Infrastructure PE (Europe & UK)

Based on the most helpful WSO content, here are some actionable tips and resources for preparing for Infrastructure PE roles, especially if you're new to modeling:

1. Modeling Tests and Case Studies:

   • Infrastructure PE interviews often include modeling tests. These can range from traditional LBO-style tests to more specific infrastructure-focused scenarios, such as modeling the acquisition of an operating asset or a construction-stage project.
   • If you're looking for case studies or modeling tests, some WSO users have shared that they are open to exchanging materials. For example, one user mentioned being happy to exchange a modeling case (prompt plus Excel model answer). Engaging with the WSO community could help you access these resources.

2. Practice Resources:

   • F1F9 Free E-Books: These are highly recommended for learning model optimization and are comparable to expensive paid courses. You can explore their free resources https://www.f1f9.com/resources/essential-model-optimisation</a">here.
   • Ed Bodmer's Project Finance Exercises: This is another excellent resource for project finance and infrastructure modeling. You can find it http://edbodmer.com/project-finance-exercises/a-z-project-finace-on-lin</a>…">here.

3. Learning Through Interviews:

   • Many professionals in Infrastructure PE have shared that they learned modeling through the interview process itself. If you can get your hands on some practice tests, start building simple models from scratch to familiarize yourself with the process.

4. Types of Case Studies:

   • Traditional LBO: Some funds administer LBO-style tests to assess Excel capabilities and financing knowledge. These tests typically involve building a 3-statement LBO model and preparing a PowerPoint deck within 3-4 hours.
   • Operating Asset Acquisition: This involves modeling the acquisition of an operating asset, sculpting back-leverage financing, and determining equity acquisition costs based on return requirements.
   • Long-Form Infrastructure Model: A more comprehensive case study spanning a weekend, requiring you to build a financial model and prepare a mock investment committee presentation.

5. Networking and PMs:

   • Some WSO users have offered to share materials, including modeling tests they’ve built for recruitment purposes. Engaging with these users via PM could be beneficial.

If you’re starting from scratch, focus on mastering the basics of financial modeling and gradually work your way up to more complex infrastructure-specific scenarios. Good luck with your internship and future PE aspirations!

Sources: Q&A - Infrastructure PE & IBD, Interviewing For Infrastructure Investment Roles, Interviewing For Infrastructure Investment Roles, Q&A - Infrastructure PE & IBD