HIG Infrastructure
Any insights into HIG's infra practice? I believe it's relatively young and they're looking to scale up. Wondering how their culture and WLB is. Appreciate it yall.
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I’ve heard the culture is tough and WLB isn’t great, however HIG has an incredible PE track record.
Any insights on who they are using for recruitment?
No idea
It is CPI and Madison Hunt.
One of the weakest infra platforms. Would avoid.
Do you mind elaborating? I know they are fairly new in the space but they have a pretty strong background in buyout so I would tend to think they could get up to speed very quickly
Who is they? The infra team has minimal background in anything transaction related. Their principals have minimal background listed on the website for a reason. I don’t think any of the senior guys outside of the stonepeak guy have done anything of substance (Ardian is tough to tell - believe they silo verticals)
HIG as a brand vs. HIG infra is completely different
I’ve met the new Ardian MD personally and I think he has a lot to bring to HIG infrastructure.
Curious if anyone had any updated thoughts / views?
Any update on the infra team?
Curious as well. Any idea which HH they’re using this year?
Never understood HIG going into infra other than a greedy AUM / fee play riding off the back of their brand name, which is fair play to them because it worked? HIG's bread and butter is buying B assets at a C-level price, and I've heard even their Advantage fund (traditional MM) had trouble doing deals because the IC balked at valuations that weren't like 7x and 25% equity check. Infra is the exact opposite, you have like 80% equity checks, low as fuck cost of capital, and valuations are only gonna go up. Only way to make money is to take on outsized development risk, but for capital intensive stuff like this I don't see how they as a brand could ever get comfortable.
Probably why their "infra" includes tons of random shit like "infra services" which is another name for facility management / HVAC type businesses....
Who cares? I've seen their returns. They're higher than 95% of infra players and they invest in contracted businessess necessary for the economy. Don't understand why you say "random shit" with a negative tone, what is core shit then? buying 7% irr businesses and spending 500 hours due dilligencencing low impact variables while burning out an entire team. Yeah that sounds like fun. The fund's prestige and reputation is punished because they do things a bit different, but it is different in a good way.
HIG Infra doesn't focus on core / core-plus infrastructure, and is much more focused on infrastructure and industrial services companies tangential to infrastructure end-markets . The strategy is much more industrial PE-like than most infrastructure funds out there, and also target returns closer to those of PE funds. A lot of larger infrastructure funds have also pivoted towards investing in pure infrastructure to also infra-related opportunities (think EQT Value Add Infrastructure, Apollo Infrastructure, etc.). Personally haven't interacted a lot with the HIG Infra team given they play in the MM space, but I've heard positive things about them.
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