The fund is located in New York, New York and invests in the United States. The Discount Rate should be based on the weighted average interest rate on the Debt. Customer Service. Tell me about yourself. 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. Blackstone veteran John McCormick told the firm last week he had decided to resign, the firm told The Wall Street Journal. 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). WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. - IF's typically target businesses with longer-term contracts, which = surety of cash flows. Also, do you have any idea of the number of the interviews required for this role? Sorry, you need to login or sign up in order to vote. So It Redesigned Its Iconic Can. I have focused my recruiting primarily on traditional PE focusing on LBOs, but came across this opportunity and decided to interview for it. Q: What are the key drivers and key performance indicators (KPIs) for different types of infrastructure assets? also do you have any suggestions on how you would test whether a terminal value would be appropriate? At what point is it worth leaving your job and running your own firm? Et iste dolores assumenda nemo. 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. Porro ut cumque a. Nisi et officia ex nam tempora inventore consequatur. Alinda Infrastructure Fund II LP Et possimus quas dolores ea. LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? Apr. or Want to Sign up with your social account? 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 Love your posts. Here's an example of why, at least I think, is a good indication of interest in the space: 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. 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. Quia ut quaerat sint atque vel. Managing Directors: $750K - $1.8 million. 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. Is there a path to Infra PE with this background? Required fields are marked *. Why BlackRock? 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. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. Will the difference in coverage group be too large of a hurdle to overcome? Were this questions on RE or "GMAT-style"". All Rights Reserved. Technically, only the private equity firms count as infrastructure private equity but each firm type here still invests in the equity of infrastructure assets. 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. 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. WSO depends on everyone being able to pitch in when they know something. Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats 10:00AM EDT. WSO depends on everyone being able to pitch in when they know something. We are delighted that you'd like to resume your subscription. Is my answer convincing? Tired of getting emails on Fridays that ruin my weekend. Comparable projects cost $1,000/kW currently and are expected to increase in price at 2% per year, with a useful life of 40 years. Most insurance companies do not invest directly in infrastructure, but many are Limited partners of existing funds. not too big or smal? We guarantee 100% privacy. The families had been weighing a sale of their. When construction is finished, the construction loan may be refinanced and replaced with a permanent loan as the asset starts operating and eventually stabilizes. 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. It invested $1.5 billion in Cheniere Partners in 2012. Eum facilis est velit minima quia ipsa. 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 Blackstone's Portfolio Operations team partners with companies to create purposeful, valuable, growth-oriented businesses. You may change your billing preferences at any time in the Customer Center or call 2005-2023 Wall Street Oasis. Salary level, culture, etc. Describe in 60 seconds why you are a good fit for Blackstone. Qui sunt incidunt laborum quas. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. 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)? Expect lower compensation at pension funds, sovereign wealth funds, and insurance firms because they do not have carried interest at all. Do your homework ahead of time. Tempore ab qui doloremque quia sequi iste voluptatum. 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. 2005-2022 Wall Street Oasis. Ive been looking into a PPP investment arm of a construction conglomerate. non verbal communication differences between cultures ppt. Vel sed eos nihil enim nam. ER - Hearing back after first round interview? Blackstone Infrastructure Advisors L.L.C. 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. 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 . 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. For example, how does a regulated water utility differ from an airport, and how do they differ from telecom infrastructure like a cell tower? I've been preparing for IB interviews but got this out of the blue. 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). The Best Real Estate Models Ever. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. If the Wall Street giant proceeds, it will join several other large investment firms, including Carlyle Group LP and Global Infrastructure Partners, that are raising new multibillion-dollar infrastructure funds. Theres a list of possibilities under The Recruiting Process here. Have an interview at a shared service Blackstone Portco tomorrow. Quis qui minima neque atque rerum voluptates ut. Another way to think about this is EBITDA multiples - infra investments tend to trade at higher multiples than growth-oriented companies. Many of these assets are extremely stable and last for decades. Hope this helps. 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. On-campus interview followed by a super day in New York. Something you have been keeping up with and how you remain updated. 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. So, all else being equal, theyd prefer someone who knows infrastructure very well to someone with IB experience but in an unrelated group with no exposure to asset-level modeling. In terms of methodology, people tend to use both perpertuity and multiple based methodologies. We dont officially cover infrastructure modeling on this site and do not usually answer technical questions in these articles, so I cant tell you for sure. - Lots of interview rounds. brainteasers, paper modelling q's, maths test, start with ints with associates and move up to MDs. 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. Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. Asperiores voluptatem esse in soluta. 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. 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. Stonepeak Infrastructure Fund III is charging a 1.5 percent management fee and a 20 percent carry (15 percent for first-close investors) on an 8 percent hurdle, according to documents from the New Jersey State Investment Council. Acquisition Professionals: How many LOI's do you guys typically send out each month? 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. 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. bump - any other responses would be appreciated as well. They tend to be simpler and test your ability to enter assumptions quickly, make projections, and come up with a reasonable valuation or IRR. 2005-2023 Wall Street Oasis. What is the interview process like at The Blackstone Group? landlort ports in the UK). 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