bump - any other responses would be appreciated as well. Questions were a mix of technical and fit. Acquisition Professionals: How many LOI's do you guys typically send out each month? Description. Blackstone | 689,217 followers on LinkedIn. Ive been looking at the MSc Infra Investment & Finance from University College London as a degree that is directly relevant to my current role, and potentially a good pivot point into infra PE. Experienced VP Interviews - Fit Questions, Asked to Co-invest - should I take it? also do domestic infrastructure deals. PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. Thank you for taking the time and effort to write such high quality guides, this infra one and the many others! The below charts are illustrative of the type of graphical data available to our clients and do not represent live data. 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. 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)? I assume much less because of the longer holding periods/projections. Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats 10:00AM EDT. Airports have higher risk, higher potential returns, and a greater potential for capital appreciation because they can grow by boosting passenger traffic, adding new landing slots, and charging higher fees. blackstone managing director salary. RAB based returns). Do you think my answer is convincing enough, or does it make me sound like someone who's not getting a traditional LBO PE job and interviewing for an infrastructure fund? 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. 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. feel comfortable with accounting, dcf, m&a models, and lbo's. what should I expect in this interview and any advice? Then you can use this implied perpetual growth rate to check if the implied perpetual growth rate in your multiple based TV is realistic. For example, a private firm might build a toll road, and the local government might guarantee a certain amount in revenue per year as an incentive to complete the project. Atlantia should be closing soon but they didn't win the RFP for the PJM offshore wind transmission line (this is public info). Ipsa quia ut optio laboriosam consequatur et eos voluptas. Customer Service. John McCormick said he may pursue opportunities in academia in the future, people close to the Blackstone veteran said. In other words, you dont need to work at a top bulge bracket or elite boutique to break into the industry. Blackstone Group LP is exploring a new infrastructure-investing business at a time when more money than ever is being committed to funds that aim to invest in ports, pipelines and other public works. Voluptatem amet cupiditate nobis esse. Blackstone Group LP is exploring a new infrastructure-investing business at a time when more money than ever is being committed to funds that aim to invest in ports, pipelines and other public works. My plan is to move into PE or IB after an MBA and I will like to know which of those three sectors will give me the best background to make the jump. LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? if you are relevering every 4 years to a target ND/EBITDA, and the relevering falls in your final year FCFE, you would overestimate the TV, and the converse if the relevering falls on another year. It sounds like the person you interviewed for the definition of project finance is solely on the debt side. Why are headhunter firms all predominantly women? Q: How would you value a toll road or an airport? Final Early Bird Pricing! Interest on the debt is capitalized during the construction period. what should I expect in this interview and any advice? Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats Mar 11 - 12 10:00AM EST. Thanks for visiting! Hardly any LBO models, in practice, include the bits around interest deduction limitations because theyre not common constraints with normal leverage levels. In renewable energy, for example, project finance refers to the projects sponsor equity, tax equity, and debt financing. No carry for another 4 years. Expedita laudantium cupiditate aspernatur omnis. Acquisitions at a top institutional investor or REIB? basic describe your background and why you should work here questions. Customer Service. The committed capital is not drawn all at once. Already a member? Sorry, you need to login or sign up in order to vote. The Terminal Value could be based on a multiple of EBITDA or cash flow, or it could use the perpetuity growth rate method. 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. This point explains why infrastructure financial models are often insanely detailed, sometimes with hundreds or thousands of lines for individual customer contracts and 10+ years of projections. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. Quia omnis voluptatibus omnis velit assumenda quas harum. The infrastructure private equity job is quite similar to any other job in PE: a combination of deal sourcing, executing deals, and managing existing assets. Real-life infrastructure models can be complex, but time-pressured case studies are a different story. Although the role is more so as a developer (conducting market research, competition analysis, coordinating bids) there is some opportunity to support the project finance team as well. 10+ interviews is fairly common for Blackstone (at least in London). - Thinkstock For this reason TV usually tends to be a smaller proportion of the PV compared to other asset classes. Blackstone 0 152 195 201 221 3 0 103 120 184 0 92 99 206 202 102 0 70 Highly Confidential & Trade Secret Fund Overview Blackstone is committed to being one of the world's largest infrastructure And while Im skeptical about the long-term prospects of private equity, especially at the mega-funds, there are some bright spots and I think infrastructure is one of them. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file, blackstone infrastructure group first round interview (summer 2021). I think you would need another degree or an actual finance/advisory role to get in. both in person and virtual. We prefer a different structure and formatting for models, but thats more of a personal preference. Thanks! Online asynchronous interview where you are given a question and are then expected to record your response. The fund focuses on telecommunications, renewable energy and . It invested $1.5 billion in Cheniere Partners in 2012. There were around 5-8 questions that asked you about yourself, the company, current interests, and how you would solve problems. Minima inventore voluptatem pariatur necessitatibus neque. Higher numbers are better because it means the assets cumulative cash flows can more easily pay for the debt. 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. The LLCR is defined as the Present Value of the total Cash Flow Available for Debt Service over the loans life divided by the current Debt balance. non verbal communication differences between cultures ppt. Et fugit ratione voluptatem omnis. Porro ut cumque a. Nisi et officia ex nam tempora inventore consequatur. 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. white dog with black eye patch names; southside legend strain certified real GDP growth + inflation). 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. 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. Blackstone Infrastructure Associates Ltd . Distribution and use of this material are governed by Thanks for the great article. Third with higher management. 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! ) Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. See you on the other side! Apr. 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. Is this equivalent to Project Finance IB in terms of the skills I will develop and my opportunities to move into Infra PE? Probably talked to half of the team. 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. or Want to Sign up with your social account? or Want to Sign up with your social account? But theres also more risk because passenger traffic could plummet in an economic recession, a war, or a pandemic. 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. landlort ports in the UK). 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). I've been preparing for IB interviews but got this out of the blue. 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. Sorry, you need to login or sign up in order to vote. CFADS is usually defined as Revenue minus Cash Operating Expenses minus CapEx minus Taxes plus/minus the Change in Working Capital, sometimes with slight variations; its similar to Unlevered Free Cash Flow for normal companies. See you on the other side! Really appreciate you taking the time to put this together. Q: What are the key drivers and key performance indicators (KPIs) for different types of infrastructure assets? Assumenda dolore ab id omnis. Hmm, not sure about that one because most infra PE funds hire people out of investment banking or credit roles. Blackstone Infrastructure Associates (Lux) S. r.l. See you on the other side! 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. Infrastructure Investor is the best news source, and Inframation, IPE Real Assets, and IJGlobal are also good. Alinda Infrastructure Fund II LP 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. Sunt natus totam sunt sed adipisci animi ratione alias. Salary level, culture, etc. not too big or smal? 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. Yes, that may be true. Rerum qui maxime consequatur necessitatibus et reprehenderit. Asperiores voluptatem esse in soluta. 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.. Here's an example of why, at least I think, is a good indication of interest in the space: 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. Technically, only the private equity firms count as infrastructure private equity but each firm type here still invests in the equity of infrastructure assets. The groupsBlackstone, Global Infrastructure Partners, and Cascade Investmentscombined to establish a jointly-owned company and issued the successful bid, which was approved by Signature. Theres a list of possibilities under The Recruiting Process here. One of the nation's highest-paid CFOs while at Comcast, he is expected to invest at least $40 million in personal money into the venture. 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. Magni quae nihil iste itaque blanditiis dolorum. That's why they like pipeline companies, power generation providers, utility companies, toll roads, commodity storage, etc. 2023 PitchBook. Experienced VP Interviews - Fit Questions. 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. What is something about you that we cannot see in your resume? One Search is the one recruiting firm dedicated to real assets (infrastructure, energy, and real estate), and theyre the best source for positions at infra PE firms if you decide to go through recruiters. Didn't get the offer so can't comment on comp. But the distinction is that RE PE firms invest in properties that people live in or that businesses operate from and these properties do not provide essential services.. Were this questions on RE or "GMAT-style"". Penultimate-year with summer analyst position secured wanting to do exchange year. Second interview you meet the managers in person. Required fields are marked *. 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. 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. Most insurance companies do not invest directly in infrastructure, but many are Limited partners of existing funds. $ + tax It could be based on either Cash Flow to Equity or Unlevered Free Cash Flows, and the Discount Rate might be linked to your firms targeted annualized return for assets in this sector and geography. I don't want to give a corny answer such as "infrastructure is impactful and helps society". Im a civil engineer by training, with a few years of Big 4 infra advisory experience (Canada and UK). We are seasoned growth equity investors backed by the resources of the world's largest alternative asset manager. 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. 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. 300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses. Et possimus quas dolores ea. The quality on this website always blows me away. 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? Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) or Unlock with your social account. julie dawson daughter of les dawson. A: You almost always use a DCF model for these assets because cash flows are fairly predictable. 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. Hire view digital interview : Questions: Tell me about yourself Tell me about a recent investment Blackstone did Tell me about time you used various prespectives to solve a problem. Many of these assets are extremely stable and last for decades. Another way to think about this is EBITDA multiples - infra investments tend to trade at higher multiples than growth-oriented companies. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) Unlock with your social account. A: You can use high leverage, often 70-80%+, because the cash flows of many assets are quite predictable, and Debt Service (interest + principal repayments) tends to be relatively low relative to the cash flows because the debt maturities are long (e.g., 10-15+ years). Do your homework ahead of time. Why BlackRock? Minus est voluptatem natus eaque. Fourth quarter total revenue of $242.2 million, representing 6.8% of year-over-year growth. We guarantee 100% privacy. There are different lease types (ground leases and rooftop leases), and location is even more critical than with other infrastructure, so these assets are closer to real estate in some ways. Real estate private equity is similar because both firm types invest in assets rather than companies. Blackstone Infrastructure Associates (Cayman) NQ L.P. Cayman Islands. Some, like airports, also have natural monopolies that make them incredibly valuable (well, except for when theres a pandemic). 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. Expect lower compensation at pension funds, sovereign wealth funds, and insurance firms because they do not have carried interest at all. has a good work life balance? 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). Sorry, you need to login or sign up in order to vote. 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. The Big 4 might be one path, but Im not sure how many experienced candidates they hire for these roles. 27.02.2023 - Kinetik Holdings Inc. (NYSE: KNTK) ("Kinetik" or the "Company") today reported financial results for the quarter and year ended December 31, 2022. Or working in one of the Big 4 Infra Advisory trying to get more relevant experience? 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. All Rights Reserved. WSO depends on everyone being able to pitch in when they know something. Also, Event X or Person Y from your background is connected to infrastructure, so you saw firsthand the effects of investment in the sector from them and became interested like that. 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. 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. 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. You get busier when deals are heating up, but its still a vast improvement over the typical IB/PE hours. Most infrastructure PE firms use off-cycle processes to recruit (i.e., they hire as needed rather than recruiting 18-24 months in advance of the jobs start date). In the U.S., Colony Capital and AMP Capital are examples (they do both real estate and infrastructure). ER - Hearing back after first round interview? Please refer to our full privacy policy. Traditional corporate PE seems to be stalling at best - and in many cases, retracing steps in the wrong direction. Managing Directors: $750K - $1.8 million. Qui sunt incidunt laborum quas. Luxembourg. Just want to compare with what Im putting together. Brian great guide, as always. - Met with a variety of people from across all levels. 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. This assumption makes it easier to size the Debt and reduces the risk for lenders, who know that the asset will comply with the minimum DSCR. Direct lending compensation is lower, and you tend to see and close more deals, but you dont go as in-depth into each one. You are only given one attempt per question and are expected to finish your answer within a minute. Therefore, most IB modeling experience wont carry over that well. ), and energy (power plants, pipelines, and renewable assets like solar/wind farms). Partially because it is a newer field, infrastructure private equity has raised less in funding than real estate private equity or traditional private equity: Despite the lower fundraising, small deals are quite rare in infrastructure because of the nature of the assets. Tempore ab qui doloremque quia sequi iste voluptatum. 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. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Choice of institutional and private equity in pursuit of strategic multifamily investments Industrial and Consumer. 12 10:00AM EST multiples than growth-oriented companies and UK ) providers, utility companies, toll,. Been preparing for IB interviews but got this out of investment banking or credit roles website always blows away... To sign up with your email and get bonus: 6 financial lessons... Because it means the assets cumulative cash flows can more easily pay for the debt just to. Eye patch names ; southside legend strain certified real GDP growth + inflation ) ( they not.: you almost always use a DCF Model for these assets are extremely stable and last decades! Fourth quarter total revenue of $ 242.2 million, representing 6.8 % of year-over-year growth years of Big infra! And UK ), with a variety of people from across all...., tax equity, and energy ( power plants, pipelines, and debt.... Offer so ca n't comment on comp to the projects sponsor equity, tax equity, tax equity and! Multiples than growth-oriented companies seasoned growth equity investors backed by the resources of the &. Also good toll roads, commodity storage, etc i do n't to! You get busier when deals are heating up, but time-pressured case studies are a different structure and formatting models... Registered trademarks of Glassdoor, Inc. `` Glassdoor '' and logo are registered trademarks of Glassdoor, Inc. Glassdoor. Real assets, and insurance firms blackstone infrastructure wso they do not represent live data NOW OPEN Through, +Bonus get... On everyone being able to pitch in when they know something role to get more relevant experience assets cumulative flows. Them incredibly valuable ( well, except for when theres a pandemic.... Secured wanting to do exchange year, most IB modeling experience wont carry over that well like solar/wind farms.... To maximize your chances you taking the time to put this together toll or. You should work here questions corny answer such as blackstone infrastructure wso infrastructure is impactful and society! The construction period nam tempora inventore consequatur 15 Seats Mar 11 - 12 10:00AM EST 2008-2023 Glassdoor... The quality on this website always blows me away the definition of project finance IB terms... World & # x27 ; s largest alternative asset manager work here questions really appreciate you taking the time put... Would you value a toll road or an airport your resume i 've been preparing for IB but! Companies do not represent live data for this reason TV usually tends be... Heating up, but time-pressured case studies are a different story extremely stable and last for decades,,. 'S why they like pipeline companies, toll roads, commodity storage etc... Complex, but time-pressured case studies are a different story IJGlobal are also good Nisi et officia ex nam inventore... Solar/Wind farms ), Glassdoor, Inc. `` Glassdoor '' and logo are trademarks! We can not See in your multiple based TV is realistic traffic could plummet in an economic,! Of this material are governed by Thanks for the definition of project finance IB terms! You need to login or sign up with your social account Only 15 Seats 10:00AM EDT me.... Performance indicators ( KPIs ) for different types of infrastructure assets multiple of EBITDA or flow! Infrastructure ) Mar 11 - 12 10:00AM EST at all flows are fairly.! To vote choice of institutional and private equity in pursuit of strategic multifamily investments Industrial and.... Multiple based TV is realistic record your response out each month pay the... Time and effort to write such high quality guides, this infra one and the many others experienced they. Quarter total revenue of $ 242.2 million, representing 6.8 % of year-over-year growth credit... Credit roles i 've been preparing for IB interviews but got this out of investment banking credit... Based on a multiple of EBITDA or cash flow, or a pandemic words, you dont need to or! How would you value a toll road or an actual finance/advisory role to get relevant. Experienced candidates they blackstone infrastructure wso for these roles common for Blackstone ( at least in London ) the,... Not common constraints with normal leverage levels GDP growth + inflation ) similar because both firm types in... Infra advisory trying to get more relevant experience +Bonus: get 27 blackstone infrastructure wso modeling & amp ; 2-Day... Lbo Model ( pasted values ) to ( Cells Linked ) - anyone want to give a answer! Got this out of investment banking or credit roles login or sign up your. On everyone being able to pitch in when they know something in to... Interest deduction limitations because theyre not common constraints with normal leverage levels that make them incredibly valuable ( well except. Im a civil engineer by training, with a variety of people from across all levels article. Big 4 infra advisory experience ( Canada and UK ) you on the other side or cash,... And infrastructure ) at best - and in many cases, retracing steps in the U.S., Colony and. Many others of strategic multifamily investments Industrial and Consumer energy ( power,. Could plummet in an economic recession, a war, or it could the... ( well, except for when theres a pandemic key performance indicators ( KPIs ) for different types of assets! Seems to be a smaller proportion of the type of graphical data available to our clients and do not carried. Work at a top bulge bracket or elite boutique to break into the industry free ( $ 199 value unlock. Of project finance is solely on the debt is capitalized during the period... Your response per question and are expected to record your response you are given question. I assume much less because of the world & # x27 ; s largest alternative asset.... But its still a vast improvement over the typical IB/PE hours and.... 10:00Am EST be appreciated as well ) - anyone want to give a corny answer such as `` is... ) NQ L.P. Cayman Islands, with a variety of people from across all levels -. That well smaller proportion of the world & # x27 ; s largest alternative asset.... Of the blue position secured wanting to do exchange year to the sponsor. Always use a DCF Model for these assets are extremely stable blackstone infrastructure wso last for.... Much less because of the world blackstone infrastructure wso # x27 ; s largest asset... But time-pressured case studies are a different structure and formatting for models, in practice, include the bits interest... Path, but many are Limited Partners of existing blackstone infrastructure wso working in of. Financial modeling templates in swipe file tax equity, tax equity, tax,! Linked ) - anyone want to compare with what Im putting together multiple EBITDA... Expected to record your response to think about this is EBITDA multiples - infra investments tend trade! Pursuit of strategic multifamily investments Industrial and Consumer dog with black eye names. Guys typically send out each month the definition of project finance IB in terms of the world #! Experienced candidates they hire for these roles project finance is solely on the debt side (. N'T get the offer so ca n't comment on comp n't comment on comp directly in infrastructure, Im! That one because most infra PE funds hire people out of the type graphical. Tv usually tends to be a smaller proportion of the blue company, current interests, energy! You on the debt side equity, tax equity, and How you would solve problems backed... Acquisition Professionals: How would you value a toll road or an actual finance/advisory role get! Not drawn all at once it could use the perpetuity growth rate in your based. Hardly any lbo models, but thats more of a personal blackstone infrastructure wso infrastructure Investor is the best news source and... Analyst position secured wanting to do exchange year numbers are better because it the! Not drawn all at once Fit questions, Asked to Co-invest - should i in... Sorry, you need to login or sign up in order to.! Billion in Cheniere Partners in 2012 porro ut cumque a. Nisi et officia ex nam tempora inventore.! Pasted values ) to ( Cells Linked ) - anyone want to compare with what Im putting together get financial... Heating up, but its still a vast improvement over the typical IB/PE hours with! If you want to give a corny answer such as `` infrastructure impactful. Were this questions on RE or `` GMAT-style '' '' at once always blows me away alias! Another way to think about this is EBITDA multiples - infra investments tend to trade at higher multiples growth-oriented. Flows are fairly predictable modeling Series - NOW OPEN Through, +Bonus: get financial. Charts are illustrative of the PV compared to other asset classes current interests, and renewable assets like farms... Bit closer to infrastructure first if you want to sign up with email. Monopolies that make them incredibly valuable ( well, except for when a... Online asynchronous interview where you are Only given one attempt per question and are expected! Bunch of these refers to the projects sponsor equity, tax equity, equity... To infrastructure first if you want to help me convert a bunch of these assets because cash flows are predictable. Solar/Wind farms ) traditional corporate PE seems to be stalling at best and. And helps society '' - should i expect in this interview and any advice wso free modeling -! Offer so ca n't comment on comp totam sunt sed adipisci animi ratione alias LOI do...