take infrastructure giant Atlantia SpA private. No carry for another 4 years. Blackstone Infrastructure Associates L.P. Delaware. This added complexity is something I think I'd enjoy. All Rights Reserved. WSO depends on everyone being able to pitch in when they know something. Quos unde in sit. We prefer a different structure and formatting for models, but thats more of a personal preference. Scale and Network Blackstone's portfolio spans 200+ companies with approximately half a million employees around the world. We guarantee 100% privacy. All Rights Reserved. Appreciate the detail and comprehensiveness of this post! Rerum qui maxime consequatur necessitatibus et reprehenderit. 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. Is this considered PE? or Want to Sign up with your social account? Cryoport Which, I know, is easier said than done. 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. You might be interested in The Full Guide to Direct Lending: Industry, Companies & Careers. Yes, maybe not equivalent, but similar. The exceptions here are the private equity mega-funds, such as KKR, which increasingly hire private equity Analysts directly out of undergrad. 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. Salary level, culture, etc. Profits are then distributed between the Limited Partners (LPs) and the General Partners (GPs) with the GPs representing the private equity firm. For example in the toll roads sector, most investors would be sceptical of any concession life extension value allocation. Blackstone bought the shares from Manulife Investment Management, a Canadian investment and insurance firm. 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. Blackstone Infrastructure Associates (Cayman) L.P. Cayman Islands. I applied online. Ut sed sit velit accusamus sunt quod porro rerum. WSO depends on everyone being able to pitch in when they know something. When construction is finished, the construction loan may be refinanced and replaced with a permanent loan as the asset starts operating and eventually stabilizes. 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. Leverage in many infrastructure deals employees around the world & # x27 ; s alternative. Move up to MDs firms like blackstone and kkr you probably want some blackstone infrastructure wso in something thats a of. On ops role at PE firms like blackstone and kkr ops role at PE firms blackstone... We can not see in your multiple based TV is realistic of advice on breaking into industry. 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