PE Infrastructure - Associate Case Study

Based on the most helpful WSO content, here's what you need to know about preparing for an Infrastructure PE Associate case study:

1. Case Study Expectations:

   • For a 3-4 hour case interview, you are likely to encounter one of the following:
     • Traditional LBO Model: Some larger funds (like KKR or EQT) may administer a traditional LBO-style modeling test. This involves building a 3-statement LBO model and preparing a PowerPoint deck. The focus is on assessing your Excel skills and financing knowledge.
     • Short Form Construction Stage Infrastructure Model: This is a common test for infrastructure roles. You may be given assumptions for a construction-stage, fully/partially contracted infrastructure asset and asked to model out returns. This could include sculpting back-leverage financing to achieve a post-tax levered return.
     • DCF/Public Comps Analysis: In some cases, you might be asked to value a publicly traded infrastructure platform using traditional DCF or public comps analysis.

2. Preparation Tips:

   • If your background is not in infrastructure, practice traditional LBO-style case studies to ensure you're comfortable with the modeling process under time constraints.
   • Familiarize yourself with infrastructure-specific modeling. Ed Bodmer's resources are highly recommended for project finance and infrastructure modeling exercises. You can find his materials here: https://edbodmer.com/project-finance-exercises/</a">Ed Bodmer's Project Finance Exercises.
   • Review assumptions and methodologies for infrastructure assets, especially around financing structures and return calculations.

3. Additional Resources:

   • WSO offers a Private Equity Interview Course that includes 9 LBO modeling tests and other relevant materials. This could be a valuable resource for your preparation.
   • Networking with peers or professionals who have gone through similar processes can also provide insights and potentially access to practice cases.

Good luck with your case interview! If you need further guidance, feel free to ask.

Sources: Interviewing For Infrastructure Investment Roles, Interviewing For Infrastructure Investment Roles, Q&A - 1st Year PE Associate at a US MF in Europe (KKR, BX, TCG, WP, TPG, BC, APO), European Private Equity Associates backgrounds, Infrastructure Private Equity Basic Skills