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What is your background? If you are an infra banker, your preparation would look really different vs. if you work in another sector. I switched from REPE and did the following:

  • Reach out to HHs with a story on why Infra and firm preferences
  • Reach out to firms in the space that you haven't come across through HHs
  • Prepare basic modelling tests - I found all tests I did fairly simple/intuitive but not being used to Infra modelling vs. RE, I did struggle with certain differences (especially debt facilities/refis, which you don't care about when looking at shorter hold periods in non-infra PE)
  • Read research reports from IBs on 2 or 3 sectors. You don't need to know every industry in and out but I was asked in virtually every interview what trends I see in the Infra space and what sector I would invest in
  • Don't forget your story and why your joining this fund would mean that "it all comes together" for you. I mentioned that I had tried to get into the Infra space before but ended up in RE teams in BBs
  • Focus on culture - infra funds are generally a bit nerdier than e.g. RE and think more long-term, i.e. they really want you to stick around (in my experience). Both firms I got offers from asked me back in because they were worried about fit (I never had any such discussions in the BBs I worked at) - interestingly, one fund thought I was too aggressive given my BB background (i.e. too American/cut-throat), whereas the other thought I was too soft.

Note I'm based in Europe so recruiting here is much less structured than in the US. I actually got one offer through a HH but accepted an offer from a firm that I contacted myself.

 

Thank you, this is great.

I’ll be joining my BB’s infra IB group after summering in structured fin / RE.

How would you suggest I go about prepping for technicals / modeling? I’m sure the technical prep was less relevant to your process given your previous experience in REPE.

.......
 

I actually found it difficult to find good infra models/courses/videos online as the sector is much smaller and less hyped than corporate PE. Whilst we are more cash flow/yield focused vs. corporate PE, you still think in the same valuation terms, i.e. IRR, MM etc. I think that if you go through PE case studies/modelling tests, you should generally be well-equipped. After all, many infra investors just buy operating companies (albeit asset-heavy).

I didn't get any specific infra technicals so would look at standard IB/PE stuff.

Overall, if you can model a company/building, you'll be fine. I found reading research reports (e.g. Bluepapers by MS) extremely helpful to demonstrate my interest in the sector.

 

Sorry if I was unclear but I've never worked in the US. I've worked for US BBs and a large American PE shop before moving to a European fund on the continent (i.e. non-UK). Assuming you wanted to know what it's like to move from a US firm to a Euro firm, I think there's a few interesting culture differences:

  • Cutthroat culture: US > UK >>>> Euro (e.g. layoffs, competitiveness etc.)
  • Hours/facetime: US >>> UK >>>> Euro
  • Aggressiveness in underwriting/investing/asset managing portfolio companies: US > UK >>> Euro

My favourite anecdote on this: I received offers from a UK and a Euro fund and both asked me back in because of potential "cultural fit" issues. The UK fund thought I was too soft and wouldn't be tough/aggressive enough, whereas the Euro fund was afraid I would be too aggressive, competitive and, overall, too Anglo-Saxon.

 

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