Infra secondaries -> Infra direct
Hi all, I am an associate at a large secondaries firm. I am a generalist but looking to move to infra secondaries role. My question is how feasible it is to move from infra secondaries to infra direct. Has anyone made a similar move in the past?
Definitely possible at MM type shops. How deep into modeling, scenario analysis, and due diligence do you get?
Infra isn't a MM play...these are billion dollar projects so you need to raise big funds. Honestly, who apart from Blackstone, Ares, Brookfield, and Stafford is even doing infra secondaries? Macquarie failed to raise capital
interesting that macquarie, the 1st/2nd largest infra player, failed to raise an infra secondaries fund……
They hired a woman that has never raised capital before and worked at a random firm
I don't know about secondaries size, but my comment was about OP going from infra secondaries to infra direct investing PE. If OP has a decent modeling skillset and can speak to key infra diligence points, I think they can get into MM Infra PE. And there are quite a few MM infra players. DIF, Tiger, Ullico, Northleaf, Igneo, axium, antin, CCL, etc etc
That's like saying Coca Cola and Wal-Mart are billion dollar companies so consumer/retail PE is for megafunds only. I'm at a MM infra shop and there's plenty of smaller utility-scale solar, regional toll roads, municipal waste facilities, etc. with TEV in the 100-300m range - hence 50-100m equity checks with the leverage you get in infra, which is solid MM territory.
This may be a dumb question but what are infrastructure secondaries? I'm familiar with general secondaries transactions but never heard of infra secondaries.
Same shit as credit secondaries. Just buying LP stakes in infra funds for like par/par + and doing GP-led infra deals. Not many deals in the market.
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