Thoughts on Global Infrastructure Partners (GIP)?
Hi, what are your thoughts on GIP?
1) Pay - Is it still market-leading as it used to be? Heard GIP recently fell behind MFs in comps
2) Culture - Is it still hard-core stiff? With the recent launch of analyst program, wonder if this has been softened a bit?
3) MBA placement - Do you think it's a good feeder into top MBA programs?
4) Competitors - Compared to its competitors (ie KKR, Stonepeak, I Squared, Brookfield, EQT), do you think it's still worthwhile company to pursue?
Would appreciate your thoughts!
Hey Amortization, I'm the WSO Monkey Bot and I'm here since nobody responded to your topic! Bummer...could just be unlucky but one of these topics will help shed some light:
More suggestions...
I hope those threads give you a bit more insight.
Bump
Curious as well.
Bump
This is a good response. Some add'l color:
1) Still top quartile - just not the largest in infra anymore. My sense - they haven't necessarily "gone down" - other infra funds just caught up. When GIP IV launched, they were far and away the single biggest pocket of capital - since then, KKR and BRK have all caught up in terms of individual sizing and plenty of other funds (EQT, iSquared, Stonepeak) have inched closer in hitting double digits as well
2) Very hard core - every former employee I've spoken to from GIP has repeated verbatim "banking 3.0." Hierarchical and your input as an associate does not feel super valued. Since 2018, most associates have left before/on SrAs and the SrAs that do go through have left before/on VP. Empirically, if you do some research you'll see that a good portion of SrAs today are laterals, not promotes
3) GIP by itself is unlikely to lend credence to a HYPSM exit, but there seems to be a robust alum base from Wharton. I imagine if you're good enough to be at GIP, you're a competitive applicant for a MBA program regardless?
4) Partially disagree. You will work with some extremely sharp people, make great cash and probably develop some great tools/habits - but deal velocity and breadth are unequivocally not things that insiders or HHs promote getting at GIP. Associates "leading" the model will be asked run 25 iterations of 50 different sensitives - in the context of GIP, this means being on 1 big deal for a quarter+ and seeing only a very narrow side of it. This was my perception during recruit as well
Overall - great place to build brand coming out of banking. Consider later if you want to build your career there.
what do you mean by "constant backchanneling"?
Agree with the above. I can add that culture hasn’t improved much with the addition of analysts, and everyone from the latest associate class is just waiting around for next bonus to leave. It’s literally banking 3.0 and that won’t change.
Some folks are easier to work with, but those are the minority and not the norm.
Highest levels of the org realize the culture problem but it's the middle layer that makes it tough. You have extremely sharp elbowed / hardo VPs and Principals that make the associate experience pretty miserable. Given associates are viewed/treated/trained to be cogs in the wheel vs. providing any real value-add input, it's so easy to just swap them in and out and the turnover at the junior level doesn't really impact the higher ups all that much.
Part of it is also infra as an asset class (e.g., very detailed modelling with granular, borderline tedious diligence) and GIP's strategy (doing tons of work upfront to angle with sellers on a bilateral basis) that drives the brutal WLB.
aside from workplace culture...
...a lot of the people at GIP just suck on a personal level... (there's a lot of really nice, really smart people as well, but so many bad apples, that it's not worth it)... a lot of the mid-level people (Sr. Associates through Principals) are not only assholes to juniors, but also not people you can have a beer with... (excruciatingly weird and awkward)... everyone has a massive ego as well... driven by the fact that they work the longest hours, have the largest funds, and have historically had some of the best performance, but the vast majority of carry goes to the founding partners and mid-level people are generally unhappy with their pay in the context of the sacrifice... so if you're considering GIP vs. another infra fund that's going to pay you pretty much the same amount.. give or take $50k, there's really no reason to go GIP... and a lot of the best talent in the industry knows this and chooses to work elsewhere... at the end of the day, there's not much difference between KKR/BX/Stonepeak/GIP/Brookfield/Antin/EQT/Apollo/etc. infra.. (the asset class is becoming highly commoditized)... the people at GIP suck... and it's highly reinforcing...
Damn is there any place that is not as sweaty and treats people with respect?
Your parents house.
does anyone know the recruiting timeline for summer analysts?
For what it’s worth. I work for a MM in the infra space in London so my feedback is more European focus. I spoke with few people at GIP during my few years in banking but also very recently. Key points from my different discussions (mostly with Asso and Snr Asso):
Bottom line, probably a great place (i) if you want to work on the biggest and most complex infra deals, (ii) make good cash and (iii) have a great name on your resume, but from an external point of view, probably not a great place for long term career given some of the points mentioned on this thread.
This is an excellent post. Not in infra - but really interesting to see / compare the culture at different funds and the impact that has (but also the benefits).
Could you provide an example of the type of commercial knowledge/skills which he lacked? Just curious as to what is considered adequate commercial knowledge for associates?
Curious as well
Curious whether any of the above has changed in 2024.
Are you interviewing?
Heard from multiple sources that many people in the New York office are leaving / have left, at the Associate / Snr Associate / VP and even a couple of Principals, given widely expected lower comp (bonuses and carry, which stings given GIP bases are low to begin with) under new ownership. Why slave away for years on end if comp is dropping?
No, nothing has changed, same old GIP with many of the people that were actually good to work with leaving (across all levels as poster above noted). Compensation this past year is nowhere near where it needs to be given how brutal it is and is likely to only erode further post-BLK. Partners have stated they want to “preserve the GIP culture” post-integration so make of that what you wish.
I can confirm basically everything said on this thread (all but the stuff about the most recent associate cohort leaving en masse and references to individual experience of some people).
Only other point I would add is that there are some people that have been with GIP for 5+ years that haven’t closed a deal yet. There are people that have joined as associates and gone on to become VPs while only ever working on failed transactions, portfolio company management, and fundraising. You don’t need a deal to close to develop professionally but when considering the narrow scope of work and low frequency of transactions (especially now with the level of competition in the infra space), it seems natural that the mid-level employees aren’t great at managing all aspects of a deal, including the WLB and inclusion of associates. These senior associates and VPs are likely learning themselves.
Bump - what’s the latest update here?
Deleted
GIP breaks people as humans. and the comp is going down enough to cause an exodus.
not worth it.
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