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Based on the most helpful WSO content, here's what you can expect for an infrastructure private equity (infra PE) interview and how it may differ from general PE interviews:
Day-to-Day Differences: Infra PE investors often deal with assets that have long-term, stable cash flows and lower risk profiles compared to traditional PE investments. This can include utilities, transportation, and social infrastructure. The work-life balance (WLB) might be slightly better in infra PE due to the nature of the deals, which can take longer to close. However, this can vary by firm and deal flow.
Compensation: Generally, top traditional PE firms will compensate better than top infra PE firms. At the analyst/associate level, the difference isn't significant, especially for top performers. However, as you move up, the base and bonus in infra PE may start to compare unfavorably with traditional PE. Carry is less common in infra PE, especially if you're working at a bank or a pension plan, as opposed to an independent asset manager.
Modelling Test: The modelling for infra PE will likely focus on the long-term cash flows and the regulatory environment of the assets, rather than just the leverage and exit scenarios typical of an LBO model. You might be expected to model out regulated rate returns or long-term contracts, which are common in infrastructure investments.
Preparation: If you're not prepared for infra-specific technicals or case studies, it's important to weigh the opportunity against your readiness. However, showing a willingness to learn and a strong foundation in financial modelling and valuation can go a long way. It's also beneficial to understand the basics of infrastructure assets and the economic and regulatory factors that affect them.
Remember, every interview is a chance to learn and grow. Even if you come from a non-energy background, your skills in financial analysis and deal evaluation can be transferable. It's important to communicate your adaptability and eagerness to dive into the infra PE space. Good luck with your interview!
Sources: Overview of Infrastructure Private Equity, Overview of Infrastructure Private Equity, Q&A - Infrastructure PE & IBD
It really depends on the fund. Some funds are much more project-based investors, others invest in platforms. It is a wide range. PM me and I’m happy to go into more detail, but it’s hard to give good advice without knowing more about the fund. One thing I can tell you is that if you don’t have an infra background they are going to be very focused on why you want to do infra and how much you know about the space.
What-precisely do you mean by "platforms"?
Buying a company that has the ability to drive organic growth. It’s the difference between buying a bunch of solar assets from Duke and buying a company with a full development team that already owns a bunch of operating solar assets.
For the "project-based" investment, is it ONLY semantically different from Project Finance in that it uses PE-style leverage?
No, Project Finance is a lending approach. Infrastructure private equity firms that purchase at the asset level still typically utilize PF structures for the leverage at the project level, and are themselves investing in the equity layer of the project. Depending on the situation and number of assets, they might also use incremental backleverage at the HoldCo level sitting above the assets (and therefore subordinated to the PF debt).
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