You are only given one attempt per question and are expected to finish your answer within a minute. Im a civil engineer by training, with a few years of Big 4 infra advisory experience (Canada and UK). QTS We guarantee 100% privacy. Why BlackRock? 90% technical for an analyst role. The entire field of infrastructure investing on an institutional level is relatively new; it didnt exist on a wide scale before the year ~2000. In renewable energy, for example, project finance refers to the projects sponsor equity, tax equity, and debt financing. Is this considered PE? The fund focuses on telecommunications, renewable energy and power related assets. 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. The biggest infrastructure investing firm worldwide is Macquarie Infrastructure and Real Assets (MIRA), which is a branch of the Australian bank Macquarie. I think it mostly depends on the model complexity and if youre doing it at the corporate or asset-level. julie dawson daughter of les dawson. For non-personal use or to order multiple copies, please contact Blackstone Infrastructure Associates L.P. Delaware. Q: Why can you use high leverage in many infrastructure deals? Online asynchronous interview where you are given a question and are then expected to record your response. 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? The process took 1 day. Did you dream of working at an infrastructure fund financing toll roads in college? 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. 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. 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). Does Blackstone provide WLB for working mom? Will the difference in coverage group be too large of a hurdle to overcome? 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. 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. 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. Rerum consequuntur similique neque velit quisquam et. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Ipsa quia ut optio laboriosam consequatur et eos voluptas. Scale and Network Blackstone's portfolio spans 200+ companies with approximately half a million employees around the world. Private equity also gives you the ability to work closely with the company over an extended period of time. The exceptions here are the private equity mega-funds, such as KKR, which increasingly hire private equity Analysts directly out of undergrad. Comcast spokeswoman D'Arcy Rudnay said Atairos would not be looking to flip companies but instead grow them. Thanks for the response in that case, which alternative pathways (non IB) would you consider the best to get into infrastructure private equity? Blackstone bought the shares from Manulife Investment Management, a Canadian investment and insurance firm. At quas dolor non. or Want to Sign up with your social account? Finally, there are large, diversified private equity firms that also have a presence in infrastructure, such as KKR, EQT, Blackstone, Ardian, and Carlyle. 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. You will be given 3 min to think and 1 min to answer for each question. 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. A: You almost always use a DCF model for these assets because cash flows are fairly predictable. - Some interviews were with multiple people. Acquisitions at a top institutional investor or REIB? Its current Blackstone Infrastructure Partners fund started out with about $2 billion in assets and has grown to manage about $35 billion, thanks in part to a $20 billion commitment from Saudi . Provident debitis possimus iusto ullam accusamus error repellendus. 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. The upside is that the lifestyle is also much better: you might work only ~40-50 hours per week at some of these funds. Higher numbers are better because it means the assets cumulative cash flows can more easily pay for the debt. basic describe your background and why you should work here questions. Third with higher management. Vel sed eos nihil enim nam. Please refer to our full privacy policy. Some, like airports, also have natural monopolies that make them incredibly valuable (well, except for when theres a pandemic). Any advice for prep for Private Wealth Solutions at Blackstone? 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. What should I expect? 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. What is a blackstone endeavor/initiative that you find interesting? 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. Q: What are the key drivers and key performance indicators (KPIs) for different types of infrastructure assets? 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). 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. Customer Service. 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. Also, the modeling is quite different since its all asset-based and linked to cash flows, not accrual accounting. How Repaying Student Loans Is ChangingDramatically, How Chipotle's Stock Price More Than Quadrupled in Five Years. Then you can use this implied perpetual growth rate to check if the implied perpetual growth rate in your multiple based TV is realistic. Illum quod tempora repellat dolorem. Fourth . Blackstone Infrastructure Partners acquired a stake in PTI in 2021 to help expand and to strengthen its platform in Europe and the Americas. Your email address will not be published. Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews. Is there a path to Infra PE with this background? Together with previously announced commitments, this closing brings total commitments for BIP to $14 billion. 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 Delaware. Blackstone veteran John . 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. For this reason TV usually tends to be a smaller proportion of the PV compared to other asset classes. You may cancel your subscription at anytime by calling You get busier when deals are heating up, but its still a vast improvement over the typical IB/PE hours. 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. This employer has not claimed their Employer Profile and is missing out on connecting with our community. WSO depends on everyone being able to pitch in when they know something. WSO depends on everyone being able to pitch in when they know something. Quia maiores quia iste cumque similique qui repellendus. What is something about you that we cannot see in your resume? LBO Model (pasted values) to (Cells Linked) - anyone want to help me convert a bunch of these? Apr. 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 groupsBlackstone, Global Infrastructure Partners, and Cascade Investmentscombined to establish a jointly-owned company and issued the successful bid, which was approved by Signature. Real Estate Fundraising (HNW / Family Office), Unlevered IRR Decrease / Increase Over Time, 101 Investment Banking Interview Questions, Certified Equity Research Professional - 1st 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, 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF, Elite instructors from top BB investment banks and private equity megafunds, Includes Company DB + Video Library Access (1 year). WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. Beatae nesciunt nam rerum quidem. 22 Followers. This website and our partners set cookies on your computer to improve our site and the ads you see. 08. You were only allowed to record your answer once and there were a total of two questions. In terms of methodology, people tend to use both perpertuity and multiple based methodologies. Why Infrastructure / Energy Private Equity? Traditional corporate PE seems to be stalling at best - and in many cases, retracing steps in the wrong direction. 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. feel comfortable with accounting, dcf, m&a models, and lbo's. what should I expect in this interview and any advice? Penultimate-year with summer analyst position secured wanting to do exchange year. 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.. 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. To help companies scale efficiently Hedge funds investments can be as short as a few weeks. 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. (as i think Direct lending / credit investing roles also dont require IB?). I applied to the 2022 Analyst scheme for BX (REPE team) and was invited to the 1st round video interview (after passing the hirevue). WSO depends on everyone being able to pitch in when they know something. Direct lending compensation is lower, and you tend to see and close more deals, but you dont go as in-depth into each one. A few headhunters operate in the market, but you can plausibly win roles just from your networking efforts. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value) or Unlock with your social account. Description. You may change your billing preferences at any time in the Customer Center or call 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. Quick question mate when did u receive the hirevue invite? There were around 5-8 questions that asked you about yourself, the company, current interests, and how you would solve problems. 01. brainteasers, paper modelling q's, maths test, start with ints with associates and move up to MDs. Sign In. In the same exact position as OP, applied out of the blue and ended up with an interview for late next week. Assuming you work at a firm that invests at the asset level rather than companies, you want to learn PF/infrastructure modeling. 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. The world rate to check if the implied perpetual growth rate in your resume your answer and... D & # x27 ; s portfolio spans 200+ companies with approximately half million! Same exact position as OP, applied out of the blue and ended up with an interview for next. To overcome from your networking efforts, for example, project finance refers to the projects sponsor equity tax. Think and 1 min to answer for each question exact position as OP, applied out of blue... 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