Just curious about people's thoughts on Stonepeak PE and Infra PE. I know it is a growing firm and their infra focus is led by some strong senior members. They are breaking into new industry groups and growing in AUM quickly.
What is dealflow like? WLB? Compensation? Path to HBS or GSB? Are associates coming from strong banking groups? Culture?
| +89 | Nothing to do at work & bored to hell | 9 | 5h |
| +67 | Do people over-index on 'moats' | 20 | 1d |
| +51 | Predicted Net Worth in Trodden Finance Path by 60? | 20 | 5h |
| +44 | Biggest (avoidable) failures in PE Investments? | 24 | 2h |
| +38 | Why is ROIC never really a topic when looking at companies IRL | 11 | 3d |
| +26 | SGE Final Round (Investment Summer Analyst) - Case Study & Technicals? | 13 | 6d |
| +19 | Senior IR Lifestyle | 3 | 5d |
| +12 | How to approach Buyside Recruiting | 3 | 4d |
| +12 | Honest opinions needed about lateraling | 4 | 1d |
| +12 | NY LMM PE Recruiting | 3 | 23h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
In line with UMM and no carry
Stonepeak, more so than any other infra fund, has been trying to branch out into other strategies and focus areas in recent years. They started out as Blackstone's original infra team and spun out, leaning on the infra track records of two Macquarie guys. They grew exponentially up until their last flagship fund, where they closed on $14bn--a jump in line with other notable infra funds like ISQ, KKR, GIP, etc. Then one of their co-founders left a couple years ago and Stonepeak has powered ahead to hire a number of other ex-Macquarie folks across US, Europe and even Asia to the point where it's essentially Macquarie 2.0. The culture in turn has taken a hit. Brutal hours, sharp elbows, politics and ivory towers, etc. But again, this isn't too different from most other infra shops. And to top it off, I'm sure Stonepeak's ambition is to go public, meaning they'll have to expand beyond simply being an infra player. They launched a RE strategy last year and I'm sure will start a PE strategy later this year.
LPs have been complaining about the 4+ new strategy lines they've launched in the last coupel years since the co-founder left. It's a platform that's grown very successfully in its early years and I imagine they didn't expect the fundraising (and broader) environment to turn so quickly. Dealflow is on par with other infra firms--everything is full-blown auction at this point. Given the limited number of infra deals (globally), any GP claiming to have proprietary dealflow is completely talking out of their ass. Comp is on par with peers if not higher given how brutal the hours are. All in all a tough shop but they'll continue to succeed I'm sure. You'll find better culture elsewhere though.
So from the sound of it, culture wise Stonepeak is just as bad as GIP. Are there any Infra PE MF/UMM funds known to have a good culture? Brookfield, MIRA...?
Maybe KKR, but otherwise no not really as far as I know
del
what does "ivory towers" mean?
Do they have carry and if so at which level?
Heard now that quite some infra funds don‘t.
Got pretty far with them last year in a process and I had a positive experience overall with the firm. This is a really exciting platform to be a part of that is going places. They still call themselves an infra fund but I really don’t think they are, though infra is their core. They’ve got into healthcare, logistics and other sectors. I think they are trying to tie it all together to infra some how, calling healthcare “social infrastructure” but the reality is they’re a very smart group of people that have strong capital formation capabilities and will likely continue branching out.
I will say - the culture there is supposed to be brutal. Everyone I met with was super nice but they told me themselves this place is sweaty. One very senior person said the “culture is 70% Apollo”. They also promote quickly if you prove your mettle / make money for the firm and will ask you to move on if it’s not working.
What do you mean by "strong capital formation capabilities"? And when you say branching out, do you mean continue to raise money for their funds or start new strategies?
Fwiw, I have heard the same thing about the culture, nice people but the hours seem brutal
Could I pm you about some questions I had regarding the interview process?
No wonder. In the secondaries market the GP was worth $2bn 5 years ago and they rejected those offers. Now they recently transacted at a $13bn valuation.
Any insights on culture at the VP / Principal level?
Know some of their team in digital infra (vs regular infra). really smart, very decent / polite to their bankers but also hear that it's not that way internally necessarily. Great comp and aggressively promote from within if you're good. Understand the Apollo comparison but they seem far less openly aggressive (but that may just be a facade)
Corporis tempore quas et neque. Sed tempora quasi dolorum nemo. Ut ullam atque ea et. Aliquam velit laboriosam saepe vitae placeat non dolor. Debitis nam et aut ut sit temporibus. Et consequatur et quae.
Qui dolores ipsum eum qui. Molestias delectus est sequi autem laudantium.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...