Any thoughts/views on some of the infra shops in NY? Looking to know more about culture, comp, pros and cons.
How do the groups compare - KKR, Brookfield, Stonepeak, GIP etc.? Hoping to hear the positives, but there is always another side of the story, regardless of where you go.
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Very different view junior vs senior but assuming entry-lvl associate here:
In general all 4 places have pretty stiff culture, with GIP probably being the worst from an intensity/respect-for-your-time standpoint and Brookfield being the worst from an uptight/in-office "We Are Brookfield" standpoint (assuming the Toronto office which I believe is full suit and tie - someone please correct me if I am horribly mistaken)
Pay will be KKR~>Stonepeak=GIP>>>Brookfield - GIP used to be the highest but has went down a bit slightly - still very above-market but not as market-leading as it used to be. And FYI when I say that just recognize that the first 3 names here literally pay the most within infra - keep in mind this is all on a relative basis...Stonepeak hired a ton over the last year so TBD on how that shakes out. KKR Infra has been a bigger focus for the firm in the last few years - they poached CapDyn MDs / team back in 2021 and have been very busy since. Brookfield all-in lower in every regard (cash/bonus) and also in C$ so there's that. The difference in the first 3 names will be 20-30K max btwn lowest and highest. Difference between 3rd and 4th can be 130K+ after FX rate
Upward mobility will be approx the same at all with various shadow carry / actual carry thresholds at senior associate - GIP might be a bit tougher to crack VP+ given higher head count and longer track record. MBA not needed / somewhat even encouraged to not go and stay2grind - applies for all
Flexibility in mandate: KKR=Stonepeak>>GIP=Brookfield - Can be a plus or a minus depending on how you look at it but the former 2 names are more willing to look at asset-light and low churn/services businesses whereas the latter 2 tend to be much more disciplined. Will also add that Brookfield separates its non-energy infra group (led by Brian Baker) and its renewable/energy transition efforts so your experience here will be more streamlined upfront vs the other names
All great places to start your career. All 4 universally regarded as some of the sharpest minds in the business that are consistently on the largest-cap deals in the space
If you know you want to do an MBA, and this is just a platform for you to do a few years, would go with KKR just given the more generally recognizable name in the admissions process
Thank you for the detailed response. Are the technical components of the interview for these Infra PE shops widely different from generalist PE shops? Are we expected to be well versed in infrastructure / project finance modeling? Any advice for a clueless first year interested in Infra PE would be very welcomed.
I think all except Brookfield participated this last year in the on-cycle process which is a straightforward paper LBO. Off-cycle and experienced hires will be very different firm-to-firm and circumstance-to-circumstance
Thank you, this is helpful!
any info on BX? seems odd the poster left them out
Thanks! Really helpful stuff. Considering the VP / Director level. Any insight into what it’s like to work at each place as a woman?
How does BX infra fit in here? I heard their new fund was likely to be north of $25bn
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