Large Cap Infrastructure Investing
I've read through the infrastructure AMA's and other posts on this forum which have been helpful, but I'm looking for a bit more detail on strategy and culture at the MF's within their infrastructure platform. There are a number of posts already on some of the infrastructure specific funds (i.e. GIP, Stonepeak, etc.) but I'm looking more at the Blackstone/KKR/Carlyle's of the world.
If anyone has any specific insights on these MF's in terms of their strategy, culture, recruitment process, etc. that would be great. As context I'm an Associate at a MM infrastructure fund and I'm thinking of recruiting off-cycle as a lateral.
IMO only a few of the MFs really play well in infra. Would put Blackstone at the top (think they lost a lot of infra talent when Stonepeak spun out but still solid), followed by Apollo, then KKR, then Carlyle. Can't speak to hours at KKR/Carlyle, but you'll work pretty hard at Blackstone and Apollo. Worth noting that Blackstone's Tac Opps seems to do a lot of telecom/digital infra.
Any info into Brookfield's infra group?
bump
Brookfield is really active in Australian market
Blackstone/KKR/Carlyle you'll be working more than IBD - i've worked for them as adviser and it's hell, but if you're gunning for brand why not.
I personnally prefer the culture & teams at GIP/MIRA/Brookfield (have friends in each of them), more balanced life and still at the top / great deal experience, etc.
UMM infra PE analyst here, can confirm what you said about culture . Brookfield is very sweaty though. GIP has extremely smart and nice people.
Haven't heard anything on MIRA, but I have heard Brookfield and GIP (especially GIP) had zero work life balance. Did your friends indicate otherwise? On top deal experience I agree - I actually think that working at these specialized funds will give better deal experience than some of the MFs.
I guess it's all relative haha, my friends at GIP are def not doing 9-5 or what you'd expect at say some of the Canadian infra fund. But more like 9-10pm unless your deal runs crazy and in which case you're not sleeping.
How about I Squared? Anyone hear how life is like there?
Reputation is mediocre at best and their associates aren’t impressive in terms of background or competence
Caprock and Pinnacle were awful deals - Whiptail also went nowhere
I've heard MIRA is a real grind - would you say it's better WLB than MFs' infra arms?
Have a buddy at GIP. Place is insanely sweaty and from the people I know at MIRA, it’s not much better over there either. Infra investing requires such granular research that it is nearly impossible to have good WLB. At least pay is very solid across most infra shops.
Would echo GIP having a sweaty/hardo culture - have heard so-so things about Brookfield culture as well. Stonepeak is supposedly better in terms of WLB, and another strong name in the space. Infra as an asset class does it lend itself to more associate-level work given how granular/technical the modelling can be (almost to the point of false precision).
Re infra lending itself to more associate level work I completely agree. However I have to say, at least at my shop, it doesn't get remotely better at the next level. My VPs/Principals are grinding just as much as I am and it doesn't really get better until you hit the MD/Partner level. When I think about the next 5-7 years of my life, I would hope that things get a bit better, but that won't be the case if I stay put. I'm assuming that this is the case at the names mentioned above, but thought I'd ask anyways.
Seeing as your anon, would you mind sharing what fund you’re at?
There was somehow a misconception that seemed a bit more prevalent maybe 4-8 years ago that the Infra world was easier and culturally more laidback. But today, I think it couldn’t be further from that. Everyone I know in Infra gets absolutely worked to the bone. The modelling and diligence is incredibly granular, naturally time consuming and sometimes overly technical to the point of being boring. And unless you’re at a MF or strong UMM/large cap independent manager (there only a few; e.g GIP, Stonepeak), the comp I don’t think is even that great. MIRA and Brookfield are huge, sure, but the pay is not going to be on par with traditional UMM/MF PE. It seems like a tough grind to be honest.
Any numbers on the MIRA side? I’m familiar with Brookfield and GIP comp but haven’t heard much on the MIRA front
Could you break out the Brookfield and GIP general comp? Very curious
GIP and Stonepeak comp is very high. 1st year AS at 375-400, 2nd years clear into the mid 400s. i'm pretty sure they both also give carry on top of that
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Any info on what comp would be like at a financial services private credit arm doing infra deals? (examples: MetLife, Prudential, PacLife, etc.)
Interested , as well as lifestyle in infra debt in general
Proper difference between doing infra debt at insurance companies above (BBB- and above, with occasional BB+) and alternative managers like KKR, GIP, Ares, etc. (truly opportunistic, incl NR pieces and prop sourcing). Comp likely ~half at insurecos (high 100s vs. PE-like 300+ at MF arms). Lifestyle obviously a lot better at insurecos.
Anyone interested in sharing costs on WSP project finance course? Heard it’s pretty good
how much is it? I'd be willing to split it depending on price
Its $499 and I found 20% off coupon to make it $399. I think $200 each is a pretty reasonable price considering the reviews and depth of the course. If we are lucky we could find couple more people later to share the costs. lmk. Open to other courses if you think they are better.
https://www.wallstreetprep.com/self-study-programs/the-ultimate-project…
I did the course from financialmodelonline and it was good enough to get an offer, the WSP one is a bit pricey
Congrats on the offer. How did you find the course? I have an offer as well for infra pe. I am getting the WSP course to be prepared for the job as opposed to get the job because I am from non infra background and want to be value add from day one. Let us know if you keen to join us,$100pp is good deal
Hi mate, just reviewing this now. Do you have a link to the specific course you took ?
Hi mate, any chance you can shoot me a message ?
Used this myself (and only got 50 - 60% of the way through the videos) for a UMM case study I had 24 hours to complete. Honestly, the WSP Infra workshop was probably overkill for what the case study and model required, but still handy to have none the less.
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