Infrastructure PE at MF or top EB (analyst)?
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Honestly, this is a really tough decision and depends entirely on the MF/EB. If you feel comfortable sharing I think that’s help us weigh in (e.g. Evercore vs EQT Infra is a different conversation from Blackstone Infra vs Moelis, at least from a name brand perspective).
Gut says choose the EB if really not interested in infra, tons of great funds out there that you can interview for down the line that might be more interesting, if not a MF
jjjhyygg
Well congrats that’s amazing!
Depends how set you are on transitioning away from infra, but I’d probably take the EB. I don’t think you’re necessarily pigeonholing yourself in Infra but I think you’ll have a broader set of options coming from an EB.
A simple way I’d think about it is if there’s a ~50% chance you’d consider staying in that infra fund, then you should take it because you won’t have to switch jobs 2 years in, higher chance of making your career there, MF brand, etc. Anything less (so >50% chance you’d want to switch) give yourself the gift of optionality. Good luck!
P
IMO you're overthinking this. Are you excited by infrastructure investing and want to make a career in that space? Then go to the MF infra fund. Are you unsure about whether you want to be in infrastructure? Then choose the bank, which will provide you with optionality.
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Congrats on doing so well! I'd go with the EB. It'll give you way more options, and time to think about what area excites you. Also a great brand to have on your resume throughout the career.
Infra is getting wider and wider in terms of return thresholds and what is invest-able.
If you're a standard college grad with no idea what to do, I would probably choose the EB brand for more optionality and also because it will open up doors to other domains like credit, TMT, etc. Also if you want to do VC / start-upy stuff afterward, it will be much easier doing that from and EB than MF infra.
However, if it turns out you want to do infra, the P&U teams aren't super developed at both banks and would say Lazard gets the bulk of the EB mandates (Citi/Barclays/BAML are the gold standard for BBs and then you have other shops like Macquarie, RBC and Greentech that do well too); hence, if you at all have a moderately strong inclination toward infra (>60% likelihood it would be your #1 exit opp down the road) go for the MF now.
In regards to the P&U teams at BBs, would you say that is a better avenue to go for than project finance at those respective leaders (Japanese and French banks, etc.) if one's goal is infra PE, either at a MF/niche PE firm, or even infra at a pension fund?
I don't think the Project Finance teams at the foreign banks get great looks for buy-side. Would go for P&U teams at BBs by far.
Good to note. Is there a reason as to why you think that is? Generally curious as I've thought about it but don't know much about the industry overall.
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