Digital Bridge vs. GIC vs. HIG Infrastructure
Title summs it up. Background in infrastrcture looking to lateral into one of these three opportunities. Any idea which would would be better from a prestige, fund performance persepective?
(Ignore handle). GIC is very solid and you'll see very large deals. DB is very specific to one type of infra, not sure if you want to pigeon hole yourself unless you really like that. What is your background like?
Thanks for the reply; two years in infrastructure group EB/BB and two years in MF infrastructure fund. Looking for upward mobility. Out of the three the one I like best is HIG. Wanted to know if my judgement was correct. Best parent fund out of the three; good carry program, at least for MM and LBO funds (assume it's similar for infra just would probably have to allocate sizable amount to the fund over other more lucrative HIG funds). Only things I don't like about about HIG is culture is known to not be great and they don't have a reputation yet in that asset class.
On a separate note, wonder how comp works at a SWF; don't have anyone in my network in that kind of fund.
I think that's a fair assessment. HIG is probably the least tested infra group out of the three, but probably will give you the best chance of upward mobility. I don't have a good sense of comp at GIC at senior levels but I know at junior levels it's in-line with MM funds. DB is also sweaty, so HIG culture is probably not worse.
Why are you moving from your fund? Upward mobility might not be better at DB ...
Thanks for the quick reply. What makes you think HIG gives me the best chance at upward mobility? The fact that it is a new strategy?
Kinda bored with the businesses I'm analyzed, the models, and the returns. You build a 30 tab model with 100 scenarios sensitized for low impact variables and spend hours doing DD on insignificant aspects of a business for a 7% IRR...My dislike for those points kinda disqualifies GIC from the race, since it would be pretty similar. But thought maybe since it was a SWF, it would be more chilled somehow as that's what I've heard about those funds, though it may vary from one to another, that's why I asked.
That's kind why HIG and DB make more sense. HIG invests in service businesses for infrastructure companies; thus, much simpler businesses and models, and more attractive returns; and DB would have though would not spend as much time on DD as other funds considering they know pretty much everything about DCs and towers. Didn't know they were sweaty though; appreciate the input. Wonder why that they're like that.
Yeah, I said highest chance of upward mobility because it’s the newest. It seems like you know the deals better than I do, so take what i say with a grain of salt, but infra is going to be granular and sweaty across the street probably, at any decent fund… although fair point for funds that do more PE esque stuff. Does your fund not do that? I thought most of the MF infra funds like EQT, KKR were pretty PE-like
I work at one of the funds you mentioned and it is extremely sweaty lmao. I honestly don’t know how it could be worse
FWIW, GIC Infra can be sweaty - the head office is definitely sweaty. However, the seniors seem to be competent, at least based on what I've heard.
Yeah it's gonna be sweaty at most funds. Those are the two main MFs that are PE-like. The few others are less like that.
GIC hands down especially in this market. Btw they tend to have lower base than say a MF but outsized bonuses (depends on team, function and year) - that's for the head office though, not sure if that applies in other offices.
You should search this forum and the news for how DB is performing. DB's culture is also highly team dependent, definitely do back channel checks on the specifi office and team that you're joining and see if you actually like it.
Appreciate the input. I just don't see why people regard GIC so highly. I feel like they are overvalued: they've overpaid for good assets and they don't have LPs to answer to so the bar is lower in terms of returns; just because they invest (and overpay) in traditional infrastructure assets doesn't make them better than alternative strategies such as HIG's. Thing I like about HIG is that returns are higher, DD is less intense, you can allocate a good percentage of your carry to PE funds within the same parent manager, and in finance, it is one of the few infrastructure funds that have a strong parent manager, which I think can carry weight if at some point I chose to do something else. People in infrastructure look down on HIG just because they're doing an alternative strategy and they are new to the space; what they don't understand is that they have been extremely successful in a much more competitive market which is MM PE.
I have no interaction or experience w HIG, so your info is better than mine.
I don't have any answer why HIG > GIC tbh.
Am just pointing out that:
I see you care about upward mobility and understand why you'd believe that you'll have a better chance at HIG. All I can say is, I made the same mistake that you did a few years ago, in the same space (infra), turning down roles at more established firms to join a smaller, fast growing firm (w a good reputation at that point).
Biggest fucking mistake of my career.
..
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