Chicago Infra

Based on the most helpful WSO content, here's what you need to know about Harrison Street and their infrastructure fund:

• Harrison Street Overview:

  • Harrison Street is a growing fund known for raising a lot of capital for niche asset classes.
  • They have been consistently featured on the PERE 50 list.
  • They started an analyst program in 2018, so exit opportunities are still being proven out.
  • The experience is likely strong due to significant deal flow and equity raised.

• Comparison to IB Opportunities:

  • Deal Flow: Harrison Street has a strong deal flow, which is crucial for gaining experience and building a track record.
  • AUM: Specific AUM for their infrastructure fund isn't detailed, but they are noted for raising substantial equity.
  • Market Position: They are more likely to be considered middle-market (MM) rather than lower middle-market (LMM) based on their capital-raising capabilities and presence in the PERE 50.
  • Career Path: Starting at Harrison Street could provide a solid foundation for moving to a larger buy-side role at an upper middle-market (UMM) or mega-fund (MF) later on.

• IB Opportunities at MM Infra/Power Groups or Boutiques:

  • Experience: Working at a middle-market infra/power group or boutique in investment banking can also offer valuable experience, particularly in deal execution and client interaction.
  • Exit Opportunities: Investment banking roles often provide strong exit opportunities to the buy-side, including UMM and MF roles, due to the rigorous training and deal exposure.

In summary, both paths have their merits. Harrison Street offers a growing platform with strong deal flow, which can be advantageous for building a career in infrastructure investing. On the other hand, an IB role at a middle-market infra/power group or boutique can provide a robust foundation and potentially more direct pathways to larger buy-side opportunities. Your choice should align with your career goals and the type of experience you wish to gain.

Sources: Any info on Sixth Street Partners?, Q&A - Infrastructure PE & IBD, Info on Chicago REPE Firms, Q&A - Infrastructure PE & IBD, Q&A: 1st year FoF Infrastructure at Buyside