Hi there, I am new to the forum. Interested in infra PE, I read many good sharings and learned a lot. So I hope to get some advice from you guys regarding the next step career in infra PE. Below are some facts about me that might be helpful -
Education Background: Graduated from college in 2018 outside the US, directly went into US graduate school MS program, and graduated right before COVID.
Work Experience: started to work immediately after graduation. First 3 years in residential and commercial real estate debt market and securitization at issuer and rating agency side. Then 1 year in management consulting. Recently just moved into the energy infrastructure developer side doing the Project Finance and participating in bidding work.
Personal interest: after hopping around, it was only in my 4th year of career at the consulting side I found my passion in infrastructure, which is not limited to energy infra, but also social infra, TMT infra, etc.
Current Dilemma: is it too late to realize what I am passionate about? I admit I might have hopped a bit too much... Do I still have the opportunity to get into the banking side of Project Finance, or the PE side of infrastructure investment? Should I pursue an MBA, or MBA+MPA to be more helpful?
Would love to learn your thoughts. Happy Valentine's Day!
Can't go MBA -> PE without prior PE experience but think you could definitely do MBA -> energy, infra, P&U IB -> infra PE.
Thanks for sharing. Even say for the developer with the strategy develop and hold/manage, it’s nearly impossible, per my understanding?
Yeah the project finance skillset is just a bit light compared to the very deep modeling work you'd be expected to own right away in PE. Hence the IB stint to learn that technical work
How about the Project Finance at bank? Would you say modeling skillset Project Finance Industrial IB? My understanding is that they are different, PF is more into real asset itself, some even fall under CB not IB. I’m also thinking if it’s a viable path that PF in bank could be my best move…
I worked in PF at a renewables developer and now work in MM Infra PE. PF modeling is not "light" at all and blows some of the sellside models I've seen out of the water in terms of complexity. Not sure where you are getting the notion that PF skillset is not inherently very technical.
Have you seen the move you mentioned before?
What about:
IB general M&A + PE internship -> MBA -> PE
Or would the best path be to do infra IB then try again? But what level would be the exit, Associate 2?
The only PE recruiting during MBA is for people who already have 2 years PE experience.
Going IB -> MBA is a pretty bad idea in general, since all of the exits are from IB. If you're in generalist IB, just lateral to an infra group.
The best path is to do twoish years in an infra-related IB role, whether you land that through MBA (easiest/most common) or networking/jumping around is up to you
could industrials IB work for infra PE?
Yes. Any asset-heavy coverage group works too. That is less ideal but it certainly won’t shut the door on you
I largely agree. Another potential way to side-door into infra PE would be through a utility/power corp dev role. Definitely harder to go from corp dev-PE but getting a foot in corp dev would be easier.
Would you like to share more details how candidates in corp-dev got into PE? Like what skillsets need to be added, and what connections are there to help. My current role is a listed firm’s venture investment arm doing both to other firm (minor) and to project (major). Thank you!
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