Minima inventore voluptatem pariatur necessitatibus neque. All Rights Reserved. One thing on the definition of project finance, I am used to hearing a much broader definition that includes the entire capital stack of a separate legal entity (the project), all of which have senior claims over the (multiple) parent owners equity holders or debtors. It sounds like the person you interviewed for the definition of project finance is solely on the debt side. 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. Direct lending compensation is lower, and you tend to see and close more deals, but you dont go as in-depth into each one. Secured a 2023 AM Internship, should I apply for a 2024 IBD Internship within the same firm? 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. The entire process took about max 15 minutes. Managing Directors: $750K - $1.8 million. 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. incredibly smart team, very thorough with lots of interviewers, non technical. What is a blackstone endeavor/initiative that you find interesting? Description. Blackstone Infrastructure Partners acquired a stake in PTI in 2021 to help expand and to strengthen its platform in Europe and the Americas. Brian great guide, as always. Penultimate-year with summer analyst position secured wanting to do exchange year. 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. 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. And what are some of the important credit stats and ratios? Appreciate the detail and comprehensiveness of this post! Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Names include the Abu Dhabi Investment Authority, the Abu Dhabi Investment Council, the China Investment Corporation, and GIC in Singapore. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Thanks! Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Apr. Blackstone bought the shares from Manulife Investment Management, a Canadian investment and insurance firm. 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. 90% technical for an analyst role. See you on the other side! Technically, only the private equity firms count as infrastructure private equity but each firm type here still invests in the equity of infrastructure assets. Comcast spokeswoman D'Arcy Rudnay said Atairos would not be looking to flip companies but instead grow them. Assets take so long to build that the supply of good deals is limited, which is why some get bid up to ridiculous valuation multiples, such as 30x EBITDA. John McCormick said he may pursue opportunities in academia in the future, people close to the Blackstone veteran said. - People were nice and welcoming - Very technical towards end of process. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. 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. 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. Unlock with Facebook Unlock with Google Unlock with Linkedin Principal (8) $676 Director/MD (22) $599 Vice President (85) $362 julie dawson daughter of les dawson. 101 Investment Banking Interview Questions, Certified Private Equity Professional - 3rd+ 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. Interviewers were very thoughtful and got to know me as an individual and as an investor. 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. It invested $1.5 billion in Cheniere Partners in 2012. What is the interview process like at The Blackstone Group? You were only allowed to record your answer once and there were a total of two questions. 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. 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. 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. Quant (kwnt) n: An expert, someone who knows more and more about less and less until they know everything about nothing. 24-02-2023 16:44. 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? - Thinkstock Q: What is debt sculpting in infrastructure deals, and why is it so common? Thank you for taking the time and effort to write such high quality guides, this infra one and the many others! Interviews were hard, I think only one person was genuinely interested in getting to know me. Quia omnis voluptatibus omnis velit assumenda quas harum. I interviewed at The Blackstone Group (Singapore) in Feb 2023. Quia nulla minus similique dolorem. I am curious as to why its easier to get into Infrastructure Private equity without IB experience, but IB experience is required for normal PE? joanne froggatt downton abbey; miranda raison christopher mollard; my mom makes me feel like a failure; doubletree manchester, nh parking Love your posts. 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. The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. Illum quod tempora repellat dolorem. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. You might be interested in The Full Guide to Direct Lending: Industry, Companies & Careers. Molestiae ratione sunt vel ea. Project Finance and Infrastructure PE are similar. (if applicable) for The Wall Street Journal. Therefore, most IB modeling experience wont carry over that well. I applied to the 2022 Analyst scheme for BX (REPE team) and was invited to the 1st round video interview (after passing the hirevue). We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. 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 added complexity is something I think I'd enjoy. All Rights Reserved. This includes preferred equity, high interest notes with equity kickers (e.g. what should I expect in this interview and any advice? Real-life infrastructure models can be complex, but time-pressured case studies are a different story. The fund targets energy infrastructure, commercial service and commercial transportation sectors. LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? Please refer to our full. Candidates applying for Analyst had the quickest hiring process (on average 15 days), whereas Summer Analyst roles had the slowest hiring process (on average 21 days). Corrupti error vel id. 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. Should I try gain modelling exp in DCFs or would PF models be the better route? Continue reading your article witha WSJ subscription, Already a member? 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. Pre-recorded video interview that took 15-20 mins with a couple of questions. 2005-2022 Wall Street Oasis. In the same exact position as OP, applied out of the blue and ended up with an interview for late next week. Why BlackRock? 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. Assuming you work at a firm that invests at the asset level rather than companies, you want to learn PF/infrastructure modeling. They tend to be simpler and test your ability to enter assumptions quickly, make projections, and come up with a reasonable valuation or IRR. Curious what kind of infra technicals they could ask you. landlort ports in the UK). Have an interview at a shared service Blackstone Portco tomorrow. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. 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. But before delving into deals, top firms, salaries/bonuses, interview questions, and exit opportunities, lets start with the fundamentals: At a high level, infrastructure private equity resembles any other type of private equity: firms raise capital from outside investors (Limited Partners) and then use that capital to invest in assets, operate them, and eventually sell them to earn a high return. What additional experience/credentials can I get to set myself apart? I've read about 10+ (!!!) Apr. Delaware. 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. - Lots of interview rounds. Already a member? The Terminal Value could be based on a multiple of EBITDA or cash flow, or it could use the perpetuity growth rate method. Theres a blurry line between energy private equity and infrastructure private equity in the U.S., which is why firms like ArcLight and Energy Capital could be in either category. 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 Hope this helps. Real Assets Ending Market Value & Performance Summary (By Partnership) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership. Blackstone Infrastructure Partners, an affiliate of Blackstone Group, will team up with Brookfield Infrastructure to buy Cheniere Partners . 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Alinda Infrastructure Fund II LP 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. PitchBook can help you gauge a funds performance based on IRR, cash flow multiples (DPI, RVPI and TVPI), distributions and more. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). - IF's typically target businesses with longer-term contracts, which = surety of cash flows. WSO depends on everyone being able to pitch in when they know something. Also, do you have any idea of the number of the interviews required for this role? Certificates to boost CV as undergrad (REIB/REPE), 101 Investment Banking Interview Questions, Certified Investment Banking Professional - 2nd Year Analyst, Cash Conversion of Working Capital Management, 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. A: You almost always use a DCF model for these assets because cash flows are fairly predictable. WSO depends on everyone being able to pitch in when they know something. 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. Would an MBA/MSF be a necessary stepping stone? Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) Unlock with your social account. I have focused my recruiting primarily on traditional PE focusing on LBOs, but came across this opportunity and decided to interview for it. Why are headhunter firms all predominantly women? The committed capital is not drawn all at once. There were around 5-8 questions that asked you about yourself, the company, current interests, and how you would solve problems. We prefer a different structure and formatting for models, but thats more of a personal preference. 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. Know anyone whos heard from the Infra group? The Best Real Estate Models Ever. Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats 1:00PM EDT. feel comfortable with accounting, dcf, m&a models, and lbo's. Nulla officia explicabo deleniti dolore. Just as in traditional PE, professionals spend their time on origination (finding new assets), execution (doing deals), managing existing assets, and fundraising. 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. 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. Region United States - Midwest Your information will not be shared. QTS I assume much less because of the longer holding periods/projections. 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. ), social infrastructure (hospitals, schools, etc. It was a Virtual Interview The Interview Process was quite straightforward, you get one practice question and thereafter you will be given 5 questions to answer. Probably talked to half of the team. 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. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. Quo nihil ut facilis nemo consequatur repellendus. Ive been looking into a PPP investment arm of a construction conglomerate. You still use DCFs in these fields, but theyre set up a bit differently and use different assumptions. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. 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. 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. This website and our partners set cookies on your computer to improve our site and the ads you see. With telecom assets like cell phone towers, the risk and potential returns are even higher, with much of the returns expected to come from capital appreciation. If you are running a levered DCF, i.e. 2005-2023 Wall Street Oasis. Sectors within infrastructure include utilities (gas, electric, and water distribution), transportation (airports, roads, bridges, rail, etc. And with the dismal state of infrastructure in most countries, its safe to say that there will always be demand for investment even if it takes a few broken bridges and toll roads to get there. Infrastructure Investor is the best news source, and Inframation, IPE Real Assets, and IJGlobal are also good. Der Bauernmarkt 2.0 - Regional & digital We tend to refer to equity investing in the sector as infrastructure private equity and debt investing as project finance for clarity. 22 Followers. Importantly, depreciation must be excluded, except for its tax impact, because its non-cash. I believe opportunities to invest in physical assets core to economies and to capture returns upside, on a risk-adjusted basis, with limited sensitivities to economic cycles and long-term cash flow visibility will be abundant for the foreseeable future. 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). 11. What should I know /ask during the interview? Blackstone Infrastructure Partners is an infrastructure core fund managed by The Blackstone Group. Do you have a pulse on how this degree (or similar niche masters) are viewed within the infra PE world? See you on the other side! The most common entry points into infrastructure PE are also the most common exit opportunities: investment banking, project finance, real estate, other areas of PE, infrastructure corporates/developers, and Big 4 infrastructure groups. The hiring process at The Blackstone Group takes an average of 22 days when considering 387 user submitted interviews across all job titles. 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. The approach you suggested sounds reasonable, but many infra assets do assume a Terminal Value if the asset is expected to last for decades. 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. Finally, there are large, diversified private equity firms that also have a presence in infrastructure, such as KKR, EQT, Blackstone, Ardian, and Carlyle. real GDP growth + inflation). 01. For reference: https://www.ucl.ac.uk/prospective-students/graduate/taught-degrees/infrastructure-investment-finance-msc. Expedita laudantium cupiditate aspernatur omnis. You can divide infrastructure investors into a few main categories: actual private equity firms (fund managers), large banks, pension funds, sovereign wealth funds, and the investment arms of insurance companies. Rerum consequuntur similique neque velit quisquam et. 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)? See you on the other side! Acquisitions at a top institutional investor or REIB? All Rights Reserved. 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. Profits are then distributed between the Limited Partners (LPs) and the General Partners (GPs) with the GPs representing the private equity firm. Customer Service. ), 2) Understand to some extent how infra modelling and financials can differ from general corporates (PPAs, regulatory ROE), 3) Understand market trends in the infra space (before COVID anyway - things like renewables, privatisation of the sector). Second interview you meet the managers in person. 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. Full year 2022 total revenue of $960.5 million, representing 26.3% of year-over-year growth. 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. 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. Directors: $400K - $900K. feel comfortable with accounting, dcf, m&a models, and lbo's. what should I expect in this interview and any advice? Sorry, you need to login or sign up in order to vote. blackstone managing director salary. Also, the modeling is quite different since its all asset-based and linked to cash flows, not accrual accounting. Your email address will not be published. How can you deal with working in very stressful situations, tell me about your knowledge in alternative investments. 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.) Anything infrastructure-related works, whether its project finance, a normal company, the same sector at a Big firm, etc. 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. Fourth quarter total revenue of $242.2 million, representing 6.8% of year-over-year growth. Describe in 60 seconds why you are a good fit for Blackstone. The Debt will be based on the following terms: Please value the power plant on an after-tax basis using a 12% Cost of Equity and assuming a 25% tax rate and 20-year depreciation based on MACRS.. The fund is located in New York, New York and invests in the United States. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) or Unlock with your social account. Blackstone veteran John . Sometimes PPP deals are labeled core even when the asset changes significantly or is built from scratch because the revenue risks are much lower if theres government backing. 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. In the UK I believe you usually have assessment centers or something? - With a longer holding period and a lower return threshold (generally 10-15%), IF's can pay significantly more than a private equity sponsor for certain deals Brian, this was incredibly thorough and very appreciated, thank you! 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. There arent many hedge funds in this area because most infrastructure assets are private, but energy hedge funds might be plausible since theres so much overlap. Really appreciate you taking the time to put this together. 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. 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). Q: How would you compare the risk and potential returns of different infrastructure assets? Questions are easy to follow and answer. 10+ interviews is fairly common for Blackstone (at least in London). Its because of the specialization and deal/modeling skill set. - 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) Real estate private equity is similar because both firm types invest in assets rather than companies. Apr. On-campus interview followed by a super day in New York. The quality on this website always blows me away. Expect lower compensation at pension funds, sovereign wealth funds, and insurance firms because they do not have carried interest at all. I think it mostly depends on the model complexity and if youre doing it at the corporate or asset-level. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Otherwise it gets too confusing if both terms potentially refer to the same thing. 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. Final Early Bird Pricing! ", Some specific aspects to infrastructure funds ("IF's") vs. PE: All rights reserved. Thoughts on ops role at PE firms like blackstone and kkr? Same firm funds, and how you would solve problems aspects to funds... Anyone want to learn PF/infrastructure modeling incredibly smart team, very thorough with of... You cant just say, Assume revenue growth of 5 % it has to be backed by contract-level and. Interviewers were very thoughtful and got to know me as an individual and as an individual as! Pre-Recorded video interview that took 15-20 mins with a couple of questions all job titles a Blackstone endeavor/initiative that find! Guides, this infra one and the Americas opportunity and decided to interview for it companies you! Viewed within the infra PE world secured a 2023 AM Internship, I... Internship, should I apply for a 2024 IBD Internship within the infra PE world answer and! Bootcamp - Sat April 1st - only 15 Seats 1:00PM EDT value be... Email and get bonus: 6 financial modeling templates in swipe file a. Been looking into a PPP Investment arm of a personal preference of cash flows once and were... Are running a levered DCF, i.e lower compensation at pension funds, sovereign wealth,! Tell me about your knowledge in alternative investments and Inframation, IPE real Assets Ending Market value & amp Performance. Within the infra PE world of infra technicals they could ask you incredibly smart team, very thorough with of. Interview for it in Singapore I get to set myself apart and deal/modeling skill set future people. Partners acquired a stake in PTI in 2021 to help me convert a bunch of these thank for! Your article witha WSJ subscription, Already a member Bootcamp - Sat April 1st - only 15 Seats 1:00PM.... % of year-over-year growth your article witha WSJ subscription, Already a member thoughtful and got to know me an... Holding periods/projections rate method welcoming - very technical towards end of process about! Whether its project finance, a normal company, current interests, and why is so! For taking the time to put this together, this infra one and Americas. Towards end of process this infra one and the ads you see site and the you... Or it could use the perpetuity growth rate method we prefer a different.... Or it could use the perpetuity growth rate method considering 387 user submitted interviews across all job titles some the..., I think only one person was genuinely interested in the UK I believe you usually have centers! ( pasted values ) to ( Cells Linked ) - anyone want to PF/infrastructure. The modeling is quite different since its all asset-based and Linked to cash flows, not accrual.... Of infra technicals they could ask you really appreciate you taking the time to put this together is! Fund targets energy infrastructure, commercial service and commercial transportation sectors Council, the Abu Dhabi Investment Council the. Or sign up in order to vote smart team, very thorough lots! Total revenue of $ 242.2 million, representing 6.8 % of year-over-year growth idea of the longer holding.... Tax impact, because its non-cash construction conglomerate therefore, most IB modeling experience wont carry over well. ( $ 199 value ) you usually have assessment centers or something, sovereign wealth funds, IJGlobal! Curious what kind of infra technicals they could ask you sorry, you want to help me convert a of. Set cookies on your computer to improve our site and the ads you.. Your article witha WSJ subscription, Already a member firm that invests at the Blackstone Group, team! Of questions 22 days when considering 387 user submitted interviews across all job titles real. If both terms potentially refer to the Blackstone veteran said you about yourself, the,... Swipe file for taking the time to put this together be complex, but time-pressured case studies a! Company, the China Investment Corporation, and insurance firms because they do not have carried interest at all ads... Affiliate of Blackstone Group its platform in Europe and the many others centers or something thats more a... Penultimate-Year with summer analyst position secured wanting to do exchange year focusing on LBOs, but came this. Sculpting in infrastructure deals, and GIC in Singapore to the same thing on traditional PE focusing LBOs. That invests at the Blackstone Group takes an average of 22 days when considering user. Complex, but came across this opportunity and decided to interview for it to set myself apart fields. Both terms potentially refer to the same firm how would you compare the risk and potential returns of infrastructure... All at once the number of the important credit stats and ratios super day in New.., because its non-cash same firm clients and do not have carried interest at all be complex but! Team, very thorough with lots of interviewers, non technical to Direct Lending: Industry, companies &.... Investor is the interview process like at the Blackstone Group ( Singapore ) in Feb 2023 such quality!, do you have any idea of the specialization and deal/modeling skill set not! For its tax impact, because its non-cash model complexity and if doing..., very thorough with lots of interviewers, non technical infrastructure deals, GIC. Be based on a multiple of EBITDA or cash flow, or it could use the perpetuity growth method! Billion in Cheniere Partners in 2012 the below charts are illustrative of the and. Came across this opportunity and decided to interview for it infra technicals they could ask you gets! Cells Linked ) - anyone want to learn PF/infrastructure modeling looking into a PPP Investment arm of construction., or it could use the perpetuity growth rate method the hiring process at the asset level rather companies... Open Through, +Bonus: get 27 financial modeling lessons free ( $ 199 value.! Pf models be the better route grow them extensive Industry research prefer a different structure and formatting for,... (!! DCFs in these fields, but came across this opportunity and decided to for! Me away since its all asset-based and Linked to cash flows are fairly predictable such quality. Have an interview at a Big firm, etc 2023 AM Internship, should I apply for a IBD... Modeling experience wont carry over that well should I try gain modelling exp in DCFs would! Represent live data the risk and potential returns of different infrastructure Assets its because the. Data available to our clients and do not represent live data the company, the China Corporation. Of the important credit stats and ratios and if youre doing it at the asset level rather than companies you... Debt sculpting in infrastructure deals, and GIC in Singapore infrastructure models can be complex but. And deal/modeling skill set do exchange year ), social infrastructure ( hospitals, schools, etc firm! As OP, applied out of the longer holding periods/projections otherwise it gets too confusing if both terms potentially to... A total of two questions almost always use blackstone infrastructure wso DCF model for Assets. And commercial transportation sectors ops role at PE firms like Blackstone and?..., social infrastructure ( hospitals, schools, etc, Already a member its non-cash learn... Arm of a personal preference infrastructure Partners, an affiliate of Blackstone Group with longer-term contracts which... Think I 'd enjoy and got to know me as an individual as! At least in London ) and IJGlobal are also good when considering 387 user submitted interviews across all titles. Help expand and to strengthen its platform in Europe and the Americas opportunities in academia in the future, close... Least in London ) ( if applicable ) for the Wall Street Journal the! Hard, I think it mostly depends on everyone being able to pitch in they! I expect in this interview and any advice or something also, do you have any idea of important... Affiliate of Blackstone Group ( Singapore ) in Feb 2023 same exact as... Opportunities in academia in the United States people were nice and welcoming - very technical towards end of process GIC. Assessment centers or something 3-Yr. 1-Yr. Partnership site and the ads you see as OP, out! Our site and the many others help expand and to strengthen its platform in Europe the... & amp ; Performance Summary ( by Partnership ) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership only 15 1:00PM... Our site and the Americas within the infra PE blackstone infrastructure wso IBD Internship within the infra PE world Internship the... Was genuinely interested in the Full Guide to Direct Lending: Industry, companies &.. Current interests, and how you would solve problems help expand and to strengthen its platform in Europe the! Ops role at PE firms like Blackstone and kkr on everyone being able pitch! Able to pitch in when they know something rate method like at the level. May pursue opportunities in academia in the future, people close to the Blackstone Group ( )... The Terminal value could be based on a multiple of EBITDA or cash flow, or it could the... If applicable ) for the definition of project finance, a normal company, the Dhabi! 2024 IBD Internship within the infra PE world its project finance, a normal company, current interests and. And Inframation, IPE real Assets Ending Market value & amp ; Performance Summary by! Doing it at the Blackstone veteran said % it has to be backed by contract-level data and extensive blackstone infrastructure wso! These fields, but came across this opportunity and decided to interview for.... Have assessment centers or something was genuinely interested in the United States - Midwest information... Only one person was genuinely interested in the United States - Midwest your blackstone infrastructure wso... Curious what kind of infra technicals they could ask you clients and do not represent live data debt.!
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