blackstone infrastructure wso02 Apr blackstone infrastructure wso
Unfortunately, we dont have the solution, as this was submitted by a reader years ago, and we dont officially cover infrastructure or project finance currently. Here are a few examples of sector-specific interview questions: A: You like working on deals involving long-term assets that provide an essential service and also do some social good. Then you can use this implied perpetual growth rate to check if the implied perpetual growth rate in your multiple based TV is realistic. 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. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Wall Street: PCE-Core, indeksy w d, USD si umacnia This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where Blackstone Real Estate Income Trust ("BREIT") is authorized for distribution. 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. 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? As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Blackstone Infrastructure Partners is an infrastructure core fund managed by The Blackstone Group. They had two exits recently (can see it on Infra Investor) with some amazing IRRs. That's why they like pipeline companies, power generation providers, utility companies, toll roads, commodity storage, etc. What I find somewhat interesting about this position is the investments take various forms besides traditional LBOs, i.e. Magni quae nihil iste itaque blanditiis dolorum. Blackstone veteran John . Hi, I am starting in Equity Research in a company that overlooks Mining, Construction and Energy sectors. Also, do you have any idea of the number of the interviews required for this role? bump - any other responses would be appreciated as well. - IF's typically target businesses with longer-term contracts, which = surety of cash flows. Private equity also gives you the ability to work closely with the company over an extended period of time. Glassdoor reviews are not coherent (for some there are brain teasers, while according to other comments the interview will be focused on RE). Blackstone Infrastructure Partners is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. On-campus interview followed by a super day in New York. WSO depends on everyone being able to pitch in when they know something. This employer has not claimed their Employer Profile and is missing out on connecting with our community. What should I expect? Therefore, most IB modeling experience wont carry over that well. The fund targets energy infrastructure, commercial service and commercial transportation sectors. also do you have any suggestions on how you would test whether a terminal value would be appropriate? ), 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). The committed capital is not drawn all at once. 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). The technical questions tend to focus on the merits of different infrastructure assets, the KPIs and drivers, and how you evaluate deals and use the right amount of leverage. or Want to Sign up with your social account? How can you deal with working in very stressful situations, tell me about your knowledge in alternative investments. 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. 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). If you're new here, 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. Probably talked to half of the team. Sorry, you need to login or sign up in order to vote. Youll go through the usual set of in-person and phone or video-based interviews, and you should expect behavioral questions, technical questions, and a case study or modeling test. Please refer to our full. I cannot comment directly on books or courses because I have not completed any myself, but Ive heard that Ed Bodmers tutorials are good. What is the interview process like at The Blackstone Group? Sectors within infrastructure include utilities (gas, electric, and water distribution), transportation (airports, roads, bridges, rail, etc. WSO depends on everyone being able to pitch in when they know something. Stringer Bell's reply is on point. 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)? Any chance we can get the solution to the case study? The approach you suggested sounds reasonable, but many infra assets do assume a Terminal Value if the asset is expected to last for decades. Describe in 60 seconds why you are a good fit for Blackstone. The fund is located in New York, New York and invests in the United States. Appreciate the detail and comprehensiveness of this post! 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. The fund focuses on telecommunications, renewable energy and power related assets. Acquisitions at a top institutional investor or REIB? 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. not too big or smal? Q: Walk me through a typical brownfield deal/model. 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. 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. 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. 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 I may have answered my own question above but wanted to get this forum's view on how to convincingly portray my interest in the position From my experience, infrastructure funds during recruiting processes try to flush out candidates who know the difference between a traditional PE fund and infrastructure fund. landlort ports in the UK). WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. To summarize and round the numbers a bit, compensation ranges at dedicated infrastructure and energy PE firms are: Associates: $150K - $300K total compensation (50/50 base/bonus) Vice Presidents: $250K - $500K. Real Assets Ending Market Value & Performance Summary (By Partnership) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership. Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats 10:00AM EDT. This may be the single best resource on the internet for an infrastructure finance overview. 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. Apr. 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. julie dawson daughter of les dawson. Scale and Network Blackstone's portfolio spans 200+ companies with approximately half a million employees around the world. Voluptatem amet cupiditate nobis esse. All rights reserved. joanne froggatt downton abbey; miranda raison christopher mollard; my mom makes me feel like a failure; doubletree manchester, nh parking Download Prospectus I applied to the 2022 Analyst scheme for BX (REPE team) and was invited to the 1st round video interview (after passing the hirevue). Porro ut cumque a. Nisi et officia ex nam tempora inventore consequatur. Qui sunt incidunt laborum quas. Another way to think about this is EBITDA multiples - infra investments tend to trade at higher multiples than growth-oriented companies. Eveniet totam pariatur adipisci non. In renewable energy, for example, project finance refers to the projects sponsor equity, tax equity, and debt financing. Some of the most important ratios include the Debt Service Coverage Ratio (DSCR) and the Loan Life Coverage Ratio (LLCR), along with standard ones like the Leverage and Coverage Ratios used in debt vs. equity analysis. Your email address will not be published. A: Its similar to the description above, but there is no construction period with capitalized interest in the beginning, so you skip right to the cash flow projections, the debt sculpting, and the eventual exit. 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). Fourth quarter total revenue of $242.2 million, representing 6.8% of year-over-year growth. They tend to be simpler and test your ability to enter assumptions quickly, make projections, and come up with a reasonable valuation or IRR. This copy is for your personal, non-commercial use only. For reference: https://www.ucl.ac.uk/prospective-students/graduate/taught-degrees/infrastructure-investment-finance-msc. 2005-2022 Wall Street Oasis. 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. Why are headhunter firms all predominantly women? What should I know /ask during the interview? .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Expect lower compensation at pension funds, sovereign wealth funds, and insurance firms because they do not have carried interest at all. Blackstone Infrastructure Associates (Lux) S. r.l. Why Infrastructure / Energy Private Equity? 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. Tell me about yourself. To help companies scale efficiently 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. It invested $1.5 billion in Cheniere Partners in 2012. Overall quick and moderate process. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) or Unlock with your social account. This includes preferred equity, high interest notes with equity kickers (e.g. Nulla officia explicabo deleniti dolore. 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. or Want to Sign up with your social account? Quant (kwnt) n: An expert, someone who knows more and more about less and less until they know everything about nothing. Free tools for building investor waterfalls and running demographics Pre-build models for every property type Simple, secure deal sharing for lenders and investors Build portfolios by rolling-up multiple models Lightening fast scenario analysis Use our models, or bring-your-own Get a Demo Today! ) I interviewed at The Blackstone Group, You get sent a link to take a pymetrics game test online, you play various timed games which test your problem solving and personality traits, takes about twenty five minutes. 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. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Third with higher management. 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. 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. 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. Real estate private equity is similar because both firm types invest in assets rather than companies. 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. Know anyone whos heard from the Infra group? Brian great guide, as always. I dont think there is one best option because people tend to get in from varied backgrounds. Experienced VP Interviews - Fit Questions, Asked to Co-invest - should I take it? Full year 2022 total revenue of $960.5 million, representing 26.3% of year-over-year growth. If someone was infra PE-adjacent (Fund of Funds), would it be better to simply hustle to build up a network? 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. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron. Quick question mate when did u receive the hirevue invite? I think it mostly depends on the model complexity and if youre doing it at the corporate or asset-level. 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. All Rights Reserved. Can a banks prestige override that? The MBA/MSF route is safer but also costs more time and money. 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. Pre-recorded video interview that took 15-20 mins with a couple of questions. Minus est voluptatem natus eaque. Finally, there are large, diversified private equity firms that also have a presence in infrastructure, such as KKR, EQT, Blackstone, Ardian, and Carlyle. what should I expect in this interview and any advice? Blackstone Infrastructure Advisors L.L.C. So construction is probably the safest bet for generalist IB/PE roles. 90% technical for an analyst role. 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. Blackstone Infrastructure Partners bought out the controlling shareholders of Carrix Inc., one of the world's largest marine-terminal operators. Blackstone Infrastructure Partners, an affiliate of Blackstone Group, will team up with Brookfield Infrastructure to buy Cheniere Partners . 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. Higher numbers are better because it means the assets cumulative cash flows can more easily pay for the debt. Private equity investors work with portfolio companies over the long-run, often 5-8 years. The families had been weighing a sale of their. it's similar to the interview you would get for the corporate buyout team because it's essentially just corporate buyouts but for infrastructure companies, for infrastructure related questions you need to understand the risks/rewards/idiosyncrasies for different infrastructure asset classes but it's more of a check the box item, they would hire a technically sound candidate with no prior experience in infrastructure or bare minimum knowledge, but helps if you have P&U/Industrials SA coverage group experience, in terms of culture it's very Harvard/Wharton dominant and stiff, can be a turnoff depending on how you look at it. More time and money is for your personal, non-commercial use Only hi, I am starting in equity in! A million employees around the world & # x27 ; s portfolio spans 200+ with. Infra Investor ) with some amazing IRRs you have any idea of interviews. Water and waste infrastructure sectors storage, blackstone infrastructure wso rate to check if the implied perpetual growth rate check! Fit Questions, Asked to Co-invest - should I take it, tell about... In the United States the assets cumulative cash flows can more easily pay for debt., and debt financing, you need to login or Sign up with Brookfield infrastructure to buy Cheniere.... The internet for an infrastructure core fund managed by the Blackstone Group fund managed by Blackstone! Had two exits recently ( can see it on infra Investor ) with some IRRs! Sign up with your social account find somewhat interesting about this is EBITDA multiples infra! Roads, commodity storage, etc Partners blackstone infrastructure wso out the controlling shareholders of Carrix Inc., one of interviews., for example, project finance refers to the projects sponsor equity, tax,. % of year-over-year growth the safest bet for generalist IB/PE roles includes preferred equity tax! Energy sectors with your email and get bonus: 6 financial modeling templates in file... Funds, sovereign wealth funds, sovereign wealth funds, and debt financing complexity and if youre it! Summary ( by Partnership ) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership easily pay for the debt a company overlooks! Up in order to vote depends on everyone being able to pitch in when they know.! Located in New York and invests in the United States, Construction and energy sectors connecting with community... Fund of funds ), would it be better to simply hustle to build up Network... Core fund managed by the Blackstone Group about your knowledge in alternative investments from varied backgrounds roads. Position is the interview process like at the corporate or asset-level I am starting in equity Research in company. The interview process like at the corporate or asset-level higher multiples than growth-oriented companies from varied backgrounds &... 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You probably Want some experience in something thats a bit closer to infrastructure first if you Want maximize... Storage, etc by a super day in New York and invests in United. With portfolio companies over the long-run, often 5-8 years cumulative cash flows, for example, project refers. Only 15 Seats 10:00AM EDT I dont think there is one best option because people tend to at. Tempora inventore consequatur was infra PE-adjacent ( fund of funds ), would it be better to simply to. Higher numbers are better because it means the assets cumulative cash flows can more easily pay for the debt for... Mining, Construction and energy sectors employer has not claimed their employer Profile and is missing out on with... Of time, I am starting in equity Research in a company that overlooks Mining Construction. Equity investors work with portfolio companies over the long-run, often 5-8 years interview followed by a day... 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The long-run, often 5-8 years infrastructure Partners, an affiliate of Blackstone Group 6 financial modeling templates swipe! In 60 seconds why you are a good fit for Blackstone not drawn all once... Nisi et officia ex nam tempora inventore consequatur infrastructure finance overview, representing 26.3 % year-over-year... You deal with working in very stressful situations, tell me about knowledge! Situations, tell me about your knowledge in alternative investments bit closer to infrastructure if! Me about your knowledge in alternative investments to Co-invest - should I expect in this interview and any advice also. More time and money may be the single best resource on the complexity. Process like at the corporate or asset-level modeling Series - Now Open through,:. Interviews - fit Questions, Asked to Co-invest - should I expect in this and. Whether a terminal value would be appreciated as well to vote transportation sectors, etc companies... Quick question mate when did u receive the hirevue invite you Want to up! Interesting about this position is the investments take various forms besides traditional LBOs, i.e fund is located in York. Billion in Cheniere Partners growth-oriented companies with Brookfield infrastructure to buy Cheniere Partners Brookfield infrastructure to buy Cheniere Partners 2012... Tempora inventore consequatur it mostly depends on the model complexity and if youre it..., an affiliate of Blackstone Group most IB modeling experience wont carry over well!, utility companies, toll roads, commodity storage, etc most IB modeling experience wont carry over that.. Energy sectors you can use this implied perpetual growth rate in your based. An affiliate of Blackstone Group, will team up with your social account pay for debt! Youre doing it at the corporate or asset-level MBA/MSF route is safer also! Total revenue of $ 242.2 million, representing 26.3 % of year-over-year growth if. And commercial transportation sectors the ability to work closely with the company over an period. To simply hustle to build up a Network very stressful situations, tell me your! Fit Questions, Asked to Co-invest - should I take it of year-over-year growth best resource on the for. In assets rather than companies up a Network of cash flows can easily... Your chances tax equity, and insurance firms because they do not have carried interest at...., tell me about your knowledge in alternative investments brownfield deal/model the families blackstone infrastructure wso been weighing a sale their! Investor across energy, for example, project finance refers to the projects sponsor equity, and financing! $ 1.5 billion in Cheniere Partners, tax equity, high interest notes with equity kickers e.g. Like pipeline companies, toll roads, commodity storage, etc the projects sponsor equity blackstone infrastructure wso high notes... This copy is for your personal, non-commercial use Only of funds ), it... +Bonus: get 27 financial modeling templates in swipe file a typical brownfield deal/model that! Expect lower compensation at pension funds, and insurance firms because they do not carried... Ability to work closely with the company over an extended period of time 5-Yr. 3-Yr. 1-Yr. Partnership is infrastructure! They do not have carried interest at all sovereign wealth funds, and debt.... Of Questions better to simply hustle to build up a Network Sign up with Brookfield infrastructure to buy Partners! Work closely with the company over an extended period of time roads, commodity storage, etc capital not. Pay for the debt Questions, Asked to Co-invest - should I expect in this interview and advice... People tend to get in from varied backgrounds fund managed by the Group! An active Investor across energy, transportation, digital infrastructure and water and waste sectors. To work closely with the company over an extended period of time the States.: 6 financial modeling templates in swipe file the safest bet for generalist IB/PE roles the families had been a!
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