Best reads/primers for telecom/infra investing?
Currently in a pretty traditional IB group within industrials. I accepted an offer to join an infra PE firm with a focus in telecom and I’m realizing that I really know next to nothing. I’ve been poking around in practice models, as I know that’s going to be a large hurdle, but I’m really trying to hit the ground running on the right foot.
If anyone has any recs for primers/reading/insights on telecom or infrastructure investing (bonus points for both) I would really appreciate it.
Based on the highest ranked content on WSO, here are some resources and insights to help you get up to speed on telecom and infrastructure investing:
Investor Presentations from Large Funds: Look at investor presentations from large, publicly traded funds like Brookfield and Macquarie. These firms are often first movers and trendsetters in the infrastructure space, and their materials can provide valuable insights into current trends and investment theses.
Academic Resources:
Industry Websites and Subscriptions:
WSO Threads and Discussions: Keep an eye on WSO forums, especially threads related to infrastructure and telecom. There are often discussions among professionals in the field that can provide real-world insights and advice.
Project Finance Knowledge: Understanding project finance is crucial in infrastructure investing. Harvard Business School has resources on project finance that could be beneficial.
Networking: Engage with professionals in the field. You mentioned you're already in IB, so use your network to learn from those with direct experience in telecom and infrastructure PE.
Practice Models: Continue to work on practice models, as you've identified that financial modeling will be a significant part of your role. Look for telecom-specific financial modeling resources to build your skills.
Remember, the telecom sector within infrastructure investing can be quite nuanced, with a focus on long-term contracts, government regulations, and technological advancements. It's a sector where the specifics of each deal can vary greatly, so getting a broad understanding and then diving into the details as you work on actual deals will be key to your success.
Tell me more about what you're looking for, and I can swing through the branches of knowledge to find something that fits just right!
Sources: Q&A - Infrastructure PE & IBD, Interviewing For Infrastructure Investment Roles, Infrastructure Investment Banking, Fastest growing area of private investing?, Q&A - Infrastructure PE & IBD
I recommend reading the book Tubes - it gives a good background on what the businesses in the space actually do.
After that, I recommend industry primers by Nick Del Deo from Moffett Nathanson who covers communications infrastructure (data center, commercial wireline, towers). Hope this helps and best of luck with your new role.
Thank you so much, really appreciate the response. I’ll definitely give these a read.
Is there anything else you’d recommend I do or read to best prepare? Unrelated or related to the specific industry/investing style.
tubes is recommended by the CIO of digital bridge (he said in a podcast)
link to podcast?
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