Long-term career goal would be working in Infra PE with focus on transportation or at a Development Bank with similar focus. Is this more possible from an REPE stint (generalist) or one in M&A (both respectable companies, but not BX/KKR on the REPE side or GS/MS/JPM on the M&A side)?
Both are summer internship offers (Europe) and trying to plan ahead a bit
Wtf I feel like I wrote this. Hope it works out for us both. One thing I’m seeing that might help is doing an intermediate step in project finance, so essentially the debt side of infra PE, and then using that to break in.
Haha good luck to both of us then! Thanks for the advice, I haven't looked into that yet, will catch up on that
M&A by a long shot here IMO. You can always go into REPE or infra PE from M&A IMO especially on the P&U side of things, but exits out of REPE down the road might be difficult. That's if you really think you want to do Infra PE, if you think you might like REPE and it's at a top shop, then you can get there quicker just by accepting the offer now.
this. it's not that the REPE guys couldn't handle it, it's just too competitive. infrastructure is desirable!
Thanks for the advice. To be honest I didn't expect to get any responses as a first time poster on a quite specific topic. I really believe I like RE (of course that is now, with no work experience in REPE so far) and I would not do this just as an entry opportunity for infra PE (like I would see M&A), but as a desireable job in itself.
I have heard that modelling in REPE is less interesting than corporate, but that wouldn't be the biggest factor for me at this stage. The reasons why I hestiate about REPE are the usual pigeonhole-issue (not an issue in M&A at all), my desire for location flexibility (which I imagine in REPE is quite non-existent), my interest in Transportation assets and lastly my long term aspiration to work at a development bank (WB, IFC, ADB, AIIB etc.), which I don't believe is likely with an REPE background.
The position would be at the REPE unit of one of the BBs, is any of them a "top shop" in your opinion? I think I might have been blended a bit by the brand name of the BB which may not transfer to the reputation of the REPE unit.
If this is at a BB bank - this is likely a Core fund. Larger downside from run of the mill REPE as modeling isn’t as intense.
That being said core funds do think very infraesque as they think in 20-30 year time horizons as well but would 100% take the M&A gig.
Also as a bonus comment you mentioned you were interested in Transportation and I think Oaktree is probably the strongest I know of in that category
bump
going into a bb sponsors coverage group - is exits into infra pe still possible?
unlikely i would say. sponsors is pretty specific of in itself and has no similarities to infra compared to other more interdisciplinary routes like industrials, P&U or RE...even general M&A would be better
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