For context, I am currently looking to move into Infra PE from a renewables fund. However struggling to weigh up my options.
Would anyone in the know be able to list the top firms in the the space?
I’d also appreciate it if I could DM someone with the names of the firms I am currently recruiting at.
Thanks!
TWM
Antin, Macquarie Infra Real Assets, Ardian
Thanks - I’ve heard Macquarie absolutely beast their juniors
MacCap (IB arm that also does principal investments) tends to be a lot worse in terms of work-life than MIRA, or so I'm told
I work in the sector, in London, actually I am in renewables too but maybe can still help.
According to "Inframation" which provides a ranking based on no. of deals rather than AUM / size of deals. Top firms with european focus are as below:
Equitx, Infrared, 3i, DIF, MIRA, Dalmore, Foresight, Amber, arbdn, semperian, Greencoat, Infracapital, Ardian......
Thanks this is really helpful, good to see some familiar names on this list. Out of interest do you know how comp compares between renewables and infra PE? I’m likely going to have to choose between the two in the next couple of weeks.
My thought process is:
Renewables - rapidly growing industry, really interesting. Chance to become an expert in field.
Infra PE - More ££ generated per head so presumably better comp in the long run (esp. with carry).
My experience though is a lot of infra funds have a 10+ year hold time so not sure how much weight can be placed on carry.
Thanks for your help!
As far as I am aware Infra & renewables pay similar. Renewables is essentially a sub-sector of infra. Most renewable deals I worked on have long term contracted revenues (PPAs, CFDs, etc.), and are project financed with high leverage & ringfenced in SPV… I have worked on some infra deals too (hospitals, roads etc.) and they’re essentially the same below the gross profit level of the waterfall.
I think when it comes to pay it’s more about the type of fund you’re at… funds targeting more opportunistic / value add investment opposed to core / core+ will typically pay more, carry is usually quite rare at junior levels in infra & idk much about senior levels
Also i heard iCON pays carry at associate level
How are KKR and Blackstone?
I understand their infra teams pay similar to standard PE roles and above other "pure" infra funds. But they don't have many jobs going on this side of the pond...
How is stonepeak?
This forum is about infra funds in London. Like KKR & Blackstone, Stonepeak is another strong US player, they target middle market transactions between USD 75m to USD 300m in midstream oil & gas, renewables, utilities, transport, and water sectors across North America. BUT they are not so active in Europe.
Pretty sure Daniel Wong, former head of GIG, is starting up Stonepeak in London.
How is InfraRed ?
Comp is awful, brand is really good
Thanks for the answer, very useful. Any idea on the lifestyle there and hours ?
what's their comp like for analyst (direct from undergrad)
GSAM / MBD and MSIM's infra arms?
interested about MSIM too
...
I interviewed with this team once.
No idea about pay. But strong player. Culture seems aggressive / IB style (long hours, cut throat), I understood at Associate level you would be doing a lot of Asset Management and less Origination & Execution of new deals when compared to other funds.
Interviewed with the team about 2 years ago until last round.
During the process, people were genuinely really nice and sharp, no tricky (and stupid) questions, only drilling into your past experience. Heard the same on the culture. Few info that could be useful for others:
They split their investments into 3 categories:
- Distribution/Regulated Assets (target of ~40%)
- Contracted/Power Assets (target of ~40%)
- GDP Sensitive Assets (target of ~20%)
- Mostly targeting what they called platform investing (Beacon, Sonnedix, Adven, NSMP etc...)
- They have done a lot of bolt-on this year and also positioning themselves on few live opportunities
- NAV around ~$20bn
- ~8% cash yield for the past 5 years
- Few people left recently, not entirely sure why, I got a conflicting message.
I remember asking the recruiter a couple of things:
- On comps he stayed quite vague. I am sure the base + bonus is more than decent but considering the fund (IIF) nature, i.e. open-ended, I am wondering whether they have any carried interest and if so, how it works
- Split between origination/execution and asset management. Open-ended probably implies a lot more asset management
what firm is this?
JPM AM and in particular their infra fund (IIF)
How is Allianz (Global Investors)?
Do you know the difference between Allianz Global Investors and Allianz Capital Partners?
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