My journey in infrastructure investing
Hi all,
I’m new here and wanted to share a quick snapshot of my path in infrastructure investing over the past 5 years.
I started in Investment Banking within an Infrastructure & Power team. I initially had an opportunity at a hedge fund in London but chose IB for the broader skillset and flexibility it offers early on.
The start was rough—long hours, challenging team dynamics, and a steep learning curve. I nearly quit within the first 2-3 months. What made the difference was support from three team mates (out of a ~15 people team) and my cohort peers spread across the floor, which helped me push through that initial phase. Within 4 months, I had worked on my first buyside deal (involving KKR), which gave me real momentum in the team.
From there, I got increasing responsibility—contributing to two major mandate wins and leading modeling work on the larger one (sell-side process). After about a year on that process preparation, the deal went live, phase 1 was successful and I decided to transition to the buyside, joining a large Australian infrastructure fund.
Over the next couple of years, I worked on live deals, supported hiring efforts (Associate/VP level fit and technical interviews), and gained exposure across multiple European markets. I also have gone through a couple of processes and helped friends get through some.
Happy to take any questions—if you’re a student or junior professional looking to refine your CV or prepare for infra IB/PE interviews (technical or fit), feel free to reach out separately too.
Hi can I dm u
Sure!
Likewise may I also dm? Cheers.
"a large Australian infrastructure fund"
Damn I wonder which fund it could be..
QIC, obviously.
/s
x
"large French aerospace company" vibes
Can I pm?
Sure I'll pm you shortly
May I pm you as well? Thanks
Just pm-ed you!
Hi, could I DM you?
Hi, can I pm you?
Can I PM?
can i PM u?
Hey mate, joining a team like yours at GS/MS/JPM in London. I have two questions.
1) How quickly did it take for you to ramp up early doors to get to be able to have increased responsbility. Any advice for someone who wants to have as much responsibility early on and things you wish you might have done?
2) What does it take to recruit for MF Infra. Understand you joined a different kind of fund, but I assume you have some insight having worked with KKR etc.
Hey, my take on your two questions:
1) There was definitely some luck/favourable timing that helped me ramp up as quickly.
After my first month in, I joined a deal team composed of 1MD and 1Ana3. The team was tight and short of juniors... so this structurally helped me get a great deal of exposure early on. The Ana3 was excellent, and transferred all best-in-class modelling skills (how to best set up a model, how to refresh BP/IC output quickly, how to run sensitivities using a macro, etc). He was very conscious to transfer skills down, so he could carve out free time to get on more strategic stuff (he ended up being poached by a top US infra fund a few months after the deal was done).
After we won the auction, I worked on an outside-in model for a pitch. Another senior analyst's job was to make sure it was progressing well but he destroyed the model, and in a meeting, I had to interrupt while he was saying nonsense about the financial model. It was past midnight and the MDs were really pissed the guy said all was ready when it was not and not being honest about his mistakes. The seniors therefore saw that 1) I was capable of speaking up and 2) I was financially literate enough to identify issues/mistakes in a model (like a proper associate would), which demonstrated I was reliable and self sufficient for this type of work (modelling).
I know US banks are typically more resource-heavy and in some US banks in London, I've heard Ana don't touch models until they are promoted to Asso... So this will influence your ramp-up.
2) In terms of getting screened into MF Infra, I would advise having at least 2 transactions where you were the main modeller and ideally one where your target or similar funds are involved (either buyside or sellside). In London, fluency in 2 or more European languages is definitely a big advantage. Imo BF recruits a wider range of profiles (ie not necessarily top performers), whereas BX, KKR and GIP seem more diligent (they often do deeper DD on the candidates, ask for recommendations, or like to invite referred candidates). I met one of those US funds on referral, and usually on this basis, you can be fast-tracked (two-day process where you do the modelling test and meet the key decision makers ie a couple of partners + regional head).
Thanks for doing this. Copy pasting my question i came up within another thread.
I’m currently a senior analyst in a power & utilities group at a MM bank. Over the past 6 months, I’ve had good traction with headhunters and secured several interviews, consistently making it to final (partner) rounds—but I haven’t managed to convert any offers.
One pattern I’ve noticed is that partner interviews tend to focus much less on technicals and much more on asset management / portfolio management, which I have limited exposure to coming from M&A.
For example, I’ve been asked very practical questions like: “What do you actually do day-to-day in asset management?” My answers have been fairly generic, and I suspect that’s where I’m falling short.
So I’d really appreciate some concrete insights on the following:
-What are the specific day-to-day actions when managing a portfolio company?
-How do you track performance (KPIs, reporting cadence, tools)?
-How frequently do you interact with management, and in what format?
-How do you define and align on strategy with the management team?
-How do you evaluate and execute bolt-on acquisitions from the portfolio side?
-How do you ensure the investment case / underwriting thesis stays aligned with the current business plan?
Any other things I’m missing regarding AM?
Examples in infrastructure / energy would be especially helpful, but any insights are very welcome.
Thanks a lot in advance!
The main shortfall for very junior bankers is tied to strategic thinking. You may think it's all about technical skills but an investor is well-rounded and it's essential to get the broader picture.
Partners will not expect you to know the specificities of AM/PM (asset management and portfolio management). However, they need to check if you truly understand the deals you've worked on, the whys, the hows, the what fors. In the end, you worked on this model, you produced this valuation deck -- what thought process guided you to assume this exit multiple or assume this return is reasonable?
Try to answer your list of questions yourself when working on your current project (whether it is for a sponsor or a corporate, it's all the same). Are they selling because they need to find monetisation routes? If so, what for (is market hot at the moment for the sector, so selling is timely, or do they need cash to invest in pipelines? etc.). If they are looking to acquire an asset/platform, why are they looking into this one in particular and why now?
In the fund I moved to, they even asked me questions like "what is missing in our product offering in your opinion and why?" (product offering meaning fund and associated investment strategy). And as a junior professional, I got very excited to discuss more commercial questions.
What’s the culture like in these Australia funds? Curious to hear about work life balance
I would say it's intense but acceptable/reasonable relative to the pay. Our pay was below MF (typically lower but less variable bonus while base can be comparable or lower/higher by a margin) -- this is in reference for junior level positions (2-6 years experience). Carry is very much fund-specific so will not opine on this.
Thanks! Like what is your average log off time off peak and on peak (during deal sprint)?
Hey! Thanks for sharing your path, really resonated as I'm about to make a similar move, joining an infra fund after c.5 years in IB. Looking back at live deals on the buyside vs. the sell-side processes you ran, where did your IB training give you a genuine edge, and where did you have to completely rewire how you thought about a situation?
My edge included my modelling skills (being able to automate things in an excel when others were not) and having a solid network (my MDs brought me to many infra funds meetings so I was very familiar with their strategies and if overlapping or not with my employer). I stayed in close contact with the management of the company owning the portfolio company I helped selling, so also arranged meetings to discuss potential partnerships.
Where I had to rewire was re team dynamics - much more hierarchical, much larger deal teams, very different working styles (top heavy), and on top of that, much older team members (vs a floor of a couple hundreds of people). That was a hard hit for me in the first months...
Can I PM you?
Hey, can i pm you ?
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What banks have the strongest infra teams in London in your opinion?
DC Advisory is a solid pick from the list of least overcrowded shops.
Hi! Thanks for this. I will be joining a NYC Infra MF (Macquarie/GIP/Brookfield) as a PE Summer Analyst. What skills should I make sure I have between now and the summer? What would your expectations be of a SA/A who is joining the team in their first month? How can I keep up with the infra space? What is your take on joining directly (assuming I can convert to an FT offer) vs. going into IB instead?
I am mostly interested in power infrastructure. Thank you so much in advance!
The only skills we expect from Summer Analysts are mainly soft skills: 1) curious, 2) fast learner, 3) can do attitude and most important 4) reliable (committed, meeting deadlines, and consistent with quality of work delivery eg you double/triple check your work before sending).
If you have studied finance, make sure to apply what you know (process, apply, iterate) so you can demonstrate your "edge" vs other who haven't. If you haven't, you should be attending some financial modelling training anyway. The training will be sufficient to ramp up quickly so be rigorous in your learning and all will go fine. Beside this, read the sector specific press, make sure to take time to discuss and connect with the team members (learn about what it is like working with them, make them talk about their latest deals so you can learn from them, etc.) so you also ensure for your own sake you can project yourself there longer term.
Thoughts on an investment graduate for National Gas in the UK, is there an exit opportunity to go into infrastructure IB or PE after. Or after the grad scheme just stay at National Gas and work my way up or sell my sole for Saudi private infrastructure role later on
Hi, how can I dm you here? Never done it before
just pm-ed you!
Can I please dm you?
just pm-ed you!
Hey mate, I’m based in AUS also and very interested in the infra space. May I PM you?
just pm-ed you!
I am working at a infradev company. would love to dm you!
just pm-ed you!
Hey man! Can I dm you for some CV / career advice?
I'm currently in a levfin seat at a MM bank, but have prior infrastructure PE internship experiences at some reputable pensions. Been thinking about pivoting back to infrastructure and wanted to hear your advice.
just pm-ed you!
hii can i pm you? i have an interview tomorrow for a summer internship position on the infrastructure team for an asset manager and im anxious about the technical questions i might be asked about.
Hi mate, from Aus and interested in infra - can I PM? Thanks!!
Do you have any insight into possible exits having worked in Infra. I am incoming in a +10bn fund and would like to know what my options are in the long term. Thank you!!
how is pay in infra PE?
Hi, I am a junior interning at an infra fund in London. Can I PM you? thx!
Hello, can I dm you as well? Greetings
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